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Middle East and Central Asia > Jordan

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Cover Policy Papers
IMF Approach to Central Bank Digital Currency Capacity Development
International Monetary Fund. Monetary and Capital Markets Department
The global central banking community is actively exploring Central Bank Digital Currencies (CBDCs), which may have a fundamental impact on both domestic and international economic and financial stability. Over 40 countries have approached the IMF to request assistance through CBDC capacity development (CD). Current IMF CBDC CD efforts have focused on facilitating peer learning and developing analytical underpinnings for staff advice to member countries. CD missions have aimed at helping country authorities answer questions about how to think about CBDCs. With more available country experiments and empirical evidence, IMF CD will evolve to provide increased value-added advice more tailored to country circumstances and more solidly anchored in empirical and analytical work, and strengthen synergies with surveillance. This paper sketches a multi-year strategy to address frequently asked questions related to CBDC and outlines the process for developing a CBDC Handbook which will document emerging lessons, analytical findings, and policy views. The paper (1) explains the IMF’s approach to CBDC CD; (2) summarizes member countries’ emerging questions and challenges regarding CBDC; and (3) introduces the CBDC Handbook by motivating its scope and elucidating its governance structure.
Keywords:
Central bank digital currencies; capacity development; Handbook; CBDC handbook; IMF's digital money strategy; IMF approach; IMF CD; handbook chapter; IMF staff encounter; Payment systems; Digital currencies; Financial sector stability; Global
Cover IMF Working Papers
FinTech in Financial Inclusion: Machine Learning Applications in Assessing Credit Risk
Majid Bazarbash
Recent advances in digital technology and big data have allowed FinTech (financial technology) lending to emerge as a potentially promising solution to reduce the cost of credit and increase financial inclusion. However, machine learning (ML) methods that lie at the heart of FinTech credit have remained largely a black box for the nontechnical audience. This paper contributes to the literature by discussing potential strengths and weaknesses of ML-based credit assessment through (1) presenting core ideas and the most common techniques in ML for the nontechnical audience; and (2) discussing the fundamental challenges in credit risk analysis. FinTech credit has the potential to enhance financial inclusion and outperform traditional credit scoring by (1) leveraging nontraditional data sources to improve the assessment of the borrower’s track record; (2) appraising collateral value; (3) forecasting income prospects; and (4) predicting changes in general conditions. However, because of the central role of data in ML-based analysis, data relevance should be ensured, especially in situations when a deep structural change occurs, when borrowers could counterfeit certain indicators, and when agency problems arising from information asymmetry could not be resolved. To avoid digital financial exclusion and redlining, variables that trigger discrimination should not be used to assess credit rating.
Keywords:
WP; ML model; bears risk; machine learning technique; ML analysis; ML evaluation; FinTech Credit; Financial Inclusion; Machine Learning; Credit Risk Assessment; ML analyst; credit risk driver; FinTech credit company; credit scoring; supervised machine learning model; capital structure; borrower default; neural network; Credit risk; Credit; Credit ratings; Loans; Global
Cover Policy Papers
Review of the IMF's Communications Strategy
International Monetary Fund
The framework guiding the IMF’s communications—established by the Executive Board in 2007—has enabled the institution to respond flexibly to the changing global context. The framework is based on four guiding principles: (i) deepening understanding and support for the Fund’s role and policies; (ii) better integrating communications into the IMF’s daily operations; (iii) raising the impact of new communications materials and technologies; and (iv) rebalancing outreach efforts to take account of different audiences. In addition, greater emphasis has been placed on strengthening internal communications to help ensure institutional coherence in the Fund’s outreach activities. Continued efforts are needed to strengthen communications going forward. Several issues deserve particular attention. First, taking further steps to ensure clarity and consistency in communication in a world where demand for Fund services continues to rise. Second, doing more to assess the impact of IMF communications and thus better inform efforts going forward. Third, engaging strategically and prudently with new media—including social media.
Keywords:
PP; Fund; staff; communications; director; transparency policy; Fund communications; communications strategy; Board communications; IMF social media account; Communications in revenue administration; Social networks; Civil society organizations; Global financial crisis of 2008-2009; Global; Africa
Cover IEO Annual Report 2013
IEO Annual Report 2013
International Monetary Fund. Independent Evaluation Office

Abstract

The Independent Evaluation Office (IEO) evaluation on International Reserves: IMF Concerns and Country Perspectives was discussed by the Board in December 2012. This evaluation examined the IMF’s analysis of the effect of reserves on the stability of the international monetary system and its advice on reserve adequacy assessments in the context of bilateral surveillance. In the multilateral context, the evaluation acknowledged the IMF’s broader work stream on the international monetary system but noted that this work had not sufficiently informed the analysis and recommendations regarding reserves. The IEO evaluation of The Role of the IMF as Trusted Advisor was discussed by the Board in February 2013. This evaluation found that perceptions of the IMF had improved, but that they varied markedly by region and country type. Recognizing that there will always be an inherent tension between the IMF’s roles as a global watchdog and as a trusted advisor to member country authorities, the evaluation report explored how the IMF could sustain the more positive image it had achieved in the aftermath of the recent global crisis. The evaluation found that among key challenges facing the IMF were improving the value added and relevance of IMF advice and overcoming the perception of a lack of even-handedness.

