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Middle East and Central Asia > Jordan

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Cover PIMA Handbook
PIMA Handbook
Public Investment Management Assessment, 1st Edition
International Monetary Fund. Fiscal Affairs Dept.

Abstract

This handbook is aimed at anyone who is involved in a Public Investment Management Assessment (PIMA) or who has a practical interest in public investment management. It is intended to be useful for country authorities, IMF staff, staff of other financial institutions and development organizations, and anyone who is interested in exploring different aspects of public investment management to understand how country systems are designed and how they work in practice.

Keywords:
IMF Public Investment Management Assessment; public investment; PIMA; PIM; public investment management; handbook; investment; government; governance; country; spending; infrastructure governance; investment efficiency; investment shock; investment spending; public investment spending; public investment and public-private partnerships (PPP); infrastructure; budget planning; planification; allocation; execution; fiscal rules; global; Asia and Pacific; Africa; Caribbean; Sub-Saharan Africa; Western Hemisphere; Middle East; investment trend; infrastructure investment spending; Pima report; investment planning; PPP investment; Budget planning and preparation; Capital spending; Capital budget
Cover IMF Staff Country Reports
Jordan: Technical Assistance Report-Fiscal Transparency Evaluation
International Monetary Fund. Fiscal Affairs Dept.
Jordan has taken important steps to enhance its fiscal transparency over the past decade. Notably, there is a comprehensive legal framework for the management of public finances. Fiscal reports have become more comprehensive and cover a high proportion of public sector institutions. The frequency of in-year reporting is at an advanced level, as is the timeliness of publication of the government’s annual financial statements. Fiscal statistics are disseminated in accordance with international standards (SDDS). Fiscal forecasts and budgets have become more forward looking and policy oriented with the introduction of a five-year medium-term budget framework and a program classification. As a result of improvements in fiscal transparency practices, in the 2019 Open Budget Survey, Jordan scored above the global average for transparency, and is the only country in the region ranked overall as ‘green’ on this measure. Nevertheless, the FTE provides a more detailed and in-depth analysis with a broader focus.
Keywords:
General government finance bulletin; equity ratio; General government debt; IMF mission; Jordan FTC rating; Budget planning and preparation; Fiscal risks; Fiscal reporting; Global; Middle East and Central Asia; Europe
Cover IMF Staff Country Reports
Jordan: Technical Assistance Report-Monetary and Financial Statistics Mission
International Monetary Fund. Statistics Dept.
This Technical Assistance report on Jordan discusses that financial system of Jordan is dominated by other depository corporations (ODC), which constitute around 63 percent of the financial system’s assets. The technical assistance mission delivered objectives and agreed with the authorities on an action plan to improve the country’s monetary statistics. Some progress has been made in the Central Bank trial accounts regarding the sectorization and classification of the financial instruments. The Central Bank of Jordan (CBJ) has made substantive progress in improving human resource skills among staff. The accounting principles are found to be broadly in line with the methodology of the IMF with some departures related to market valuation. The accounting and valuation methodology implemented by the ODCs in Jordan are broadly in line with the recommended compilation practices identified in the Monetary and Financial Statistics Manual and Compilation Guide. Considering the change in the source data since 2014, the mission re-mapped the source data, using data from the aggregated balance sheet of the banking sector and the accompanying schedules through a bridge table. The mission built a time series for all the required data and created a tool linking the data to the Standardized report forms. The tool provides CBJ staff with a simpler method for data compilation.
Keywords:
ISCR; CR; CBJ source data; CBJ trial; CBJ supervision; CBJ staff; CBJ datum; Financial statements; Business enterprises; Commercial banks; Financial statistics
Cover IMF Working Papers
¿En qué se diferencia la transmisión de la política monetaria en los países que dependen de las remesas?
Mr. Adolfo Barajas
,
Mr. Ralph Chami
,
Mr. Christian H Ebeke
, and
Anne Oeking
Pese a que las remesas aportan ventajas en materia de bienestar y reducción de la pobreza para los hogares receptores, se ha observado que también traen consigo problemas macroeconómicos: producen efecto de tipo mal holandés debido a sus presiones alcistas (apreciación) sobre los tipos de cambio reales, perjudican la calidad de las instituciones, retardan el ajuste fiscal y, en definitiva, tienen un efecto indeterminado en el crecimiento a largo plazo. En este documento se analiza un desafío adicional, que incide sobre la política. Si bien expanden los balances de los bancos al proporcionar un flujo estable de financiamiento que no es sensible a las tasas de interés, las remesas tienden a incrementar las tenencias de activos líquidos de los bancos. Esto reduce la necesidad de un mercado interbancario y al mismo tiempo desarticula el vínculo entre la tasa de política monetaria y el costo marginal de financiamiento de los bancos, cerrando así un importante canal de transmisión. Elaboramos un modelo estilizado basado en información asimétrica y una falta de prestatarios transparentes y realizamos un análisis econométrico que demuestra el aumento de las entradas de remesas está asociado a un debilitamiento de la transmisión. Como la política monetaria independiente se ve vulnerada, este resultado es congruente con observaciones anteriores en las que los países receptores tienden a preferir regímenes de tipo de cambio fijo.
Keywords:
WP; monetary policy; bank balance; excess reserves
Cover IMF Working Papers
What’s Different about Monetary Policy Transmission in Remittance-Dependent Countries?
Mr. Adolfo Barajas
,
Mr. Ralph Chami
,
Mr. Christian H Ebeke
, and
Anne Oeking
Despite welfare and poverty-reducing benefits for recipient households, remittance inflows have been shown to entail macroeconomic challenges; producing Dutch Disease-type effects through their upward (appreciation) pressure on real exchange rates, reducing the quality of institutions, delaying fiscal adjustment, and ultimately having an indeterminate effect on long-run growth. The paper explores an additional challenge, for monetary policy. Although they expand bank balance sheets, providing a stable flow of interest-insensitive funding, remittances tend to increase banks’ holdings of liquid assets. This both reduces the need for an interbank market and severs the link between the policy rate and banks’ marginal costs of funds, thus shutting down a major transmission channel. We develop a stylized model based on asymmetric information and a lack of transparent borrowers and undertake econometric analysis providing evidence that increased remittance inflows are associated with a weaker transmission. As independent monetary policy becomes impaired, this result is consistent with earlier findings that recipient countries tend to favor fixed exchange rate regimes.
Keywords:
WP; monetary policy; bank balance; excess reserves; Worker’s Remittances; lending channel; banking sector; remittance inflow; bank lending channel; recipient country; threshold remittance ratio; remittance flow; bank competitiveness; Remittances; Central bank policy rate; Bank credit; Financial statements; Competition; Global
Cover Regional Economic Outlook, May 2010, Middle East and Central Asia
Regional Economic Outlook, May 2010, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

