Learning to Live with Cheaper Oil: Policy Adjustment in MENA and CCA Oil-Exporting Countries
Departmental Papers, June 8, 2016
Source details
- Canonical URL
- Learning to Live with Cheaper Oil: Policy Adjustment in MENA and CCA Oil-Exporting Countries
Other formats
Bibliographic details
- Authors: Martin Sommer, Allan G Auclair, Armand P Fouejieu, Inutu Lukonga, Saad N Quayyum, Amir Sadeghi, Gazi H Shbaikat, Andrew J Tiffin, Bruno Versailles
- Published: June 8, 2016
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781513520483.087
Core summary
- This paper discusses the challenges posed by low oil prices in the MENA and CCA regions, the adjustment policies adopted so far, and remaining adjustment needs and future risks.
- Subject areas: Commodities, Expenditure, Fiscal consolidation, Fiscal policy, Government debt management, Oil, Oil prices, Prices, Public financial management (PFM).
Key findings and themes
- Challenges from low oil prices for MENA and CCA oil-exporting countries.
- Assessment of adjustment policies adopted to date in response to cheaper oil.
- Identification of remaining fiscal and policy adjustment needs.
- Analysis of future risks associated with sustained lower oil prices.
Policy implications and recommendations (as framed by the paper)
- Need for continued fiscal consolidation in oil-exporting countries.
- Strengthening public financial management (PFM) and government debt management.
- Adjustments in subsidy and expenditure frameworks to respond to lower oil revenues.
- Emphasis on measures to enhance resilience to commodity price shocks.