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Middle East and Central Asia > Jordan

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Cover IMF Working Papers
New Energy Sources for Jordan: Macroeconomic Impact and Policy Considerations
Mr. Andrea Gamba
Jordan’s initiatives to reduce its energy dependency could have substantial macroeconomic implications, but will crucially depend on the level of international oil prices in the next decade. Significant uncertainties remain regarding the feasibility of the initiatives and their potential fiscal costs, including from contingent liabilities, could be very large. Given the lead time required for such major investments, work should start now on: (i) conducting comprehensive cost-benefits analysis of these projects; (ii) addressing the challenges arising from the taxation of natural resources; and (iii) designing a fiscal framework to anchor fiscal policies if revenue from these energy projects materializes.
Keywords:
WP; authority; cost; Jordan; monopoly power; energy strategy; energy; Middle East; fiscal policy; import bill; NEPCO cost recovery; import savings; maintenance cost; fuel mix; Oil prices; Oil; Imports; Renewable energy; Tariffs
Cover IMF Working Papers
Constraints on Trade in the MENA region
Hirut Wolde
and
Ms. Rina Bhattacharya
In this paper we estimate gravity models to see whether trade volumes of countries in the MENA region are significantly lower than what would be expected given their economic, cultural and geographical characteristics. Our empirical results show that the variables used in standard gravity models cannot explain a significant part of MENA's trade performance, particularly on exports. We then go on to 'augment' the standard gravity model with relevant variables from the World Bank's Business Enterprise surveys. Our results further show that these variables, and in particular transport constraints and inefficiencies in customs clearance processes, are important in explaining the MENA region's underperformance in trade.
Keywords:
WP; trade; Mena; customs; business
Cover IMF Staff Country Reports
Jordan: Selected Issues
International Monetary Fund
The Selected Issues paper on Jordan analyzes the Jordanian dinar, which has historically operated within a fixed exchange rate regime. The deterioration in 2004 and 2005 reflected an exceptionally rapid increase in imports, as the saving-investment balance shifted. Following an improvement in 2006, the current account again deteriorated in 2007 from a negative impact of international food and fuel prices. Import developments have been the single most important determinant of swings in the current account, followed to a lesser extent by the impact of exports and grants.
Keywords:
ISCR; CR; Jordan; deficit; elasticity assumption; current account adjustment; equilibrium current account norm; underlying current account; current account deficit; Current account; Real effective exchange rates; Current account deficits; Imports; Current account balance; Global; Middle East
Cover IMF Working Papers
Impact of European Union Assocation Agreements on Mediterranean Countries
Mr. Henri C. Ghesquière
By establishing free trade for industrial products in 12 years, the European Union’s Association Agreements with countries in the Mediterranean region seek to promote accelerated economic growth. This paper reviews the literature and evaluates the economic benefits and costs for Tunisia, Morocco, Lebanon, Egypt, and Jordan. It concludes that the benefits could be substantial, but only if accompanied by deep supplementary reforms, including extending trade liberalization to services and agriculture and on a multilateral basis, improving the environment for foreign direct investment, ensuring an adequate fiscal and exchange rate policy response, and strengthening European Union assistance.
Keywords:
WP; SEM country; trade diversion; free trade; trade creation; EU agreement; SEM government; European Union; Trade liberalization; Mediterranean countries; EU company; EU exporter; economic reform; Eastern Mediterranean country; EU imports; EU consumer; Exports; Tariffs; Imports; Trade agreements; Europe; Eastern Europe
Cover IMF Working Papers
Trade Liberalization and Tax Reform in the Southern Mediterranean Region
Mr. George T. Abed
The European Union’s Association Agreements with several countries in the Southern Mediterranean Region (SMR) aim to promote deeper economic integration between the SMR and the EU by establishing a free trade area in twelve years. Because a large share of the SMR countries’ total imports comes from the EU, the removal of import tariffs could reduce budgetary revenue by the equivalent of 1 percent to 4 percent of individual countries’ GDP. This paper proposes tax and tariff reforms that would help generate the needed compensatory revenue and, more important in the long run, reduce the distortionary effects of the tax and tariff systems and underpin higher rates of sustainable growth.
