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Middle East and Central Asia > Oman

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Cover IMF Staff Country Reports
Kuwait: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper on Kuwait reviews its economic development strategy and uses a variety of analytical methods to highlight Kuwait’s policy challenges and their effectiveness. Kuwait has accumulated large fiscal surpluses, enabling it to build up a sizable asset position for future generations. The fiscal position is also expected to remain comfortable over the medium term, but the recent rapid increase in expenditures raises doubts about the sustainability of the current fiscal stance over the longer term.
Keywords:
ISCR; CR; Kuwait; GCC country; lending rate ceiling; ceiling; rate; policy challenge; ceilings in Kuwait; stock market capitalization; Stock markets; Interest rate ceilings; Fiscal stance; Fiscal sustainability; East Asia; Global; Middle East; North Africa; East Africa
Cover IMF Working Papers
Emerging Strains in GCC Labor Markets
Mr. Ugo Fasano-Filho
and
Rishi Goyal
Unemployment pressures among nationals are emerging in the Cooperation Council for the Arab States of the Gulf (GCC). 2 At a time when a rapidly growing number of young nationals are entering the labor force and governments are no longer able to act as employers of first and last resort, the non-oil sector continues to rely on expatriate labor to meet its labor requirements in most GCC countries. In this environment, policymakers face the related challenges of addressing unemployment pressures while striking a balance between maintaining a liberal foreign labor policy and a reasonable level of competitiveness of the non-oil sector. Using a matching function framework, this paper examines labor market policies that are likely to expand the ability to hire nationals in the non-oil sector. It finds that an effective labor strategy should focus on strengthening investment in human capital, adopting institutional reforms, and promoting a vibrant non-oil economy.
Keywords:
WP; wage; private sector; GCC country; GCC countries; labor market policies; matching function framework; unemployment rate; reservation wage; wage bill; wage expectation; Labor markets; Wages; Employment; Labor force; Unemployment; Europe; Asia and Pacific
Cover GCC Countries
GCC Countries
From Oil Dependence to Diversification
Mr. Zubair Iqbal
and
Mr. Ugo Fasano-Filho

Abstract

This paper presents an overview of the unprecedented economic and social transformation witnessed by the member countries of the Cooperation Council of the Arab States of the Gulf (GCC)-Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates-over the last three decades.

Keywords:
MISC PUBS; Misc.; GCC country; GCC; country; state enterprise; government; GCC economy; GCC population; GCC countries' effort; GCC area; state enterprise reform; GCC member states; GCC workforce; Labor force; Employment; Privatization; Labor markets; Stock markets; Global
Cover The Middle East and North Africa in a Changing Oil Market
The Middle East and North Africa in a Changing Oil Market
Mr. Bright E Okogu

Abstract

The world oil market has undergone a series of changes that have reduced the share of oil in the global energy balance and, with it, the influence of Middle Eastern oil exporters. In spite of oil’s loss of ground, however, Middle Eastern countries remain at the center of world oil developments. This paper focuses on the developments in the international oil market, the role of Middle Eastern countries therein, and the policy challenges arising from the dependency on oil.

Keywords:
MISC PUBS; Misc.; price; Opec; market share; OPEC output; demand; OPEC grip; OPEC price-setting practice; OPEC oil quota obligation; price collapse; MENA OPEC country; quota policy; price effect; term contract; OPEC reserve; OPEC pricing approach; supply share; reference price; Oil; Oil prices; Oil sector; gas and mining taxes; Natural gas sector; Middle East; Global
Cover Monetary Union Among Member Countries of the Gulf Cooperation Council
Monetary Union Among Member Countries of the Gulf Cooperation Council
Mr. Ugo Fasano-Filho
and
Ms. Andrea Schaechter

Abstract

The six member countries of the Gulf Cooperation Council (GCC)--Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates--have made important progress toward economic and financial integration, with the aim of establishing an economic and monetary union. This paper provides a detailed analysis of the economic performance and policies of the GCC countries during 1990-2002. Drawing on the lessons from the experience of selected currency and monetary unions in Africa, Europe, and the Caribbean, it assesses the potential costs and benefits of a common currency for GCC countries and also reviews the options for implementing a monetary union among these countries.

