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Middle East and Central Asia > Jordan

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Cover Policy Papers
The Fund's Lending Framework and Sovereign Debt-Further Considerations
International Monetary Fund
In discussing the June 2014 paper, Executive Directors broadly supported staff’s proposal to introduce more flexibility into the Fund’s exceptional access framework to reduce unnecessary costs for the member, its creditors, and the overall system. Directors’ views varied on staff’s proposal to eliminate the systemic exemption introduced in 2010. Many Directors favored removing the exemption but some others preferred to retain it and requested staff to consult further with relevant stakeholders on possible approaches to managing contagion. This paper offers specific proposals on how the Fund’s policy framework could be changed, presents staff’s analysis on the specific issue of managing contagion, and addresses some implementation issues. No Board decision is proposed at this stage. The paper is consistent with the Executive Board’s May 2013 endorsement of a work program focused on strengthening market-based approaches to resolving sovereign debt crises.
Keywords:
PP; fund's lending framework; lending; further consideration; annex; framework; financing commitment; Market access criterion; debt restructuring; prospects lie; Debt restructuring; Debt sustainability; Spillovers; Global
Cover IMF Working Papers
Emerging Equity Markets in Middle Eastern Countries
Mr. Mohamed A. El-Erian
and
Mr. Manmohan S. Kumar
Within a broad framework for analyzing portfolio capital flows to developing countries, the paper undertakes a comparative analysis of equity markets in six Middle Eastern countries. The analysis, based primarily on a range of quantitative indicators, identifies the principal characteristics of these markets, including relative to international comparators, and examines associated structural features. This, along with an analysis of the informational efficiency of selected markets in the region, provides a basis for the subsequent review of policies for enhancing the role of equity markets in the macroeconomy of Middle Eastern countries.
Keywords:
WP; secondary market; constant dollars; market capitalization; price change; private sector; intrinsic value; rate of return; bull market; export market opportunity; financial support; reduction operation; market place; opportunity cost; Stock markets; Emerging and frontier financial markets; Stocks; Capital markets; International capital markets; Middle East