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Middle East and Central Asia > Jordan

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Cover IMF Working Papers
Digitalization and Resilience: Firm-level Evidence During the COVID-19 Pandemic
Nordine Abidi
,
Mehdi El Herradi
, and
Sahra Sakha
The COVID-19 pandemic has resulted in an unprecedented shock to firms with adverse consequences for existing productive capacities. At the same time, digitalization has increasingly been touted as a key pathway for mitigating economic losses from the pandemic, and we expect firms facing digital constraints to be less resilient to supply shocks. This paper uses firm-level data to investigate whether digitally-enabled firms have been able to mitigate economic losses arising from the pandemic better than digitally-constrained firms in the Middle East and Central Asia region using a difference-in-differences approach. Controlling for demand conditions, we find that digitally-enabled firms faced a lower decline in sales by about 4 percentage points during the pandemic compared to digitally-constrained firms, suggesting that digitalization acted as a hedge during the pandemic. Against this backdrop, our results suggest that policymakers need to close the digital gap and accelerate firms’ digital transformation. This will be essential for economies to bounce back from the pandemic, and build the foundations for future resilience.
Keywords:
COVID-19; digitalization; technology adoption; economic resilience; Middle East and Central Asia; digitally-enabled firm; digitally-constrained firm; firms in the Middle East; firm-level data; digital transformation; Digitalization; Financial inclusion; Foreign corporations; Asia and Pacific; Africa; Middle East; North Africa
Cover IMF Staff Country Reports
Jordan: Third Review under the Extended Arrangement under the Extended Fund Facility and Request for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
Preventive actions and a robust vaccination campaign mitigated the effects of COVID-19 variants on the economy. A nascent recovery, supported by targeted fiscal and monetary measures, is underway, with real GDP growth expected at 2 percent in 2021, strengthening to 2.7 percent in 2022. However, unemployment is persisting at very high levels, particularly for the youth. Core inflation, at 0.7 percent y-o-y in September, is subdued, despite higher fuel prices, reflecting a slow pass-through, but also weak domestic demand. Reserves are comfortable, and dollarization is declining.
Keywords:
transparency policy; Jordanian authorities; growth strategy; core inflation; policy effort; Jordanian dinar; government of Jordan; vaccination campaign; support private sector competitiveness; Arrears; Fiscal stance; Global
Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges: Executive Summary
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges: Executive Summary
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover IMF Staff Country Reports
Jordan: Second Review Under the Extended Arrangement Under the Extended Fund Facility, Request for Augmentation of Access, and Modification of Performance Criteria-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
Early success in containing the spread of COVID-19 has been challenged by two subsequent waves of the pandemic. Timely and effective fiscal and monetary policy responses helped contain the contraction in activity to 1.6 percent in 2020, shallower than the 3 percent expected at the first review. The authorities have also made significant efforts to protect jobs and the most vulnerable. Still, unemployment has surged to a record 25 percent in Q4 2020, with youth unemployment at 55 percent. The impact on fiscal and external balances has been significant, with public debt reaching 88 percent of GDP at end-2020. Nonetheless, despite the challenges from new virus variants and weaker tourism prospects, macroeconomic stability has been maintained, thanks to the authorities’ proactive policy stance; and a moderate 2 percent growth rate is projected for 2021 (slightly below the 2.5 percent projected in the first review), with a near-full reopening expected in the summer. The new parliament extended a vote of confidence to the incoming government in January, and approved the 2021 budget—consistent with the program—in February.
Keywords:
staff appraisal; post audit; CBJ Law; procurement process; lender of last resort function of the CBJ; COVID-19; Arrears; Fiscal stance; Global
Cover IMF Staff Country Reports
Jordan: First Review Under the Extended Fund Facility Arrangement and Request for a Waiver of Nonobservance and Modifications of Performance Criteria, and Rephasing of Access-Press Release; Staff Report; and Statement by the Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
Timely containment, a large monetary stimulus, and targeted fiscal measures helped save lives and livelihoods during the first COVID-19 wave, but a significant second wave is still unfolding. The economic and human impact has been sizeable: real GDP is expected to decline by 3 percent in 2020; unemployment has surged to record levels; tourism and remittances have declined; and revenues of the central government and of other public sector entities have dropped, raising public debt to 90 percent of GDP. A new government and parliament have been ushered in, with welcome continuity in reform commitment.
