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Middle East and Central Asia > Saudi Arabia

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Cover IMF Staff Country Reports
عُمان: قضايا مختارة
International Monetary Fund. Middle East and Central Asia Dept.
عُمان: قضايا مختارة
Keywords:
capital markets incentives program; private sector employment; employment growth; SME growth; development in Oman; Digitalization; Capital markets; Stock markets; Securities markets; Global; South Asia; Caribbean
Cover IMF Staff Country Reports
المملكة العربية السعودية: برنامج تقييم القطاع المالي – تقييم استقرار النظام المالي
International Monetary Fund. Monetary and Capital Markets Department
تسلط هذه الورقة الضوء على تقييم استقرار النظام المالي في المملكة العربية السعودية كجزء من برنامج تقييم القطاع المالي (FSAP). تم تنفيذ برنامج تقييم القطاع المالي على خلفية اقتصاد قوي مدفوع بأجندة التحول الطموحة التي تقودها الدولة لتسريع عملية التنويع الاقتصادي في المملكة العربية السعودية (رؤية 2030). ويلعب صندوق الثروة السيادية للمملكة دوراً رئيسياً في تنفيذ وتمويل التحول الاقتصادي. وفي الوقت الحاضر، يبدو أن مخاطر القطاع المالي الناجمة عن التحول الاقتصادي السريع قد تم احتواؤها. وتتمتع البنوك برأس مال جيد وربحية وتبدو قادرة على الصمود في مواجهة صدمات الاقتصاد الكلي الشديدة. إن قدرة البنوك على إدارة سيناريوهات ضغط السيولة جيدة بشكل عام، على الرغم من أن تركيز التمويل كبير. وقد بذلت السلطات جهودًا جديرة بالثناء للتخفيف من المخاطر الناجمة عن النمو السريع في سوق الائتمان والعقارات، ولكن الفجوات الكبيرة في البيانات تخلق تحديات أمام مراقبة المخاطر النظامية. لقد حان الوقت لتعزيز مراقبة المخاطر النظامية والأطر القانونية والمؤسسية والتشغيلية لدعم الاستقرار المالي في المستقبل.
Keywords:
مكافحة غسل الأموال ومكافحة تمويل الإرهاب (AML/CFT)؛ ب. اختبارات التحمل البنكي؛ البنوك التجارية؛ نسبة التغطية؛ استقرار القطاع المالي؛ عالمي؛ إطار التصفية؛ سيناريو ضغط السيولة؛ السياسة الاحترازية الكلية؛ رئيس البعثة البنك الدولي؛ عضو فريق البنك الدولي لتقييم القطاع المالي.
Cover IMF Staff Country Reports
Oman: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
2024 Selected Issues
Keywords:
capital markets incentives program; private sector employment; employment growth; SME growth; development in Oman; Digitalization; Capital markets; Stock markets; Securities markets; Global; South Asia; Caribbean
Cover IMF Staff Country Reports
Somalia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues the state of educational attainment in Somalia and explores the potential growth dividends from increasing access to education and closing gender gaps in education. Somalia experienced significant loss in human capital over two decades of civil strife. Education outcomes in Somalia are among of the lowest in the world, and even worse for women. It will be important that Somalia sets strong foundations for building its education system and expanding access to education, while mobilizing the resources to do so, with continued support from international partners. The paper recommends that Somali authorities gradually increase education spending, by mobilizing both domestic and external resources. Model estimates show that increasing education access to the level of Low Human Development countries and closing gender gaps could raise real gross domestic product by close to 40 percent over the next 25 years. Given extremely limited resources and capacity, Somalia will need to carefully prioritize policies that can deliver near-term wins as it gradually develops its public education system. Improving access and quality of education will require greater resources, supported by additional domestic revenues and sustained support from development partners.
Keywords:
satellite imagery data; EAC accession; sensor data; Somalia's integration; partner States; D. policy priority; satellite data; Pensions; Civil service; Gender inequality; Customs unions; Global; Sub-Saharan Africa; East Africa; Africa
Cover IMF Staff Country Reports
Kuwait: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation with Kuwait discusses that the economy is projected to remain in recession under the baseline in 2024, then to recover over the medium term. The economy remains in recession, but a recovery has begun in the non-oil sector, and inflation is moderating. Lower oil prices and production have weakened the external and fiscal balances, while financial stability has been maintained. The risks around the outlook are skewed to the downside, but substantial financial buffers are a source of resilience to external shocks. Fiscal consolidation of about 13 percent of gross domestic product (GDP) should be implemented at a pace of 1 to 2 percent of GDP per year to reinforce intergenerational equity. The exchange rate peg remains an appropriate nominal anchor for monetary policy. Systemic financial risks remain contained and prudently managed. Continued efforts are needed to strengthen monetary policy transmission, maintain financial stability, and enhance financial intermediation. The authorities aim to implement reforms to support the transition to a dynamic and diversified economy. A comprehensive and well-sequenced structural reform package is needed to improve the business environment by raising efficiency, enhancing transparency, and further opening up the economy.
