Resident Representative Office in West Bank and Gaza
This web page provides information on the activities of our office, views of IMF staff, and the relations between West Bank and Gaza and the IMF. Our latest report is available here.
News — Highlights
Between a Rock and a Hard Place – Recent Economic Developments in the Palestinian Economy (February 19, 2014)
The economy in the West Bank and Gaza was weaker than expected in 2013 and the outlook depends heavily on the outcome of the peace talks. In this presentation for the Palestine Economic Policy Research Institute (MAS), Udo Kock, Resident Representative for the International Monetary Fund, discusses recent economic developments and the policy challenges that lie ahead.
West Bank and Gaza and the IMF
An International Monetary Fund team led by Mr. Christoph Duenwald, the Mission Chief for the West Bank and Gaza, visited East Jerusalem & Ramallah during January 28-February 6, 2014, to assess recent economic developments in the West Bank and Gaza and the financial situation of the Palestinian Authority.
A team from the International Monetary Fund (IMF) led by Christoph Duenwald visited East Jerusalem and Ramallah during June 24-July 2, 2013, to assess recent economic developments in the West Bank and Gaza, and the financial situation of the Palestinian Authority.
Regional Economic Outlook Update: Middle East & Central Asia
A large and possibly persistent decline in oil prices, and slower-than-projected growth in the euro area, China, Japan, and Russia, have substantially altered the economic context for countries in the Middle East and Central Asia. The appropriate policy response will depend on whether a country is an oil exporter or importer. A common theme, however, is that these developments present both an opportunity and an impetus to reform energy subsidies and step up structural reform efforts to support jobs and growth.
Lower oil prices have weakened the external and fiscal balances of oil exporters, including members of the Gulf Cooperation Council (GCC). Large buffers and available financing should allow most oil exporters to avoid sharp cuts in government spending, limiting the impact on near-term growth and financial stability. Oil exporters should prudently treat the oil price decline as largely permanent and adjust their medium-term fiscal consolidation plans so as to prevent major erosion of their buffers and to ensure intergenerational equity.
Gains from lower oil prices provide much-needed breathing space for oil importers but will be offset by a concurrent decline in external demand, particularly from Russia, but also from the euro area and China. Russia's sharp slowdown and currency depreciation have weakened the outlook for the Caucasus and Central Asia (CCA) because of strong linkages through trade, remittances, and foreign direct investment, suggesting the need for greater exchange rate flexibility and near-term fiscal easing where financing allows, along with stepped-up reform efforts.