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Middle East and Central Asia > Saudi Arabia

You are looking at 1 - 10 of 13 items for :

  • Type: Journal Issue x
  • Public Enterprises; Public-Private Enterprises x
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Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges: Executive Summary
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover Departmental Papers
State-Owned Enterprises in Middle East, North Africa, and Central Asia: Size, Costs, and Challenges: Executive Summary
Mr. Ernesto Ramirez Rigo
,
Christine J. Richmond
,
Oluremi Akin Olugbade
,
Gareth Anderson
,
Maria Atamanchuk
,
Mr. Hatim Bukhari
,
Iacovos Ioannou
,
Deeksha Kale
,
Tannous Kass-Hanna
,
Mr. Maximilien Queyranne
,
Wei Shi
, and
Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Keywords:
State-owned enterprises; corporate governance; fiscal risks; Middle East; Central Asia; COVID-19; SOE footprint; government support; SOE definition; SOE mandate; SOE sector; SOE governance; Public enterprises; Public sector; North Africa; Middle East and Central Asia; Global
Cover IMF Staff Country Reports
Pakistan: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for Pakistan
International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Pakistan’s Request for Purchase Under the Rapid Financing Instrument (RFI). With the near-term outlook deteriorating sharply, the authorities have swiftly put in place measures to contain the impact of the shock and support economic activity. Crucially, health spending has been increased and social support strengthened. While uncertainty remains high, the near-term economic impact of coronavirus disease 2019 is expected to be significant, giving rise to large fiscal and external financing needs. The IMF support will help to provide a backstop against the decline in international reserves and provide financing to the budget for targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact. In response to the crisis, the government of Pakistan has taken swift action to halt the community spread of the virus and introduced an economic stimulus package aimed at accommodating the spending needed to tackle the health emergency and supporting economic activity.
Keywords:
ISCR; CR; financing; IMF support; emergency; debt; health emergency; Executive Board discussion; IMF emergency financing; reform effort; liquidity pressure; SBP reserve; COVID-19; Public sector; Fiscal stance; Global
Cover Policy Papers
Enhancing the Role of SMEs in the Arab World—Some Key Considerations
Vahram Stepanyan
,
Gohar Abajyan
,
Anta Ndoye
, and
Ms. Marwa Alnasaa
Small and medium-sized enterprises (SMEs) are a cornerstone of Arab economies, accounting for over 90 percent of all businesses and providing a major source of new job creation. Governments across the Arab World recognize the important role that SMEs can play in delivering higher and more inclusive growth. Many have rightly placed SME development at the center of growth and jobs strategies to meet the needs of young populations. Authorities have initiated policy interventions and schemes to support SME development. But progress so far has been patchy, and more comprehensive policy action is needed. Fostering vibrant and competitive SMEs that contribute to employment opportunities and high value-added output requires various stakeholders to deliver on a broad range of factors. Arab governments need a holistic policy approach that addresses the gaps in access to finance, creates an enabling business environment, and upgrades human capital and infrastructure. The approach should also promote an entrepreneurial mindset.
Keywords:
PP; SME development; SME support scheme; control group SMES; SME policy; SME sector; SME activity; SME constraint; SME access; SME data availability; SME needs; Small and medium enterprises; Self-employment; Business environment; Financial inclusion; Public sector; Global
Cover Policy Papers
Gulf Cooperation Council: The Economic Outlook and Policy Challenges in the GCC Countries
International Monetary Fund
Global economic activity is gaining momentum. Global growth is forecast at 3.6 percent this year, and 3.7 percent in 2018, compared to 3.2 percent in 2016. Risks around this forecast are broadly balanced in the near term, but are skewed to the downside over the medium term. The more positive global growth environment should support somewhat stronger oil demand. With inflation in advanced countries remaining subdued, monetary policy is expected to remain accommodative. GCC countries are continuing to adjust to lower oil prices. Substantial fiscal consolidation has taken place in most countries, mainly focused on expenditure reduction. This is necessary, but it has weakened non-oil growth. With the pace of fiscal consolidation set to slow, non-oil growth is expected to increase to 2.6 percent this year, from 1.8 percent last year. However, because of lower oil output, overall real GDP growth is projected to slow to 0.5 percent in 2017 from 2.2 percent in 2016. Growth prospects in the medium-term remain subdued amid relatively low oil prices and geopolitical risks. Policymakers have made a strong start in adjusting fiscal policy. While the needed pace of fiscal adjustment varies across countries depending on the fiscal space available, in general countries should continue to focus on recurrent expenditure rationalization, further energy price reforms, increased non-oil revenues, and improved efficiency of capital spending. Fiscal consolidation should be accompanied by a further improvement in fiscal frameworks and institutions. The direction of fiscal policy in the GCC is broadly consistent with these recommendations. Policies should continue to be geared toward managing evolving liquidity situations in the banking system and supporting the private sector’s access to funding. While countries have made progress in enhancing their financial policy frameworks, strengthening liquidity forecasting and developing liquidity management instruments will help banks adjust to a tighter liquidity environment. Banks generally remain profitable, well capitalized, and liquid, but with growth expected to remain relatively weak, the monitoring of financial sector vulnerabilities should continue to be enhanced. Diversification and private sector development will be needed to offset lower government spending and ensure stronger, sustainable, and inclusive growth. This will require stepped-up reforms to improve the business climate and reduce the role of the public sector in the economy through privatization and PPPs. Reforms are needed to increase the incentives for nationals to work in the private sector and for private sector firms to hire them. Increasing female participation in the labor market and employment would benefit productivity and growth across the region. Where fiscal space is available, fiscal policy can be used to support the structural reforms needed to boost private sector growth and employment.