Keywords:
IEOR; IEO; evaluation; IMF concern; IEO evaluation; IMF performance; office of budget; discretionary budget; IMF-World Bank Spring Meetings; staff allocation; Fiscal consolidation; International reserves; Balance of payments need; Budget planning and preparation; Global; Sub-Saharan Africa; Caribbean; IEO work program; budget proposal; IEO budget; IMF surveillance; International monetary system; Poverty reduction strategy
Cover Policy Papers
Assessing the General Data Dissemination System-What Has Been Accomplished After Ten Years, and Where Do We Go From Here?
International Monetary Fund
This paper reviews the role of the GDDS in helping developing and emerging market countries improve the dissemination of macroeconomic and sociodemographic data. It considers whether the GDDS, in the way it was designed about a decade ago and enhanced along the way, has fulfilled its purpose. Further, it considers whether the GDDS remains relevant to its current and prospective members, given ongoing global integration, increasing emphasis on transparency and governance mechanisms, and increased reliance on the Internet and electronic data transmission.
Keywords:
PP; GDDS participant; GDDS country; data category; SDDS requirement; data dissemination; GDDS recommendation; participants meeting SDDS requirements; Data dissemination; Special Data Dissemination Standard (SDDS); Consumer price indexes; Middle East and Central Asia; Africa; Western Hemisphere
Cover IMF Staff Country Reports
Jordan: 2008 Article IV Consultation: Staff Report; and Public Information Notice on the Executive Board Discussion
International Monetary Fund
Jordan’s 2008 Article IV Consultation discusses the appropriate policy response to mounting fiscal and external vulnerabilities and higher inflation. Sharply higher world fuel and food prices led to a marked widening of the fiscal and external current account deficits and, more recently, a jump in inflation. Economic prospects remain broadly favorable, though the public and external sector imbalances imply increased challenges to sustaining strong macroeconomic performance. Structural reforms are proceeding, aimed at reducing distortions and enhancing the private sector’s growth prospects.
Keywords:
ISCR; CR; deficit; FDI inflow; Jordan; assessment mission; Jordanian dinar; interest differential; core inflation; data ROSC update mission; current account adjustment; foreign direct investment survey; portfolio inflow; financing datum; oil price development; Government finance statistics; Middle East
Cover The IMF's Data Dissemination Initiative After Ten Years
The IMF's Data Dissemination Initiative After Ten Years
Mr. William E. Alexander
,
Mr. John Cady
, and
Mr. Jesus R Gonzalez-Garcia

Abstract

The Data Dissemination Initiative was launched in the mid-1990s as part of a broader internationally-agreed-upon initiative to strengthen transparency and promote good governance practices by establishing standards and codes. Ten years later, the initiative is viewed as an integral part of the international financial architecture, and is considered to have improved the functioning of international financial markets and contributed to global financial stability. This volume reviews certain aspects of the development of and experience with the initiative over the past decade, and concludes by reflecting on potential challenges ahead and possible enhancements.

Keywords:
BOOK; market efficiency benefit; reserves template; SDDS subscription; market participant; GDDS participant; Special Data Dissemination Standard (SDDS); Data dissemination; International reserves; Reserve assets; Middle East and Central Asia; Global; Asia and Pacific; Western Hemisphere; Africa
Cover IMF Staff Country Reports
Jordan: Report on the Observance of Standards and Codes—Data Module—Update
International Monetary Fund
The report highlights the actions taken by the authorities to address the issues raised by the 2002 Data Report on the Observance of Standards and Codes (ROSC) mission for all macroeconomics statistics included in the ROSC exercise, namely national accounts, price, government finance, monetary, and balance-of-payments statistics. It also analyzes the authorities' plans for further improving the quality of the statistics, and reviews Jordan’s current data dissemination practices against the requirements of the Special Data Dissemination Standard (SDDS).
Keywords:
ISCR; CR; ROSC mission; quality dimensions; data provider; earning data; SDDS requirements; Balance of payments statistics; Special Data Dissemination Standard (SDDS); Government finance statistics; Monetary statistics
Cover IMF Staff Country Reports
Jordan: Report on the Observance of Standards and Codes (ROSC)—Data Module
International Monetary Fund
This Report on the Observance of Standards and Codes (ROSC) provides a review of Jordan’s data dissemination practices against the IMF’s General Data Dissemination System (GDDS), complemented by an in-depth assessment of quality of national accounts, consumer and producer price indices, and government finance, monetary, and balance-of-payments statistics. The assessment reveals that Jordan participates in the GDDS and meets the recommendations for the coverage, periodicity, and timeliness of most data categories. Jordan’s macroeconomic statistics also broadly meet the periodicity requirements of the SDDS.
Keywords:
ISCR; CR; do; information; CBJ; balance of payments; MOF staff; CBJ classification; financing data; economic statistics; data quality; Government finance statistics; Balance of payments statistics; Monetary statistics; Data collection; Middle East; Asia and Pacific
Cover IMF Survey
IMF Survey: Volume 28, Issue 08
International Monetary Fund. External Relations Dept.
The Web edition of the IMF Survey is updated several times a week, and contains a wealth of articles about topical policy and economic issues in the news. Access the latest IMF research, read interviews, and listen to podcasts given by top IMF economists on important issues in the global economy. www.imf.org/external/pubs/ft/survey/so/home.aspx
Keywords:
SV; EFF arrangement; policy discussion; SDR; fund Facility; Facility figure; ESAF arrangement; contingency financing facility; IMF's website; Crisis resolution; Real effective exchange rates; Credit; International monetary system; Global; East Asia; Asia and Pacific; Southeast Asia; Africa