Keywords:
ISCR; CR; staff appraisal; draft budget law; level staff; reform agenda; SSC's labor support scheme; COVID-19; Arrears; Fiscal stance; Global
Cover Policy Papers
Temporary Modification to the Fund's Annual Access Limits
International Monetary Fund
The COVID-19 pandemic has caused a uniquely severe synchronized shock across the global economy, in turn leading numerous member countries to request substantial financial assistance from the Fund. The Executive Board responded to members’ needs by increasing the access limits under the Fund’s emergency financing instruments by 50 percent of quota for a period of 6 months (until October 5, 2020), subject to a possible extension by the Executive Board.
Keywords:
PP; emergency financing instrument; financial support; financing; RFI purchase; IMF's executive board; Gra credit; risk management framework; application of the NAAL; Emergency assistance; Credit; Balance of payments need; Global; COVID-19
Cover IMF Staff Country Reports
Jordan: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director, and Advisor for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Jordan’s Request for Purchase Under the Rapid Financing Instrument (RFI). The coronavirus disease 2019 pandemic has had a severe impact on the Jordanian people’s lives and on the economy. Tourism disruption and sharp declines in remittances, exports and capital inflows have resulted in an urgent balance of payments need. The Jordanian authorities have responded with decisive containment and health measures that effectively limited the spread of the virus with minimal fatalities. They also implemented a timely package of policies to mitigate the economic fallout of the pandemic. IMF financing under the RFI will support international reserves and help meet the budget financing needs for crisis mitigation. Mobilizing additional financing from multilateral and bilateral creditors will be essential to support the authorities’ policy efforts and preserve macroeconomic stability. The authorities remain committed to the objectives of the reform program supported by the Extended Fund Facility arrangement, which was approved by the Board in March. When the crisis abates, the priority will be resuming fiscal consolidation to place public debt on a declining path and pursuing reforms to strengthen the competitiveness of the Jordanian economy and to support inclusive growth and job creation.
Keywords:
ISCR; CR; emergency financing request; financing; growth potential; IMF lending tracker; IMF's Rapid Financing Instrument; request for a Rapid Financing Instrument; Arrears; Fiscal stance; Loans; Global; COVID-19
Cover IMF Staff Country Reports
Jordan: 2020 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility-Press Releases; Staff Report; and Statement by the Alternate Executive Director for Jordan
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Jordan’s 2020 Article IV Consultation and Request for an Extended Arrangement Under the Extended Fund Facility (ECF). Jordan’s IMF-supported economic reform program is anchored on structural reforms designed to spur growth by creating jobs—especially for women and young people—and reduce poverty. The Jordanian economy has continued facing significant challenges. Macroeconomic stability and external buffers have been preserved, but fiscal vulnerabilities remain. Structural reforms and continued fiscal consolidation efforts are critical to lift growth, reduce unemployment and bring debt on a downward path. Continued support from donors, particularly through concessional loans and budget grants, will be critical to help Jordan cope with humanitarian and economic needs. The coronavirus disease 2019 (COVID-19) outbreak poses significant risks to the program implementation. The authorities have implemented measures to help contain the impact of the pandemic; however, adjustments to the program modalities might be necessary considering the rapidly changing circumstances. Donor support through budget grants and concessional financing will be critical to help Jordan cope with the effects of the COVID-19 outbreak and the Syrian refugee crisis and to support program objectives.
Keywords:
ISCR; CR; fiscal consolidation effort; emergency outlay; economic reform program; COVID; authority; Jordanian authorities; program objective; job creation; Electricity; Arrears; Global; Tariffs