This pamphlet was prepared in the Middle Eastern Department of the IMF by a team consisting of Mohamed A. El-Erian (Deputy Director), Sena Eken (Division Chief), Susan Fennell (Senior Economist), and Jean-Pierre Chauffour (Economist). It benefited from comments provided by colleagues in the IMF and World Bank. Special thanks to Mark Allen, Paul Chabrier, Stanley Fischer, Zubair Iqbal, Abdelali Jbili, Desmond Lachman, Saleh Nsouli, Nemat Shafik, and Inder Sud. The authors are also indebted to David Driscoll for editing the manuscript, Ilse-Marie Fayad and Peter Kunzel for research assistance, and Amber Browne and Barbara Lissenburg for secretarial assistance. The views expressed in the paper are those of the authors and do not necessarily reflect the views of the IMF.

NEXT >