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Mr. Christopher J. Jarvis, Ms. Gaelle Pierre, Mr. Benedicte Baduel, Dominique Fayad, Alexander de Keyserling, Mr. Babacar Sarr, and Mariusz A. Sumlinski

essential, individuals are as well. Political leaders can carry forward ambitious and sustainable reforms, particularly in collaboration with businesses, unions, and civil society organizations. Doing so is critical to foster investor confidence, public trust, and social cohesion and spur strong, inclusive, sustainable growth. Chapter 1 Introduction Fostering higher and more inclusive growth has been a key long-term objective of MECA countries (see Purfield and others 2018 ; Vera Martin and others 2019 ). Many countries in the region have implemented economic

Mr. Christopher J. Jarvis, Ms. Gaelle Pierre, Mr. Benedicte Baduel, Dominique Fayad, Alexander de Keyserling, Mr. Babacar Sarr, and Mariusz A. Sumlinski
This IMF Departmental Paper presents the key areas in which countries of the Middle East, North Africa, and the Caucasus and Central Asia (MECA) can enhance governance and fight corruption to achieve their economic policy goals. It draws on advances that have already taken hold in the region.
Ms. Daria V Zakharova

Front Matter Page Fiscal Affairs Department Authorized for distribution by Mark Horton Contents I. Introduction II. Broad Principles of Fiscal Coverage III. Current Fiscal Coverage in MECA Countries IV. Considerations on Expanding Fiscal Coverage V. Way Forward Tables 1. Philippines: Operations of the NFPS 2. Jordan: Operations of the NFPS 3. Brazil: Operations of the Public Sector 4. MECA: Coverage of Fiscal Statistics 5. Middle East and Central Asia: Coverage of Fiscal Statistics 6. Jordan: Summary of Fiscal Operations of

Ms. Daria V Zakharova
This paper reviews some broad principles of fiscal coverage, building on cross-country experience. It discusses the level of coverage that would be appropriate to conduct good quality fiscal analysis, while striking the right balance between the costs and the benefits of expanding the coverage. In this context, the paper examines the current status of statistical fiscal coverage in the countries of the Middle East and Central Asia (MECA), and proposes operational approaches to improving it.
Ms. Daria V Zakharova

therefore do not add up to total NFPS debt. Nonfinancial public enterprises A distinction should be made between the coverage of the NFPS accounts and the coverage of fiscal targets and indicators. Very few countries (mostly in Latin America) have a complete NFPS 5 coverage in their fiscal accounts. As discussed below, none of the MECA 6 countries provide such coverage. While eventual broadening of fiscal coverage to include all nonfinancial PEs is desirable, it may not be practicable in MECA countries in the short run. Nevertheless, there is a clear

Mr. Harald Finger and Mr. Azim M Sadikov

. Chart 3 Sweat or good fortune? Countries relied more on automatic dynamics than fiscal adjustment in reducing their debt. Sources: IMF, World Economic Outlook , and IMF staff estimates. But most MECA countries actually ran primary deficits during their debt reductions (on average 2 percent of GDP). Consequently, these countries relied more than their peers in other regions on favorable debt dynamics to reduce their debt ratios (the farther southeast a country from the 45-degree line in Chart 3 , the larger its reliance on automatic debt dynamics

Ms. Anja Baum, Mr. Paulo A Medas, Alberto Soler, and Mouhamadou Sy

information of the whole public sector, levels of indirect government support, risks, or QFAs. Middle East and Central Asia (MECA) . Coverage in MECA countries is relatively narrow, with only about half of the countries reporting general government statistics and even fewer reporting on the financial position of public enterprises. Less than a third of Fund staff reports for MECA countries present information on the operations of public financial institutions, and less than 7 percent report on the activities of SOEs (Zakharova, 2008). Sub-Saharan Africa . With a few

Ms. Anja Baum, Mr. Paulo A Medas, Alberto Soler, and Mouhamadou Sy
Ensuring that state-owned enterprises (SOEs) are efficient and managed prudently is important for economic and social reasons. It is also crucial to contain fiscal risks and reduce the burden on taxpayers from recurrent and large bailouts. Governments need to develop stronger capacity to monitor and mitigate the risks from SOEs. We present a risk tool to benchmark the performance of SOEs relative to their peers and assess their vulnerabilities, including through stress tests. A strategy to mitigate risks requires the right incentives for managers to perform and for government agencies to conduct effective oversight. Incorporating SOEs in overall fiscal targets would promote greater fiscal discipline and transparency.