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Improving the quality of financial intermediation in the Gulf Cooperation Council (GCC) Countries (arabe)

This engagement note provides a snapshot of financial development in the countries of the GulfCooperation Council (GCC), Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), and identifies key areas of the financial sector reform agenda where the World Bank Group (WBG) through the Finance & Markets Global Practice (FMGP) can provide its support, in particular through the provision of analytical services and advisory (ASA). A key challenge for GCC countries is to diversify their economic structures, increase the role of the private sector, improve the efficiency of the government and reform the educational system and the labor market. This is essential to create employment opportunities for a young and growing domestic population. In this context, the development of an efficient, stable and inclusive financial sector is a policy objective in itself and a necessary conduit to a more diversified and productive economic system. Against this backdrop, this engagement note suggests that improving the quality of financial intermediation in GCC economies is a balancing act between enhancing access and preserving stability. Accordingly, it detects and discusses several areas of engagement for WBG which are consistent with the financial sector reform agenda of the region. In particular, based on the expertise and delivery capacity of WBG, particularly of FMGP, this engagement note suggests that WBG target ASA in the following areas: (i) financial infrastructure, particularly insolvency regimes, creditor rights and payment and settlement systems; (ii) banking competition; (iii) government debt capital market development, including sukuk; (iv) credit guarantee schemes for SMEs; and (v) macro prudential supervision.

Information

  • Auteur

    Calice,Pietro, Mohamed, Nadir, Behrndt,Rolf

  • Date du document

    2015/06/01

  • Type de document

    Document de travail

  • Numéro du rapport

    97222

  • Volume

    1

  • Total Volume(s)

    1

  • Pays

    Monde,

  • Région

    Région,

  • Date de publication

    2015/07/02

  • Disclosure Status

    Disclosed

  • Titre du rapport

    Improving the quality of financial intermediation in the Gulf Cooperation Council (GCC) Countries

  • Mots clé

    Financial Sector;small and medium enterprise;legal and regulatory framework;access to financial service;payment and settlement system;banking sector;Debt Service Coverage Ratio;form of government intervention;Oil and Gas Sector;bank for international settlement;Oil & Gas;stock market capitalization;credit guarantee scheme;banking sector asset;financial sector reform;stable financial system;long-term economic growth;private sector credit;financial intermediation;allocation of saving;amount of credit;international good practice;delivery of credit;offshore financial markets;natural resource endowment;private sector player;risk management framework;safety and reliability;private sector solution;area of regulation;global financial crisis;private sector activity;high oil price;international oil price;public pension system;access to finance;public awareness campaign;financial sector development;benchmark yield curve;engine of growth;financial service industry;corporate bond market;lack of competition;degree of competition;speed of adjustment;debt market development;nonbank financial institution;high concentration ratios;availability of information;international experiences show;electronic payment transaction;capital market authority;systemic financial crisis;islamic financial system;emerging market country;islamic financial industry;foreign bank;credit growth;islamic finance;government spending;debt capital;movable properties;banking system;economic diversification;financial metrics;financial depth;enhancing access;boom-bust cycle;creditor right;electronic registry;supervisory framework;payment system;financial inclusion;payment mechanism;systemic stability;financial infrastructure;SME credit;financial deepening;educational system;regional context;Macroprudential Supervision;employment opportunity;employment opportunities;competition assessment;program leader;heavy reliance;Real estate;public ownership;systemic risk;international harmonization;market infrastructure;large bank;islamic banking;domestic retail;foreign ownership;secondary market;institutional investor;support infrastructure;largest markets;employment generation;domestic debt;regulatory issue;driving force;senior operations;oil sector;international cooperation;conventional finance;islamic bond;sophisticated investment;productive investment;procedure manual;long-term resource;significant challenge;disclosure system;governance regimes;expatriate labor;financial regulator;funding gap;competition policy;crisis management;money market;investor base;road map;policy priority;banking market;credit market;credit allocation;governance framework;market instrument;debt security;debt securities;financial sustainability;foreign participation;government security;government sector;long-term finance;population size;financial stress;bank competition;insolvency regime;indirect impact;insolvency law;reorganization procedure;liquidation procedure;delivery capacity;gross loans;age distribution;financial structure;smaller number;loan account;average share;SME lending;external financing;positive impact;high capital;energy price;export value;arid climate;credit provision;private consumption;corporate investment;business expansion;bank intermediation;credit default;asset quality;downside risk;aggregate output;unintended consequence;common feature;nonperforming loan;bond issuance;penetration rate;advanced economy;investment asset;small bank;bank asset;entry barrier;license restriction;security transaction;dynamic growth;investment product;Investment Products;financial asset;contractual saving;export revenue;high ratio;capital adequacy;government ownership;domestic banking;entrepreneurial activity;debt finance;investment fund;global chain;financial center;mutual investment;Investment companies;asset size;insurance sector;casualty risk;domestic equity;political uncertainty;diagnostic services;record security;domestic population;oversight power;insolvency practitioner;judicial specialization

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