Reforming Fiscal Institutions in Resource-Rich Arab Economies
Reforming Fiscal Institutions in Resource-Rich Arab Economies
Policy Proposals
This chapter traces the evolution of the fiscal institutions of resource-rich Arab economies (RRAEs) since pre-oil days. It then identifies challenges faced by RRAEs and variations in their severity over time. Finally, it articulates specific policy reforms aimed at dealing with these challenges. These include making budgets and budgetary processes more transparent and inclusive, minimizing expenditures which could be vulnerable to corruption or lead to relative price distortions and environmental damage, integrating short-term with medium- and long-term time horizons, and making use of appropriately designed budgetary rules and sovereign wealth funds. It also points to the need for institutional reforms going well beyond budgets and other fiscal institutions to labor laws, efficient judicial systems, greater checks and balances between government branches, and more competitive conditions for private enterprise. In some cases, however, these policy proposals may give rise to tradeoffs that will have to be evaluated on a case-by-case basis.
Keywords: fiscal institutions, sovereign wealth funds, policy reforms, budgetary rules, budgetary processes
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