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Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa »
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
DOI: http://dx.doi.org/10.5089/9781589063174.058
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
How can a country turn oil revenues into a blessing rather than a curse? With growing international interest in new offshore oil deposits in sub-Saharan Africa, there is also greater scrutiny of the reasons why man...
Equatorial Guinea »
Source: Equatorial Guinea : Selected Issues and Statistical Appendix
Volume/Issue: 2003/386
Series: IMF Staff Country Reports
Author(s): International Monetary Fund
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 09 December 2003
ISBN: 9781451815931
Keywords: oil sector, commercial banks, public investment, petroleum products, oil production
This study discusses a number of policy options that could help transform Equatorial Guinea's oil wealth into sustainable improvements in living conditions. The development of Equatorial Guinea's non-oil sector ove...
Chapter 1. Introduction »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
Over the last decade, the Atlantic Ocean off the coast of western and southern Africa has become one of the most promising oil-exploration areas in the world. Six countries in the area are by now well-establ...
Chapter 2. Country Overview »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
The seven countries in the group of oil-producing African countries together produced an average of 3.8 million barrels of oil per day in 2001, equivalent to 5 percent of world oil production. Their total pr...
Chapter 3. Macroeconomic Policy Challenges »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
A. Background Discussion Macroeconomic policy in oil countries faces challenges arising from three characteristics of oil revenue: (1) oil revenue is more volatile than revenue from...
Chapter 4. Fiscal Policy Formulation »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
A. Background Discussion While it may not be possible to identify an “optimal” fiscal policy for oil countries in general, the discussions in the previous section provide important i...
Chapter 5. Persistent Surpluses and Accumulation of Assets »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
Background Discussion We have presented the rationale for saving at least some of the current oil revenue. The question remains whether savings should be used for (1) repayment of ex...
Chapter 6. Exchange Rate Regimes and Competitiveness »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
Background Discussion Oil-exporting countries have used a variety of exchange rate arrangements, as shown in Figure 9. At the end of 2001, about 18 of the 29 oil-producing IMF member...
Chapter 7. Institutional Oversight of the Oil Sector »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
Background Discussion In this chapter, we present the structure of institutions that oversee the oil sector. After reviewing the legal framework, we discuss the role of national oil...
Chapter 8. Transparency Requirements »
Source: Lifting the Oil Curse : Improving Petroleum Revenue Management in Sub-Saharan Africa
Series: IMF Special Issues
Author(s): Harinder Malothra , Milan Cuc , Ulrich Bartsch , and Menachem Katz
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 23 January 2004
ISBN: 9781589063174
Keywords: fiscal policy, oil sector, oil companies, exchange rate, oil prices
Background Discussion Transparency and accountability in oil sector operations are necessary to improve governance in oil-producing countries. The same transparency and accountabilit...