Keywords:
headline CPI inflation; debt management office; procurement contract; e-government initiative; capital market development; consultation-press release; Structural reforms; Oil prices; Global
Cover IMF Staff Country Reports
Pakistan: 2024 Article IV Consultation and Request for an Extended Arrangement under the Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
International Monetary Fund. Middle East and Central Asia Dept.
The 2024 Article IV Consultation discusses that Pakistan has taken key steps to restoring economic stability with consistent policy implementation under the 2023–2024 Stand-by Arrangement (SBA). The discussions focused on Pakistan’s medium-term prospects, which helped inform policies and define program objectives. The new government formed after the February elections has continued efforts to strengthen economic conditions and is embarking on a multi-year home-grown reform program to achieve resilient and inclusive economic growth. The program aims to reinforce the authorities’ efforts to bolster policy credibility and entrench stability and accelerate structural reforms to strengthen public finances, improve the provision of critical public services, and create a favorable environment for private-led growth.
Keywords:
reform agenda; SBP's effort; governance arrangement; exchange rate movement; Pakistani authorities; Tariffs; Global
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program-Detailed Assessment of Observance-Basel Core Principles for Effective Banking Supervision
International Monetary Fund. Monetary and Capital Markets Department
This paper discusses Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision for the Saudi Arabia Financial Sector Assessment Program. Saudi Central Bank (SAMA) has progressively updated its regulations and continued focus on this process will be important. SAMA’s responsibility for banking supervision is clearly set out in the law, although without clearly establishing the promotion of safety and soundness of banks and the banking system as an explicit or primary mandate. There is room to strengthen SAMA’s operational independence, accountability framework, transparency, and legal protection. Strengthening powers and updating regulations, along with developing internal guidelines, will help strengthen processes for licensing, transfer of significant ownership and controlling interest, and major acquisitions by banks. SAMA’s well-established risk-based approach would benefit from a review of the scope of application of supervisory oversight, tools, and reporting. Prudential requirements mostly apply (appropriately) at both a solo and consolidated level, but monitoring is in practice only at the domestic level.
Keywords:
IMF-World Bank Financial Sector Assessment Program; adequacy ASSESSMENT process; banking supervision department; banking control law; counter financing; Bank supervision; Credit risk; Anti-money laundering and combating the financing of terrorism (AML/CFT); Market risk; Operational risk; Global
Cover IMF Staff Country Reports
Saudi Arabia: Financial Sector Assessment Program-Financial System Stability Assessment
International Monetary Fund. Monetary and Capital Markets Department
This paper highlights Saudi Arabia’s Financial System Stability Assessment as part of Financial Sector Assessment Program (FSAP). The FSAP took place against the backdrop of a robust economy driven by an ambitious state-led transformation agenda to accelerate Saudi Arabia’s economic diversification (Vision 2030). The Kingdom’s sovereign wealth fund plays a key role in implementing and funding the economic transformation. At present, financial sector risks from the rapid economic transformation appear contained. Banks are well-capitalized, profitable and appear resilient to severe macroeconomic shocks. Banks’ capacity to manage liquidity stress scenarios is generally good, although funding concentration is sizable. The authorities have made commendable efforts to mitigate risks from the rapidly growing credit and real estate market, but significant data gaps create challenges for systemic risk monitoring. The time is right to strengthen systemic risk monitoring and the legal, institutional, and operational frameworks in support of financial stability going forward.
Keywords:
B. bank stress tests; liquidity stress scenario; liquidation framework; coverage ratio; mission chief World Bank; World Bank FSAP team member; Financial sector stability; Anti-money laundering and combating the financing of terrorism (AML/CFT); Macroprudential policy; Commercial banks; Global
Cover IMF Staff Country Reports
Saudi Arabia: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Saudi Arabia’s unprecedented economic transformation is progressing well. Strong domestic demand is keeping non-oil growth robust while unemployment is at record lows. Inflation is contained and the current account surplus is rapidly narrowing. The recalibration of the authorities’ investment plans would help reduce overheating risks and pressures on fiscal and external accounts.
Keywords:
totaling SDR; PRGT loan resource; PRGT subsidy resource; about SDR; deposit of SDR; Foreign direct investment; Oil prices; Women; Global
Cover IMF Staff Country Reports
المملكة العربية السعودية: مشاورات المادة الرابعة لعام ٢٠٢٤ - البيان الصحفي وتقرير خبراء صندوق النقد الدولي
International Monetary Fund. Middle East and Central Asia Dept.
يساهم الطلبو .جيدا امة تقديدة السعويبكة العرلممال يف قوبسمغير ال يداصتقالا لحوتال ةيلمع قالسياق: تحق ليظو .اهتايالبطالة أدنى مستو تمعدلا تلجس ينح يف ،يطفنو غير المنال ةوق ىلع ظافالح يف يالقو يلحمال ةيرامثتة الاسمخطط الحكو تقييم ةداعإ نن شأمو عةيسر ةبوتير صلقتي يراجال باالحس امنيب ضخم قيد الاحتواءتال ةيالمال تابساح لىع طغالض فيفي تخف و ،يصادتالاق طاشنفي ال ةرفو ثن مخاطر حدوم تساعد في الحد نأ ةية والخارجمالع