Keywords:
WP; tax; country; tariff; SMR; SMR country; Trade Liberalization; Tariff Reform; Tax Reform; tax receipt; trade tax; personal income; EU imports; import duty; tariff liberalization; reforming country; tariff revenue; SMR revenue structure; tariff system; Tariffs; Imports; Taxes on trade; Consumption taxes; Middle East; Western Hemisphere; Global
Cover IMF Working Papers
Globalization and Growth Prospect in Arab Countries
Ms. Patricia Alonso-Gamo
Globalization—the intensification of international trade and finance linkages underpinned by economic liberalization and technological change—presents both challenges and opportunities to Arab countries. After reviewing this region’s disappointing performance in integration and growth, this paper analyzes the empirical relationship between the two and concludes that integration is necessary if high growth rates are to be attained and the region is not to become marginalized. It then identifies the main obstacles to the integration of Arab countries into the world economy and reviews recent progress in overcoming them. On this basis, the paper derives some policy prescriptions.
Keywords:
WP; Arab country; economic activity; private sector; terms of trade; world economy; Globalization; growth; Arab countries; per capita income; Gulf state; relative position vis-à-vis; state monopoly; oil country; Foreign direct investment; Exports; Trade liberalization; Imports; Global; Sub-Saharan Africa; Western Hemisphere; Middle East; North Africa
Cover IMF Staff Country Reports
Jordan: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; Jordan; Jordan dinar; net; unit price; factor income; financial market; cost of living index; bills payable; government of Jordan; Imports; Commercial banks; Loans; Exports; Business enterprises; Eastern Europe
Cover IMF Working Papers
Adjusting to New Realities: MENA, The Uruguay Round, and the EU-Mediterranean Initiative
Ms. Susan Fennell
,
Ms. Patricia Alonso-Gamo
, and
Mr. Khaled Sakr
This paper addresses concerns that the Middle East and North Africa (MENA) region, with the exception of the GCC economies, has lagged behind in trade liberalization. This delay has adversely affected production efficiency and consumer welfare and could reduce the region’s ability to attract foreign investment. Against this background, the paper examines the major challenges facing MENA if it is to benefit from the opportunities presented by the Uruguay Round and the European Union Mediterranean Initiative. It concludes with an overview of measures that MENA countries will need to implement to benefit from these trade-enhancing initiatives.
Keywords:
WP; MENA country; free trade; liberalization measure; SMR country; trade diversion; trade reform; reform measure; trade liberalization policy; countries to liberalization measure; reform effort; EU regulation; trade reform agenda; trade reform effort; Trade liberalization; Tariffs; Exports; Imports; Trade barriers; Sub-Saharan Africa; Global; Asia and Pacific; Western Hemisphere; Eastern Europe
Cover IMF Working Papers
The Composition and Distribution of Financial Assistance From Arab Countries and Arab Regional Institutions
International Monetary Fund
This paper examines the volume and distribution of concessional and nonconcessional financial flows from Arab countries, and aid agencies, and regional institutions to developing countries. Arab financial assistance increased very rapidly from 1973 to 1980 in line with the rapid growth in oil revenues. Essentially because of the softer oil market, this trend was reversed in the 1980s. Nonetheless, the Arab contributions as a share of GNPs remain by far the most generous among the major donor groups. Arab recipient countries received nearly 62 percent of total Arab financial assistance. Together with large flows of workers’ remittances, this assistance accelerated their economic development beyond what would have been otherwise possible.
Keywords:
WP; balance of payments; economic development; gross national product; recipient country; net disbursement; net importer; debtor country; outstanding balance; donor country; Loans; Concessional external borrowing; Project loans; Imports; Balance of payments assistance; Middle East; Africa; Sub-Saharan Africa; Asia and Pacific; Europe