Keywords:
PP; price; oil price; rate; Kuwait; No GCC; federal funds rate; current account; energy price reform; U.A.E. Qatar's export; commodity price rebound; forward rate; energy price; overnight rate; private sector development; price assumption; equity price; Oil prices; Fiscal consolidation; Real interest rates; Public sector; Global
Cover Policy Papers
Economic Diversification in Oil-Exporting Arab Countries
International Monetary Fund
countries face similar challenges to create jobs and foster more inclusive growth. The current environment of likely durable low oil prices has exacerbated these challenges. The non-oil private sector remains relatively small and, consequently, has been only a limited source of growth and employment. Because oil is an exhaustible resource, new sectors need to be developed so they can take over as the oil and gas industry dwindles. Over-reliance on oil also exacerbates macroeconomic volatility. Greater economic diversification would unlock job-creating growth, increase resilience to oil price volatility and improve prospects for future generations. Macro-economic stability and supportive regulatory and institutional frameworks are key prerequisites for economic diversification...
Keywords:
PP; exporting; economy; GDP; diversification; economic diversification; labor market; public spending; IMF staff estimate; exchange rate; job creation; oil price; Oil prices; Oil; gas and mining taxes; Public sector; Global
Cover IMF Working Papers
Comparing the Employment-Output Elasticities of Expatriates and Nationals in the Gulf Cooperation Council
Mr. Alberto Behar
We estimate the elasticity of private-sector employment to non-oil GDP in the Gulf Cooperation Council (GCC) for GCC nationals and expatriates using a Seemingly Unrelated Error Correction (SUREC) model. Our results indicate that the employment response is lower for nationals, who have an estimated short-run elasticity of only 0.15 and a long-run response of 0.7 or less. The elasticity is almost unity for expatriates in the long run and 0.35 in the short run. We interpret low elasticities as indirect evidence of labor market adjustment costs, which could include hiring and firing rigidities, skills mismatches, and reluctance to accept private sector jobs. Forecasts suggest that, absent measures to reduce adjustment costs, the private sector will only be able to absorb a small portion of nationals entering the labor force.
Keywords:
WP; labor market; Employment Elasticities; Labor Market Adjustment Costs; GCC; Gulf Cooperation Council; Inclusive Growth; GCC country; employment growth; GCC employment; GCC labor market structure; employment response; growth forecast; employment elasticity; GCC elasticity; employment projection; employment-growth relationship; employment rigidity; GCC aggregate; Employment; Labor markets; Public employment; Labor force; Public sector; Middle East; Middle East and Central Asia; North Africa; East Africa; Global
Cover IMF Working Papers
Integrated Ownership and Control in the GCC Corporate Sector
Mr. Andre O Santos
The objective of the paper is to assess ownership and control links in the GCC corporate sector. The analysis focuses on the integrated ownership and network arising from ownership data available in Bloomberg and GCC stock exchanges. The paper finds that ownership is concentrated in GCC public sector institutions, holding companies, financial institutions, and family groups. The paper then considers the effect of different definitions of control on the distribution of consolidated debt. Debt concentration is maximized when the wedge between ownership and control is the largest. This is the case when the largest shareholder has at least 5 percent of total shares as defined in Zingales (1994).
Keywords:
WP; GCC country; shareholder debt; GCC countries; network analysis; integreated ownership; concentration; ownership network; GCC shareholder; shareholder portfolios consist; Stock markets; Public sector; Corporate sector; Illicit financial flows; Corporate governance; Africa
Cover IMF Staff Country Reports
Pakistan: Second Review Under the Extended Arrangement and Request for Waivers of Nonobservance of Performance Criteria
International Monetary Fund. Middle East and Central Asia Dept.
This paper assesses Pakistan’s Second Review Under the Extended Arrangement and Request for Waivers of Non-Observance of Performance Criteria. Discussions focused on progress in addressing the main macroeconomic challenges facing the country and remedial actions to meet missed performance criteria. Pakistan’s economic growth is expected to remain modest with GDP growth forecast revised upward to 3.1 percent. The IMF report highlights that the preliminary data for the first quarter of FY13/14 showed 5 percent growth, mainly driven by services and manufacturing.
Keywords:
ISCR; CR; government debt market; net short position; end-march program ceiling; government; core inflation; executive board's discussion; Pakistani authorities; government securities market; Public sector; Global