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Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries
Author:
Ms. Maria A Albino
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Ms. Svetlana Cerovic
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Mr. Francesco Grigoli
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Mr. Juan C Flores
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Mr. Javier Kapsoli
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Mr. Haonan Qu
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Mr. Yahia Said
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Mr. Bahrom Shukurov
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Mr. Martin Sommer
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Mr. SeokHyun Yoon
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Series:
Staff Discussion Notes
Volume/Issue:
Volume 2014: Issue 010
Language:
Arabic
Publication Date:
01 Dec 2014
DOI:
https://doi.org/10.5089/9781498314954.006
ISBN:
9781498314954
ISSN:
2790-4091
Pages:
31
Keywords:
SDN; investment; MCDOEs; investment efficiency; efficiency; public investment
Legal-disclaimer:
Staff Discussion Notes (SDNs) showcase policy-related analysis and research being developed by IMF staff members and are published to elicit comments and to encourage debate.The views expressed in this Policy Discussion Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy.
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Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.
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Cover Staff Discussion Notes
Staff Discussion Notes
ISSN:
2617-6750
Publisher:
International Monetary Fund