In 1989, the five Maghreb countries—Algeria, Libya, Mauritania, Morocco and Tunisia—established the Arab Maghreb Union to promote cooperation and economic integration. Thirty years later, there is still a largely untapped potential for regional trade among Maghreb countries. […]
In 2019, the IMF will complete 14 assessments under the Financial Sector Assessment Program (FSAP). Eight of this year’s assessments are mandatory: Australia, Austria, Canada, France, Italy, Poland, Singapore, and Switzerland. The other six are voluntary: Algeria, Bahamas, Kuwait, FYR Macedonia, Malta, and Thailand. […]
In November 2014, the Organization of Petroleum Exporting Countries (OPEC) decided to maintain output despite a perceived global glut of oil. The result was a steep decline in price.
Two years later, on November 30, 2016, the organization took a different tack and committed to a six-month, 1.2 million barrel a day (3.5 percent) reduction in OPEC crude oil output to 32.5 million barrels per day, effective in January 2017. The result was a small price increase and some price stability. […]
By Pritha Mitra
Aspirations for greater fairness were at the core of the protests that triggered the Arab Spring almost five years ago—and remain largely unfulfilled today. In our new paper, we show that tax reform can go a long way towards meeting those aspirations.
Taxation is a critical interface between the state and citizens. How much revenue is raised, how the tax burden is distributed, and how taxation is implemented can all powerfully affect both the reality and the perception of economic opportunities—and the degree of trust in government.
By Masood Ahmed Middle East oil exporters are squarely facing the worst financial crisis since the Great Depression head on. Despite the sharp drop in oil prices last year, the oil exporters rightly decided to maintain spending by drawing upon reserves amassed during the boom years. High public spending and exceptional anticrisis financial measures have not only cushioned oil exporters’ own economies but are also contributing to sustaining global demand. They have also helped the interlinked economies of neighboring oil importers. Facing this boom-bust cycle Between 2004 and 2008, Middle East oil-exporting countries grew by about 6 percent a year and accumulated $1.3 trillion in foreign assets. With the striking drop in oil prices—from a peak of $147 per barrel in mid-2008 to around $30 per barrel at the beginning of 2009—the countries of the Gulf Cooperation Council (GCC) have been hardest hit. Iraq and Saudi Arabia are expected to see the most pronounced drops in oil GDP growth—8 and 15 percentage points, respectively—this year.