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Oman: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-09-12

Total Pages: 93

ISBN-13: 1513596020

Sultan Haitham ascended to the throne in January 2020 and has committed to implementing strong fiscal and structural reforms to address longstanding vulnerabilities. In addition to persistent fiscal deficits arising from incomplete adjustment to lower oil prices since 2015, Oman faced twin shocks from the COVID-19 pandemic and a collapse in oil prices in 2020 that amplified fiscal and external vulnerabilities. The authorities moved rapidly to contain the spread of COVID-19 infections and provided broad-based policy measures to limit its impact on the economy. In addition, frontloaded fiscal consolidation has been implemented in the 2021 budget as part of the authorities’ Medium-Term Fiscal Plan (MTFP) which aims to eliminate the fiscal deficit over the medium term. Banks have high capital buffers and liquidity, but credit risk is a concern going forward. Structural reforms have been accelerated under Oman Vision 2040 to boost non-oil private sector growth and facilitate job creation.

Oman

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Malta: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malta

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-09-17

Total Pages: 71

ISBN-13: 1513596985

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The fallout from the COVID-19 crisis has hit the Maltese economy hard, particularly its large tourism sector. Using fiscal buffers accumulated prior to the pandemic, the authorities have taken swift actions to support households, businesses, and the healthcare system. With the rapid rollout of COVID-19 vaccine, the economy has reopened for the summer tourism season. While the outlook is surrounded by a high degree of uncertainty, the Maltese economy is expected to rebound by 53⁄4 percent this year, up from -73⁄4 percent in 2020. The financial system has remained stable. In late June 2021, the Financial Action Task Force (FATF) put Malta under increased monitoring due to concerns about effectiveness of its anti-money laundering and combatting the financing of terrorism (AML/CFT) framework.

Oman

Author: International Monetary Fund. Middle East and Central Asia Dept.

Publisher: International Monetary Fund

Published: 2024-01-29

Total Pages: 92

ISBN-13:

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Economic activity has recovered, supported by favorable oil prices and sustained reform momentum. Inflation remains low. After years in deficit, fiscal and current account balances have turned into surpluses on the back of high energy prices and prudent fiscal management. Public sector debt has been reduced markedly as windfall savings were deployed to prepay debt. The authorities have made substantial progress in implementing Oman Vision 2040, but more remains to be done to reduce Oman’s reliance on hydrocarbons and bolster prospects for non-hydrocarbon growth.

Republic of Kazakhstan: 2021 Article IV Consultation-Press Release; Staff Report; Staff Statement; and Statement by the Executive Director for Kazakhstan

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-04-11

Total Pages: 66

ISBN-13:

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Activity returned to its pre-COVID level in 2021. Inflation remains well above the NBK’s 4–6 percent target band, and spillovers from sanctions on Russia will exacerbate price pressures and weaken economic growth in 2022. Kazakhstan benefits from strong fiscal and external buffers but risks to the outlook are elevated due to the uncertain impact on Kazakhstan of the sanctions on Russia and heightened domestic tensions since the January social unrest episode. In the medium term, non-oil growth under the baseline is expected to converge to about 4 percent. Sustainable growth will require greater economic diversification. Climate-related challenges are acute for Kazakhstan given its outsized hydrocarbon sector, high per-capita greenhouse gas emissions, and low domestic energy prices.

Oman: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Oman

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-09-12

Total Pages: 81

ISBN-13: 1513596594

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Malaysia: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia

Author: International Monetary

Publisher: International Monetary Fund

Published: 2022-04-28

Total Pages: 135

ISBN-13:

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Malaysia’s economy is showing signs of a gradual yet steady recovery thanks to the authorities’ impressive vaccine rollout, swift and coordinated implementation of multi-pronged support measures. The recovery nevertheless remains uneven and the output gap sizeable, with significant downside risks. Going forward, the authorities should calibrate macroeconomic policies to the pace of the recovery, while preserving policy space given pandemic-related uncertainties, and simultaneously accelerate structural reforms.

Feeling the Heat: Adapting to Climate Change in the Middle East and Central Asia

Author: Mr. Christoph Duenwald

Publisher: International Monetary Fund

Published: 2022-03-30

Total Pages: 110

ISBN-13: 1513591096

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Climate change is among humanity’s greatest challenges, and the Middle East and Central Asia region is on the frontlines of its human, economic, and physical ramifications. Much of the region is located in already difficult climate zones, where global warming exacerbates desertification, water stress, and rising sea levels. This trend entails fundamental economic disruptions, endangers food security, and undermines public health, with ripple effects on poverty and inequality, displacement, and conflict. Considering the risks posed by climate change, the central message of this departmental paper is that adapting to climate change by boosting resilience to climate stresses and disasters is a critical priority for the region’s economies.

Timor-Leste: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Timor-Leste

Author: International Monetary

Publisher: International Monetary Fund

Published: 2021-07-14

Total Pages: 84

ISBN-13: 1513593250

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Although Timor-Leste has made considerable progress in many areas since its independence in 2002, it faces significant medium-term challenges. The nation has pressing development needs, young institutions, and is highly dependent on oil. Oil revenues from active fields, which have been the main source of funding for government spending, are drying up. The non-oil private sector economy remains underdeveloped and lack of good jobs and high youth unemployment are serious concerns.

United Arab Emirates

Author: International Monetary Fund. Middle East and Central Asia Dept.

Publisher: International Monetary Fund

Published: 2019-02-01

Total Pages: 64

ISBN-13: 1484397258

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This Article IV Consultation highlights that UAE has successfully weathered recent external shocks, because of its large financial buffers, diversified economy, and strong policy response. The economy is starting to recover from the 2015–16 slowdown caused by a decline in oil prices. Growth momentum is expected to strengthen in the next few years, helped by higher oil output, increased public investment, and stepped-up structural reforms. Gradual and growth-friendly fiscal consolidation should resume once the recovery gains momentum to ensure intergenerational equity. Key priorities have been highlighted to raise spending efficiency, continue diversifying revenues, firmly anchor fiscal policy, and improve policy coordination and management of fiscal risks. The report also discusses that realizing the government’s Vision 2021 requires strong effort to foster productivity growth and increase the private sector’s role in the economy.