Managing Natural Resource Wealth (IMF), Phase II

Extractive activities bring challenges and risks that are often connected with the weak institutional capacity of developing countries, inadequate governance, international price trends, a high dependency on revenues from resource extraction, etc. The resulting link between resource extraction and the negative impact on a country as a whole is often referred to as the "resource curse". The resource curse is a highly relevant phenomenon in priority countries of Switzerland’s development cooperation.

The goal is to to build economic policy and administrative capacities to enable low income and lower-middle income countries to derive the maximum benefit from their oil, gas, and mineral resources, so as to facilitate their economic development and poverty reduction goals.

Fiscal regimes in participating countries improve potential revenue flows to host governments over project life-cycles, while providing predictability and stability to companies, and preserving attractive returns to investment and production.

Better administration of fiscal regimes and efficient collection of revenues in participating countries.

Development of effective Public Financial Management systems in participating countries for managing revenues and the expenditures arising from those revenues.

Effective exchange rate and macroprudential policies in participating countries to smooth the macroeconomic and financial impacts of volatile commodity prices.

Development and maintenance of improved national statistics on natural resource activities in participating countries, with respect to both government finance and national account statistics.

Capacity is developed in participating countries on managing natural resources wealth.

Principaux résultats attendus:  

Application of the Fiscal Analysis for Resource Industries model to support design of optimal fiscal regimes.

Establishment of large taxpayer offices to better manage revenue administration from the extractive sector.

Developing capacity for making medium- and long-term macroeconomic projections for the extractive sector.

Rules for the allocation of resource revenues to the budget or savings.

Develop exchange rate regime options for commodity exporting countries.

Better data collection on revenues and contribution to economic growth from the extractive sector.

Deliver training on macroeconomic management of resource-rich countries.

Publish research that strengthens the deliver of technical assistance.

Principaux résultats antérieurs:  

Under the first phase of the programme the IMF implemented 43 projects in 22 countries, eight research projects and five conferences/workshops. 9 countries have reformed the laws relating to the fiscal regimes making the regimes more efficient and more conducive to an increasing government revenue share. The capacity to effectively manage resource wealth has been increased in 12 countries in using the IMF’s Fiscal Analysis for Resource Industries model. The ability to better administer fiscal regimes has been enhanced with 5 countries forming special staff or units within the revenue administration to administer large companies. New or revised frameworks for public financial management are being implemented in 11 countries, to better manage natural resource revenues. 1 country has reformed the governance structure and investment management of its Sovereign Wealth Fund. Three countries have improved their reporting of natural resource revenues in the national accounts.

Phase 2 31.07.2016 - 30.04.2022   (Active)