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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 8 of 8 items for :

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Cover IMF Staff Country Reports
Bangladesh: 2017 Article IV Consultation-Press Release; Staff Report
International Monetary Fund. Asia and Pacific Dept
This 2017 Article IV Consultation highlights steady monetary policy management and fiscal discipline in Bangladesh, which have supported macroeconomic stability, allowing the economy to benefit from favorable external demand, high remittances, and low commodity prices. The result has been strong output growth, falling inflation, moderate public debt, and a rebuilding of external resilience. In fiscal year 2017, output growth is expected to remain close to 7 percent. Over the medium term, maintaining output growth of about 7 percent a year would require increased public and private investment, as well as reforms to support capital market development and improved investment efficiency.
Keywords:
ISCR; CR; government bond; current account; monetary policy management; broad money growth; inflation expectation; investment efficiency; headline inflation; debt sustainability assessment; GDP ratio; Capital markets; Credit; Commercial banks; Global; South Asia
Cover IMF Staff Country Reports
Guinée: Première revue de l’accord triennal au titre de la Facilité pour la réduction de la pauvreté et pour la croissance, et demande de dérogation pour non observation de critères de réalisation, de modification de critères de réalisation, et d’augmentation du niveau d’accès et revue des assurances de financement — Rapport des services du FMI; Déclaration des services du FMI; Communiqué de presse sur les délibérations du Conseil d’administration; et Déclaration de l’Administrateur pour la Guinée
International Monetary Fund
Depuis plusieurs années, le FMI publie un nombre croissant de rapports et autres documents couvrant l'évolution et les tendances économiques et financières dans les pays membres. Chaque rapport, rédigé par une équipe des services du FMI à la suite d'entretiens avec des représentants des autorités, est publié avec l'accord du pays concerné.
Keywords:
ISCR; CR; PRGF; twelve-month inflation rate; PC secretariat; staff appraisal; authority
Cover IMF Staff Country Reports
Guinea: First Review Under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility, Request for Waiver of Nonobservance of Performance Criteria, Modification of Performance Criteria, Augmentation of Access, and Financing Assurances Review: Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Guinea
International Monetary Fund
This paper discusses key findings of the First Review Under the Poverty Reduction and Growth Facility (PRGF) for Guinea. All but two quantitative performance criteria (PC) were met. IMF staff supports the authorities’ requests for waivers of nonobservance, based on their remedial actions. Progress of structural reforms was broadly satisfactory and all structural PCs and benchmarks for end-December 2007 were met. However, several quantitative indicative targets for end-March 2008 were missed, in part on account of a delayed response to the financial pressures arising from higher fuel prices.
Keywords:
ISCR; CR; PRGF; twelve-month inflation rate; PC secretariat; staff appraisal; authority; Guinean authorities; financing policy; adverse opinion; Debt relief; International reserves; Mining sector; Monetary base; Global; Sub-Saharan Africa
Cover IMF Working Papers
Understanding the Inflationary Process in the GCC Region: The Case of Saudi Arabia and Kuwait
Hesham Alogeel
and
Maher Hasan
This paper investigates the factors that affect inflation in the GCC region by examining the inflationary processes in Saudi Arabia and Kuwait. The paper utilizes a model that accounts for foreign factors affecting inflation, such as trading partners' inflation and exchange rate pass-through effect, as well as domestic influences. The analysis concludes that, in the long run, higher inflation in trading partners' countries is the main driving force for inflation in the two countries, with significant but lower contributions from the exchange rate pass-through effect and oil prices. Demand and money supply shocks affect inflation in the short run.
Keywords:
WP; excess demand; money supply; exchange rate; price level
Cover IMF Working Papers
Constraints on the Design and Implementation of Monetary Policy in Oil Economies: The Case of Venezuela
International Monetary Fund
By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this case, the standard indicators used to gauge the presence of fiscal dominance may fail to give the appropriate signals. The main purpose of this paper is twofold: i) to present a simple framework to analyze fiscal dominance in oil exporting countries and ii) to test the hypothesis of the presence of oil dominance/fiscal dominance (OD/FD) in the case of Venezuela. Using VAR and VEC models it is possible to conclude that there is relevant evidence supporting the validity of the OD/FD hypothesis.
Keywords:
WP; exchange rate; transmission mechanism
Cover IMF Working Papers
Looking Beyond the Fiscal: Do Oil Funds Bring Macroeconomic Stability?
Mr. Ghiath Shabsigh
and
Mr. Nadeem Ilahi
Oil funds have become increasingly popular in oil exporting countries during the recent surge in oil prices. However, the literature on the contribution is small, tends to focus narrowly on their fiscal benefits, and concludes that they are redundant of such funds-in other words, that well designed fiscal management and policy are adequate substitutes for oil funds. This paper argues that a broader focus is needed in judging the effectiveness of such funds. We test whether oil funds help reduce macroeconomic volatility. The econometric estimation results from a 30-year panel data set of 15 countries with and without oil funds suggest that oil funds are associated with reduced volatility of broad money and prices and lower inflation. However, there is a statistically weak negative association between the presence of an oil fund and volatility of the real exchange rate.
Keywords:
WP; oil fund; fund
Cover IMF Working Papers
Data Consistency in IMF Publications: Country Staff Reports Versus International Financial Statistics
Mr. John Cady
and
Mr. Anthony J. Pellechio
Data published in IMF country staff reports and International Financial Statistics (IFS) may differ for identical variables and, at times, users may be unaware of the reasons for these differences and lack the information needed to permit reconciliation. Such discrepancies stem principally from differences in the objectives of IMF country staff reports and their data requirements, on the one hand, and IFS, on the other. This paper presents the results of a study of the consistency of annual data on core statistical indicators required for Fund surveillance presented in the IMF's IFS and a sample of recently published Article IV consultation reports. The paper finds a significant incidence of apparent discrepancies for similarly defined variables.
Keywords:
WP; information; country; staff report; government; nominal GDP
Cover Structural Reform, Stabilization, and Growth in Turkey
Structural Reform, Stabilization, and Growth in Turkey
Mr. George Kopits

Abstract

Following a severe balance of payments crisis in the late 1970s, in January 1980 Turkey embarked on a far reaching stabilization and structural adjustment program.

Keywords:
OP; liberalization; fixed capital capital formation; rate of inflation; real GNP; adjustment package; liberalization program; balance of payments support loan; Monetary base; Demand for money; Deposit rates; Imports; Middle East; North Africa; East Africa; Global; Commercial banks; Trade liberalization; Caribbean