Front Matter

Front Matter

Saíd El-Naggar
Published Date:
March 1990
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    Investment Policies in the Arab Countries

    Edited by

    Said El-Naggar

    Papers presented at a Seminar held in Kuwait, December 11–13, 1989

    International Monetary Fund

    ♦ 1990

    © 1990 International Monetary Fund

    Cover design by IMF Graphics Section

    Library of Congress Cataloging-in-Publication Data

    Investment policies in the Arab countries / edited by Said El-Naggar.

    • p. cm.

    “Papers presented at a seminar held in Kuwait, December 11–13, 1989.”

    “Sponsored by … the Arab Monetary Fund … [et al.]”—P.

    ISBN 1-55775-140-4

    1. Investments—Government policy—Arab countries—Congresses. 2. Investments, Foreign—Government policy—Arab countries—Congresses.

    I. El-Naggar, Sa’ id, 1920- II. International Monetary Fund. III. Arab Monetary Fund.

    HG5816.A3I58 1990




    Price: US$18.50

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    Cable: Interfund

    Sponsoring Organizations

    • The Arab Monetary Fund

    • The Arab Fund for Economic and Social Development

    • The International Monetary Fund

    • The World Bank


    This is the third seminar volume to be published jointly by the IMF and the Arab Monetary Fund. As before, it focuses on an issue of particular significance to the Arab countries, namely, their investment policies. The increased level of institutional interest engendered by the debates on issues concerning the Arab world demonstrates the relevance and usefulness of the series.

    The quality of expert participation speaks to the importance of the themes that have been selected for discussion in these seminars. We at the Fund are pleased to have helped launch the series and to have been again associated with the Arab Monetary Fund, and for the first time on this occasion, with the Arab Fund for Economic and Social Development, as well as the World Bank. The involvement of Professor Said El-Naggar as the moderator of this as well as the previous seminars has provided not only a useful continuity to the management of the discussions and their editing, but his own contributions have been of great value, given the clarity of his thinking and the lucidity of his expression in Arabic and in English.

    The impact of macroeconomic and microeconomic policies on the investment climate in the Arab countries, the efficiency of public investment, and the role of foreign direct investment—the recurring themes of the seminar—are issues that are topical for all developing countries. I hope that the publication of this volume, like its predecessors in the series, will contribute to a broader understanding of these important economic issues, and not only in the Arab world.

    Michel Camdessus

    Managing Director

    International Monetary Fund


    This is the third in a series of seminars dealing with economic issues of particular importance to the Arab countries. The preceding seminars dealt with adjustment policies and privatization. The topic this time has acquired special significance because of the efforts of the governments concerned to promote private domestic and foreign investment and to raise the efficiency of public investment. The papers presented to the seminar cover a broad area ranging from investment guarantees to macroeconomic policies that have a bearing on the investment climate in the Arab countries.

    The seminar was sponsored by four organizations: The Arab Monetary Fund, the Arab Fund for Economic and Social Development, the International Monetary Fund, and the World Bank. The interest and support shown by these organizations bear witness to the importance of the issues covered by this seminar.

    On behalf of the participants, I would like to express my thanks to all those whose active support made this event possible, in particular, Messrs. Osama Faquih, Director General and Chairman of the Board, and Rasheed Khalid of the Arab Monetary Fund, and Azizali Mohammmed and Ahmed Abushadi of the International Monetary Fund.

    A special word of thanks is due to Mr. Abdlatif Y. Al-Hamad, Director General and Chairman of the Board, Arab Fund for Economic and Social Development, and his collaborators, Ismail El-Zabri and Mirvet Badawi, for the excellent organization of the seminar and for their hospitality during our stay in Kuwait. I would like also to thank Elin Knotter of the International Monetary Fund for editing this volume for publication.

    Said El-Naggar



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    “Billion” means a thousand million.

    Details may not add to totals shown because of rounding.

    The term “country,” as used in this book, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.

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