Middle-East and North Africa Countries Case Study

Middle-East and North Africa Countries - Case Study ExampleThe frugal surround in these countries reflected the need for empowerment. World intrust and IMF took the initiative to address the frugal slue of these countries and had has taken fiscal programs for assistance. The MENA conferences held every year aims at providing sound regional stinting reforms for these countries in army to strengthen their economic potential. The chief objective of these conferences is to create a business-friendly climate through boosting of international and regional investment. IMF and World Bank strongly believe that the prime challenge faced by MENA countries is the improvement of economic environment for clandestine sector investment. Hence all the programs be designed to boost the private investment in this region.The IMF reforms designed for the MENA region follows a well calculated road towards orbicular integration of these countries. In the beginning the reforms get out help to stab ilize the macroeconomic conditions within the countries. The next step will be designing reforms that helps to advance the efficiency of domestic economy. And finally the countries will be competent enough to compete in the global markets.IMF has assisted the countries in MENA region with the ideas for improving the fiscal management of the countries. Some of the notable reforms implemented regarding this issue are implementation of Value Added Tax (VAT) in the countries like Lebanon, Sudan and Islamic Republic of Mauritania, implementing reforms for income taxation peculiarly in the countries of Saudi Arabia, Yemen, and Pakistan. Development of financial Market The financial market within the countries of this region unavoidably a radical development. In order to address this issue, Financial Sector Assessment Programs (FSAP) has been launched in 1999 by World Bank and IMF. Building up a resilient and well-regulated economy is imperative in order to establish the macroeconomic stability. The FSAP which is a joint effort by IMF and World Bank was launched with the vision of boosting the efforts taken in these countries for financial soundness. According to the prescribed terms of FSAP, IMF conducts the financial assessments of these countries to gauge their macroeconomic stability. According to the Financial System Stability Assessment (FSSA), probable risks for the countrys economy are found out and the nations ability to bring in macroeconomic shocks is assessed. Improving Transparency and Governance The joint effort of IMF and World Bank to improve the economic conditions of the countries in MENA region included a considerable attention on the quality of governance that prevails there. The economic policies of these countries are examined by comparing them with the international set of standards. IMF publishes the reports after examining the countries on Observance of Standards and Codes (ROSC). There are