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Middle East and Central Asia > Saudi Arabia

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Cover IMF Staff Position Notes
The State of Public Finances Cross-Country Fiscal Monitor: November 2009
International Monetary Fund
This paper highlights the state of Public Finances Cross-Country Fiscal Monitor. This edition of the Cross-Country Fiscal Monitor provides an update of global fiscal developments and policy strategies, based on projections from the November 2009 WEO. These projections reflect the assessment of IMF staff of current country policies and initiatives expected during 2009–2014 Underlying fiscal trends in advanced economies are weaker than previously projected, however, lower expected costs of financial sector support in the United States mean that 2009 headline numbers are better. New estimates of needed medium-term fiscal adjustment in advanced economies. Fiscal policy will continue to provide substantial support to aggregate demand in most countries this year, but a tightening is projected to commence next year in G-20 emerging markets. Fiscal policy is projected to begin tightening in emerging G-20 economies next year, reflecting a combination of reduced anti-crisis spending and expected consolidation beyond the withdrawal of crisis-related stimulus in Brazil, Mexico, and Turkey, supported by a pick-up of growth. Higher commodity prices are also expected to contribute to lower overall deficit.
Keywords:
SPN; debt ratio; emerging market; government bond; public spending; General government debt ratios; debt level; financial market; country detail; country policy; financial support; debt stock; stimulus packages; government financing; exchange regime; emerging market country; territory government; Fiscal stance; Africa
Cover Fiscal Implications of the Global Economic and Financial Crisis
Fiscal Implications of the Global Economic and Financial Crisis
International Monetary Fund

Abstract

The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp increases in deficits and debt stocks around the world. Expansionary fiscal policy continues to be necessary in the short term to stimulate economic recovery. But it is now essential that governments reassess the state of their public finances in light of the global crisis and adopt strategies that will ensure medium- and long-term fiscal sustainability. Many of the advanced economies most affected by the crisis are also those where age-related spending will increase markedly in the coming years, adding particular urgency to the need to identify medium-term consolidation strategies. This new paper, which focuses mainly on advanced and emerging market economies, employs projections based on the April 2009 World Economic Outlook to quantify the fiscal implications of the crisis for a cross-section of countries. The authors assess the post-shock fiscal balances and debt outlook, and suggest ways for governments to clarify their strategies for maintaining fiscal solvency.

