Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Making the Most of Public Investment in MENA and CCA Oil-Exporting Countries by Maria Ms. Albino-War, Svetlana Ms. Cerovic, Francesco Grigoli, Juan Mr. Flores, Javier Mr. Kapsoli, Haonan Mr. Qu, Yahia Mr. Said, Bahrom Mr. Shukurov, Martin Sommer, SeokHyun Mr. Yoon, INTERNATIONAL MONETARY FUND
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Author: Maria Ms. Albino-War, Svetlana Ms. Cerovic, Francesco Grigoli, Juan Mr. Flores, Javier Mr. Kapsoli, Haonan Mr. Qu, Yahia Mr. Said, Bahrom Mr. Shukurov, Martin Sommer, SeokHyun Mr. Yoon ISBN: 9781498386043
Publisher: INTERNATIONAL MONETARY FUND Publication: November 13, 2014
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Maria Ms. Albino-War, Svetlana Ms. Cerovic, Francesco Grigoli, Juan Mr. Flores, Javier Mr. Kapsoli, Haonan Mr. Qu, Yahia Mr. Said, Bahrom Mr. Shukurov, Martin Sommer, SeokHyun Mr. Yoon
ISBN: 9781498386043
Publisher: INTERNATIONAL MONETARY FUND
Publication: November 13, 2014
Imprint: INTERNATIONAL MONETARY FUND
Language: English

Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.

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Over the past decade, rising oil prices have translated into high levels of public investment in most MENA and CCA oil exporters. This has prompted questions about the efficiency of public investment in generating growth and closing infrastructure gaps, as well as concerns about fiscal vulnerabilities. When public investment is inefficient, higher levels of spending may simply lead to larger budget deficits, without sufficiency increasing the quantity or quality of public infrastructure in support of economic growth. This paper examines the efficiency of public investment in the MENA and CCA oil exporters using several techniques, including a novel application of the efficiency frontier analysis, estimates of unit investment costs, and assessments of public investment processes. The analysis confirms that these oil exporters have substantial room to improve public investment efficiency. Reforms in the public financial and investment management systems are needed to achieve this objective.

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