This Selected Issues paper examines whether Egypt’s current account and exchange rate are in broad equilibrium. The paper analyzes areas of fiscal spending that have the biggest saving potential in a cross-country perspective. An assessment of Egypt’s real exchange rate is presented. The...

This Selected Issues paper on the Arab Republic of Egypt examines the dynamic relationship between the nominal exchange rate and prices during Egypt’s exit from a managed exchange rate regime. The exit from the peg went through several phases, including a series of step devaluations between...

This Poverty Reduction Strategy Paper for Nigeria highlights the National Economic Empowerment and Development Strategy (NEEDS). NEEDS gives special support to agriculture, industry, small and medium-scale enterprises, and oil and gas. Under the plan, the government will seek long-term capital...

By definition, fiscal dominance impedes the effective implementation of any monetary strategy aimed at controlling inflation. Economies that exhibit oil dominance-a situation in which oil exports largely affect the main macroeconomic indicators-may also exhibit fiscal dominance. However, in this...

This Technical Assistance (TA) Report on the Philippines discusses the fiscal regime for the mining sector. The Philippines has long been a producer of minerals, but the mining and petroleum sectors account for only a small share of the economy, exports, and government revenue. The petroleum...

A short-run macroeconomic model is estimated for Venezuela, in order to examine the hypothesis that the availability of oil resources may entail a confidence effect—on perceived future incomes—that influences the expenditure and portfolio behavior of economic agents. Such confidence effect...

This Selected Issues paper reviews the developments, issues, and prospects of the petroleum sector of Kazakhstan, and analyzes the recent strong economic growth, the links between the oil and the non-oil sector, and assesses the contribution of each sector. It explores the trade policy options...

This Selected Issues paper analyzes the unconventional energy boom in North America, and its macroeconomic implications and challenges for Canada. The unconventional energy boom has had significant positive effects on Canada’s economic activity and has the potential to contribute even...

This 2009 Article IV Consultation highlights that reforms initiated earlier this decade in Nigeria have averted the boom–bust pattern that characterized previous oil price cycles and better prepared the economy to deal with the global financial crisis. Non-oil growth averaged 9 percent...

This 2007 Article IV Consultation highlights that despite recent progress in poverty reduction, Yemen remains far from achieving the Millennium Development Goals. Oil production has been declining since 2000, and in the absence of major discoveries, proven oil reserves could be depleted in some...