Keywords:
OP; asset; GDP; debt ratio; cost; PPP GDP weight; emerging market G-20 country; revenue loss; mutual fund assets; PPP GDP-weighted averages; Fiscal stance; Pension spending; Pensions; Solvency; Africa; Global; Eastern Europe; Asia and Pacific; North America; Europe
Cover IMF Staff Position Notes
The State of Public Finances: A Cross-Country Fiscal Monitor
Mr. Paolo Mauro
,
Mr. Mark A Horton
, and
Mr. Manmohan S. Kumar
This paper presents sharp increase in government debt has complicated the management of preexisting challenges from population aging, especially in advanced economies. The increase in debt ratios projected for these economies is the largest since World War II. The increase in deficits and debt raises complicated tradeoffs. Policymakers will need to balance two competing risks: on the one hand, a too hasty withdrawal of fiscal stimulus would risk nipping a recovery in the bud; on the other hand, with a delayed withdrawal investor concerns about sustainability may increase, leading to higher interest rates on government paper, undermining the recovery and increasing risks of a snowballing of debt. Regardless of the timing of adjustment, its necessary scale will be quite large, particularly for high-debt advanced economies. Preserving investor confidence in government solvency is key to avoiding an increase in interest rates, thereby not only preventing snowballing debt dynamics, but also ensuring that the fiscal stimulus is effective.
Keywords:
SPN; G20 industrial nations; country; GDP; market G-20 country; country authorities; interest rate; government financing; country circumstances; fund G-20 desk; GDP ratio; stimulus spending; PPP GDP-weighted average; financial support; ameliorating spending dynamics; emerging G-20 country; Emerging and frontier financial markets; Fiscal stance; Fiscal stimulus; Global; Europe; Africa
Cover IMF Staff Position Notes
Fiscal Implications of the Global Economic and Financial Crisis
International Monetary Fund
This note reflects macroeconomic and fiscal forecasts presented with the April 2009 World Economic Outlook, as well as information on fiscal stimulus and financial and industrial sector support gathered through mid-May. It follows the request by G-20 leaders for the Fund to assess regularly the actions taken by countries to address the global crisis and accelerate the recovery.
Keywords:
SPN; central bank; interest rate; output gap; financial support; net present value; government debt; GDP ratio; PPP GDP weight; stimulus package; PPP GDP-weighted averages; Fiscal stance; Pension spending; Financial sector; Pensions; Global; Africa
Cover IMF Survey
IMF Survey, Volume 37, Issue 09
International Monetary Fund. External Relations Dept.
Antoinette Sayeh interview, IMF clarifies surveillance process, Georgia loan, Olivier Blanchard interview, Africa's financial sector, EMU slowdown, EU transfers, sovereign wealth fund principles, United Kingdom outlook, Uruguay's financial issues, Saudi Arabia's oil bonanza, news briefs.
Keywords:
SV; IMF publication service; IMF Survey; IMF mission team; country; IMF Deputy managing director Takatoshi Kato; IMF mission; EU funds; Inflation; Exchange rates; Oil prices; Currency markets; Sovereign wealth funds; Global; Africa; Central and Eastern Europe; Europe; West Africa
Cover IMF Survey
Bulletin du FMI vol. 37, n° 9, septembre 2008
International Monetary Fund. External Relations Dept.
Entretien avec Antoinette Sayeh; le FMI précise son rôle dans la surveillance; la Géorgie; entretien avec Olivier Blanchard; secteur financier en Afrique; ralentissement dans l'UEM; les transferts de l'UE aux PECO; principes pour les fonds souverains; Royaume-Uni; Uruguay; Arabie Saoudite; l’actualité en bref.
Keywords:
SV; IMF publication service; IMF Survey; IMF mission team; country; IMF Deputy managing director Takatoshi Kato
Cover IMF Survey
Boletín del FMI Vol.37, No.9 septiembre de 2008
International Monetary Fund. External Relations Dept.
Entrevista a Antoinette Sayeh; El FMI define la función de supervisión; Georgia; Entrevista a Blanchard; Sector financiero africano; La UEM frente a la desaceleración; Mayor convergencia gracias a la UE; Fondos soberanos de inversión; Shock para el Reino Unido; Política monetaria uruguaya; Bonanza petrolera en Arabia Saudita; Notas breves.
Keywords:
SV; IMF publication service; IMF Survey; IMF mission team; country; IMF Deputy managing director Takatoshi Kato
Cover IMF Survey
IMF Survey, Volume 36 Issue 14
International Monetary Fund. External Relations Dept.
Rising Energy Costs, Liberia to get debt relief, Climate Change, World Economic Outlook, European Economic Outlook, Latin American Economic Outlook, Mideast-Central Asia Economic Outlook, Technical Assistance, Research Conference, Mundell-Flemming Lecture, German fiscal policy, News Briefs.
Keywords:
SV; IMF team; economy; country; consumer price index; financing; IMF survey; oil exporter; product budget; monthly consumer price index; Exchange rate arrangements; Oil prices; Exchange rates; Climate change; Emerging and frontier financial markets; Europe; Global; Middle East; Caribbean; Western Hemisphere; Middle East and Central Asia
Cover IMF Survey
Bulletin du FMI vol. 36, n° 14, décembre 2007
International Monetary Fund. External Relations Dept.
Hausse du coût de l'énergie ; allégement de la dette au Libéria ; changement climatique ; Perspectives de l'économie mondiale ; perspectives économiques pour l'Europe ; perspectives économiques pour l'Amérique latine ; perspectives économiques pour le Moyen-Orient et l'Asie centrale ; assistance technique ; conférence du département des études ; conférence Mundell-Flemming ; politique budgétaire allemande ; point sur l'actualité.
Keywords:
SV; IMF team; economy; country; consumer price index; financing
Cover IMF Survey
Boletín del FMI Vol.36, No.14 diciembre de 2007
International Monetary Fund. External Relations Dept.
Aumento de los costos de energía, alivio de la deuda de Liberia, cambio climático, perspectivas de la economía mundial, perspectivas de la economía europea, perspectivas económicas para América Latina, Oriente Medio, perspectivas de la economía de Asia medioriental, asistencia técnica, conferencia de estudios de investigación, conferencia Mundell-Flemming, política fiscal en Alemania, Notas breves
Keywords:
SV; IMF team; economy; country; consumer price index; financing