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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

However, the bulk of SOEs based in the region are not multinationals as they span all sectors of the economy, including network industries (for example, post offices, electricity companies, and transportation) as well as activities usually thought of as being better handled by the private sector, such as cement production in Tajikistan, steel mills in Pakistan, tobacco manufacturing in Tunisia, and carpets in Iraq. Figure 1. Multinational SOEs by Region Sources: UNCTAD (2019); and IMF (2020a) . Variation in the SOE footprint across countries in the ME

Christine J. Richmond, Ms. Dora Benedek, Ezequiel Cabezon, Bobana Cegar, Mr. Peter Dohlman, Michelle Hassine, Beata Jajko, Piotr Kopyrski, Maksym Markevych, Mr. Jacques A Miniane, Mr. Francisco J Parodi, Gabor Pula, Mr. James Roaf, Min Kyu Song, Mariya Sviderskaya, Rima Turk, and Mr. Sebastian Weber

Figures Figure 1. OECD: SOE Employment vs. Number of SOEs Figure 2. SOE Prevalence Figure 3. SOE Footprint Figure 4. Evolution of SOE Footprint (2005–2016) Figure 5. State Footprint in Different Sectors of the Economy Figure 6. Objectives for SOE Ownership Figure 7. Revenue per Employee, 2014–2016 Figure 8. Distribution of Revenue per Employee, 2014–2016 Figure 9. Revenue per Employee, 2014–2016 Figure 10. Employee Cost Share in Operating Revenue, 2014–2016 Figure 11. SOE Wage Premium, 2016 Figure 12. Distribution of Return on Equity, 2014

Bobana Cegar and Mr. Francisco J Parodi

Front Matter Page European Department Contents ABSTRACT ABBREVIATIONS I. INTRODUCTION AND MOTIVATION II. SOE FOOTPRINT III. SOE PERFORMANCE A. SOE Performance Overview B. Financial Ratio and Risk Analysis C. Impact of Potential Efficiency Gains IV. SOE GOVERNANCE FRAMEWORK A. Ownership Policy B. Financial Oversight C. Fiscal and Policy Interactions with the Government V. OPTIONS TO IMPROVE SOE SECTOR PERFORMANCE VI. CONCLUSION BOXES 1. Examples of SOEs Posing Macro-Critical Fiscal Risks 2. SOE

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

–7430 Fax: (202) 623–7201 E-mail: publications@imf.org www.imfbookstore.org www.elibrary.imf.org Contents Acknowledgments Executive Summary 1. Introduction 2. SOE Footprint and Performance Previous Findings SOE Prevalence SOE Footprint Across Sectors Financial Performance 3. The Fiscal Impact and Risks from SOEs A Large Fiscal Impact Across the Region Complex Fiscal Interactions Fiscal Transparency Fiscal Risk Management Framework 4. Corporate Governance What Are Countries’ Objectives for SOE Ownership? SOE

Christine J. Richmond, Ms. Dora Benedek, Ezequiel Cabezon, Bobana Cegar, Mr. Peter Dohlman, Michelle Hassine, Beata Jajko, Piotr Kopyrski, Maksym Markevych, Mr. Jacques A Miniane, Mr. Francisco J Parodi, Gabor Pula, Mr. James Roaf, Min Kyu Song, Mariya Sviderskaya, Rima Turk, and Mr. Sebastian Weber

follows. Chapter 2 presents stylized facts about the SOE footprint in the CESEE region, relying on a survey of country authorities and case studies. Chapter 3 discusses the rationale and objectives of state ownership. Chapter 4 presents analysis of the relative performance of SOEs compared to their private counterparts in countries across the CESEE region. It draws on a combination of ORBIS and country authority data and case studies. Chapter 5 looks at the state presence in the financial sector. It presents analysis of the relative performance of state-owned versus

Christine J. Richmond, Ms. Dora Benedek, Ezequiel Cabezon, Bobana Cegar, Mr. Peter Dohlman, Michelle Hassine, Beata Jajko, Piotr Kopyrski, Maksym Markevych, Mr. Jacques A Miniane, Mr. Francisco J Parodi, Gabor Pula, Mr. James Roaf, Min Kyu Song, Mariya Sviderskaya, Rima Turk, and Mr. Sebastian Weber
The Central, Eastern, and South Eastern European (CESEE) region is ripe for a reassessment of the role of the state in economic activity. The rapid income convergence with Western Europe of the early 2000s was not always equally shared across society, and it has now slowed dramatically in many countries of the region.
International Monetary Fund. Middle East and Central Asia Dept.

with a central database and analysis of all the SOEs, as part of a broader reform to strengthen their corporate governance framework and limit fiscal risks stemming from their operations. B. Footprint and Performance 3. The SOE footprint in the power and oil and gas sectors is particularly large . Out of 67 non-financial commercial SOEs, 28 are in the power or oil and gas sectors, while an additional 15 are in the manufacturing sector. 4. The financial performance of the SOE sector in Pakistan is relatively weak when compared to ME&CA countries, despite