Keywords:
OP; GCC country; GCC; country; monetary union; common currency; GCC authorities; GCC monetary union; GCC area; GCC national; Monetary unions; Currencies; Oil prices; Credit; Stock markets; Global; Africa; Caribbean; Europe; Asia and Pacific
Cover IMF Working Papers
The GCC Monetary Union: Some Considerations for the Exchange Rate Regime
Mr. Behrouz Guerami
,
Mr. S. Nuri Erbas
, and
Mr. George T. Abed
We compare the dollar peg to a dollar-euro basket peg as alternative exchange rate regimes for the incipient Gulf Cooperation Council (GCC) currency union. Quantitative evidence suggests basket peg does not dominate dollar peg for improving external stability. However, as GCC exports and external financial assets become more diversified, a more flexible exchange policy may be necessary for competitiveness and stability. Pegging the prospective common GCC currency to a basket, like the dollar-euro basket, may provide a conservative transitional strategy toward a more flexible exchange rate policy.
Keywords:
WP; dollar; export; currency; euro; exchange rate pegging; dollar peg; basket peg; GCC currency; GCC country; GCC export; GCC monetary union; GCC trade account; oil export; Conventional peg; Exchange rates; Exchange rate arrangements; Currencies; Exchange rate flexibility; Europe
Cover IMF Working Papers
Testing the Relationship Between Government Spending and Revenue: Evidence From GCC Countries
Mr. Qing Wang
and
Mr. Ugo Fasano-Filho
The paper examines the direction of causality between total government expenditure and revenue in oil-dependent GCC countries by utilizing a cointegration and error-correction modeling framework, and by calculating a variance decomposition analysis. In addition, it presents impulse responses to shed light on the dynamic relation of expenditure to a revenue shock. The results confirm expectations that government spending follows oil revenue, suggesting a pro-cyclical expenditure policy to variations in oil revenue. To make budget expenditure less driven by revenue availability, the authorities could resort to a medium-term expenditure framework, so that expenditures can be planned and insulated from volatile short-term revenue availability.
Keywords:
WP; revenue; GCC country; government expenditure; fiscal policy; GCC countries; spent-revenue hypothesis; expenditure growth; oil revenue; revenue shock; expenditure decision; Fiscal stance; Oil prices; Oil; gas and mining taxes; Total expenditures; Global
Cover Yemen in the 1990s
Yemen in the 1990s
From Unification to Economic Reform
Ms. Nada Choueiri
,
Mr. Klaus-Stefan Enders
,
Mr. Yuri V Sobolev
,
Mr. Jan Walliser
, and
Mr. Sherwyn Williams

Abstract

The 1990s saw the unification of the two Yemens into one nation and a burgeoning of the country's oil sector. This paper examines the structural changes in the Yemeni economy brought about by these and other developments and identifies the reforms needed to move the country toward rapid and sustainable growth, effectively manage its oil wealth, and reduce the widespread poverty. The paper addresses the issue of poverty reduction by providing background and drawing lessons from Yemen's adjustment experience to date.

Keywords:
OP; government; Yemen; policy; pins government policy; economic reform program; adjustment experience; oil sector development; employee pension plan; benefit rule; Oil; Oil prices; Commercial banks; Middle East; East Africa; North Africa; Europe; Asia and Pacific
Cover IMF Survey
IMF Survey, Volume 31, Issue 16
International Monetary Fund. External Relations Dept.
George T. Abed, a Palestinian and a Jordanian national, took over this summer as Director of the IMF’s Middle Eastern Department. In his distinguished 20-year career at the IMF, he has worked on the Middle East and on fiscal policy issues worldwide. Outside the IMF, he taught at the University of California, Berkeley, and managed a development assistance foundation in Geneva, Switzerland. Laura Wallace spoke with him about the region’s prospects amid political tensions and difficult economic challenges. Besides modernizing the state and liberalizing the region’s economy, he stressed the paramount importance of democracy, human development, and attention to social needs.
Keywords:
SV; bottom; IMF Treasurer's Department; IMF Concludes; growth facility; fund Facility; IMF survey; IMF purchase; Unemployment; Oil; gas and mining taxes; Oil prices; Europe; Middle East; North Africa; Western Hemisphere; East Asia
Cover IMF Survey
IMF Survey, Volume 31, Issue 18
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; minister; country; IMF's website; website; Horst Köhler; emerging market country; foreign direct investment website; IMF Deputy managing director; U.K. national; Collective action clauses; Sovereign debt restructuring; Debt relief; Poverty reduction strategy; Global; Africa; Asia and Pacific; Middle East