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Mr. Ernesto Ramirez Rigo, Christine J. Richmond, Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Mr. Hatim Bukhari, Iacovos Ioannou, Deeksha Kale, Tannous Kass-Hanna, Mr. Maximilien Queyranne, Wei Shi, and Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Mr. Ernesto Ramirez Rigo, Christine J. Richmond, Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Mr. Hatim Bukhari, Iacovos Ioannou, Deeksha Kale, Tannous Kass-Hanna, Mr. Maximilien Queyranne, Wei Shi, and Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Mr. Ernesto Ramirez Rigo, Christine J. Richmond, Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Mr. Hatim Bukhari, Iacovos Ioannou, Deeksha Kale, Tannous Kass-Hanna, Mr. Maximilien Queyranne, Wei Shi, and Joyce Wong
Prior to the COVID-19 shock, the key challenge facing policymakers in the Middle East, North Africa, and Central Asia region was how to generate strong, sustainable, job-rich, inclusive growth. Post-COVID-19, this challenge has only grown given the additional reduction in fiscal space due to the crisis and the increased need to support the recovery. The sizable state-owned enterprise (SOE) footprint in the region, together with its cost to the government, call for revisiting the SOE sector to help open fiscal space and look for growth opportunities.
Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Iacovos Ioannou, Tannous Kass-Hanna, Wei Shi, and Joyce Wong

funds have often been unconditional and in some cases for an indefinite period. Many countries have not identified an exit strategy to withdraw financial support to SOEs. These conclusions lead to some important recommendations, which should be tailored to account for country-specific institutional development and technical capacities: Know what you own. Countries should establish a country-relevant SOE definition and publish—and compile if not already done so—a complete list of all SOEs. Fiscal management frameworks need to be strengthened to facilitate

Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Iacovos Ioannou, Tannous Kass-Hanna, Wei Shi, and Joyce Wong

ownership (direct or indirect) was set at 50 percent or higher, with a focus on central government ownership. 12 However, given that countries often do not apply an SOE definition consistent with this definition and may collect information only on a subset of SOEs, the data results should be viewed as an illustration of a conservative lower bound. Figure 3. Authorities Survey Responses Sources: National country authorities; and IMF staff calculations. The remainder of the paper is organized as follows. Chapter 2 presents stylized facts about the SOE

International Monetary Fund. Western Hemisphere Dept.

years. Table 2. Honduras: Public Debt Sustainability Framework, Baseline Scenario, 2018–41 (In percent of GDP, unless otherwise indicated) Sources: Country authorities; and staff estimates and projections. 1/ Coverage of debt: The entire public sector, including SOEs . Definition of external debt is Currency-based. 2/ The underlying PV of external debt-to-GDP ratio under the public DSA differs from the external DSA with the size of differences depending on exchange rates projections. 3/ Debt service is defined as the sum of

International Monetary Fund. African Dept.

and the PV of new debt). 7/ Assumes that PV of private sector debt is equivalent to its face value. 8/ Historical averages are generally derived over the past 10 years, subject to data availability, whereas projections averages are over the first year of projection and the next 10 years. Table 2. Senegal: Public Sector Debt Sustainability Framework, Baseline Scenario, 2018–41 Sources: Country authorities; and staff estimates and projections. 1/ Coverage of debt: The entire public sector, including SOEs. Definition of external

International Monetary Fund. Western Hemisphere Dept.

, including SOEs . Definition of external debt is Currency-based. 2/ The underlying PV of external debt-to-GDP ratio under the public DSA differs from the external DSA with the size of differences depending on exchange rates projections. 3/ Debt service is defined as the sum of interest and amortization of medium and long-term, and short-term debt. 4/ Gross financing need is defined as the primary deficit plus debt service plus the stock of short-term debt at the end of the last period and other debt creating/reducing flows. 5/ Defined as a primary deficit minus a

International Monetary Fund. Asia and Pacific Dept

sector debt is equivalent to its face value. 8/ Historical averages are generally derived over the past 10 years, subject to data availability, whereas projections averages are over the first year of projection and the next 10 years. Table 2. Nepal: Public Sector Debt Sustainability Framework, Baseline Scenario, 2018–2039 (In percent of GDP, unless otherwise indicated) Sources: Country authorities; and staff estimates and projections. 1/ Coverage of debt: The entire public sector, including SOEs. Definition of external

Oluremi Akin Olugbade, Gareth Anderson, Maria Atamanchuk, Iacovos Ioannou, Tannous Kass-Hanna, Wei Shi, and Joyce Wong

Annex 1. Definitions of SOEs Annex Table 1.1 Definitions of SOEs Used by ME&CA Countries Country SOE Definition Algeria, Armenia, Afghanistan, Jordan, Pakistan, Tajikistan, West Bank and Gaza, Yemen Nonfinancial companies with at least 50 percent direct or indirect state ownership (central government), excluding health institutions and education institutions. Egypt Egyptian SOEs fall under the purview of various line ministries; are regulated by different laws; and may be classified as public sector enterprises