The May 2010 Regional Economic Outlook: Middle East and Central Asia reports on the implications for the region of global economic developments and presents key policy challenges and recommendations. A resumption of capital inflows and the rebound in crude oil prices have aided the recovery in the oil-exporting countries of the Middle East and North Africa. The group of oil-importing countries is expected to show marginal increase in growth in response to a pickup in trade, investment, and bank credit. A key challenge for these countries is to enhance competitiveness to raise growth rates and generate employment. In the Caucasus and Central Asia, exports have begun to pick up, the decline in remittances appears to be slowing or reversing, and capital inflows have turned positive. For 2010, a recovery across the region is projected as the global economy, and in particular Russia, picks up speed. Overall, prospects for the region are improving and the regional impact of the Dubai crisis and events in Greece has been limited so far. Nevertheless, a repricing of sovereign debt cannot be excluded, adding a degree of uncertainty to the outlook.

Keywords:
REO; oil exporter; financing; government; CCA energy importer; oil importer; credit growth; CCA country; goods export; bond financing; Credit; Oil; Emerging and frontier financial markets; Bank credit; Financial statements; Global; Central Asia and the Caucasus
Cover IMF Staff Country Reports
Jordan: Report on Observance of Standards and Codes—Fiscal Transparency Module
International Monetary Fund
This paper examines the Report on the Observance of Standards and Codes on Jordan’s fiscal transparency. Government activities are generally distinguished from those of public financial institutions, which carry out quasi-fiscal activities. Government holdings of fully owned corporations, and equity participations are moderate, but the management of state assets is not defined clearly, and the monitoring system is inadequate. Quasi-fiscal activities have been particularly prominent in the energy sector, related to the maintenance of fuel prices below world prices.
Keywords:
ISCR; CR; budget document; final accounts; nontax revenue; entities holding; government development policy; government regulation; General government expenditure; government holding; power production company; Budget planning and preparation; Fiscal accounting and reporting; Contingent liabilities; Global
Cover Transparency in Government Operations
Transparency in Government Operations
Mr. George Kopits
and
Mr. J. D. Craig

Abstract

Transparency in government operations is widely regarded as an important precondition for macroeconomic fiscal sustainability, good governance, and overall fiscal rectitude. Notably, the Interim Committee, at its April and September 1996 meetings, stressed the need for greater fiscal transparency. Prompted by these concerns, this paper represents a first attempt to address many of the aspects of transparency in government operations. It provides an overview of major issues in fiscal transparency and examines the IMF's role in promoting transparency in government operations.

Keywords:
OP; government; country; policy; government policy; governance; market; government operation; government lending; government deficit financing; a number of country; Budget planning and preparation; East Asia; Africa; South America; Global; Southeast Asia; Australia and New Zealand; policy measure; article IV consultation discussion; fiscal policy issue; Fiscal stance