- Harinder Malothra, Milan Cuc, Ulrich Bartsch, and Menachem Katz
- Published Date:
- January 2004
©2004 International Monetary Fund
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Lifting the oil curse: improving petroleum revenue management in Sub-Saharan Africa / Menachem Katz … [et al].—Washington, D. C. : International Monetary Fund, 2004.
Includes bibliographical references.
I. Africa, Sub-Saharan—Economic policy. 2. Fiscal policy—Africa, Sub-Saharan. 3. Petroleum industry and trade—Africa, Sub-Saharan. I. Katz, Menachem, 1946–
Disclaimer: The views expressed in this work are those of the authors and do not necessarily represent those of the IMF or IMF policy. The IMF has not edited this publication. Some documents cited in this work may not be available publicly.
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- Chapter 1. Introduction
- Chapter 2. Country Overview
- Chapter 3. Macroeconomic Policy Challenges
- Chapter 4. Fiscal Policy Formulation
- Chapter 5. Persistent Surpluses and Accumulation of Assets
- Chapter 6. Exchange Rate Regimes and Competitiveness
- Chapter 7. Institutional Oversight of the Oil Sector
- Chapter 8. Transparency Requirements
- Chapter 9. Final Discussion: Toward an Agenda for Further Work
- Oil Production, Exports, and Government Revenue, 1990–2006
- Oil Exports and Government Revenue, 2001
- Oil Revenues and Government Deficits, 2001
- Nigeria, Venezuela, and Indonesia: Fiscal Trends, 1978–2001
- Non-Oil Balances and Oil Prices, 1990–2002
- Overall and Non-Oil Balances, 1990–2001
- Oil Prices and Projections Based on Moving Averages, 1960–2002
- Alternative Fiscal Rules, 2002–25
- Oil-Producing Developing Countries: Exchange Rate Regimes, 2001
- Oil-Producing Countries in Africa: Selected Economic Indicators, 1960–2000
- Human Development Indices for Oil-Producing Countries, 2001
- Current Practice in Fiscal Policy
- Correlation Between Oil Prices and Government Spending, 1971–2001
- Oil Price Cyclicality of Public and Private Domestic Demand, 1990–2001
- Current Practice in Foreign Reserve and Debt Management
- Economic Performance of Oil Exporters, 1971–2001
- Current Practice in Governance and Transparency
With increasing international interest in the oil to be found off Africa’s western and southern coast, there is also intensified scrutiny of the reasons for the disappointing economic performance of the oil-producing countries in the region during the last two to three decades. The question is how to turn oil revenue into a blessing, rather than the curse it may have been in many oil-based economies. This paper discusses the latest thinking on best-practice institutions and policies, compares this with current practice in the African oil-exporting countries, and presents a way forward, taking into account African policymakers’ concerns.
This Special Issues Paper is based on a background paper prepared for a workshop on macroeconomic policies and governance in sub-Saharan African countries held jointly by the African Department (AFR) of the IMF and the Oil and Gas Policy Unit and the Africa Region of the World Bank, during April 29–30, 2003, in Douala, Cameroon. The workshop brought together high-level policymakers from Angola, Cameroon, Chad, the Democratic Republic of the Congo, the Republic of Congo, Equatorial Guinea, Gabon, Nigeria, and São Tomé and Príncipe, including ministers of finance, ministers of oil, governors of central banks, and heads of national oil companies, as well as IMF and Bank staff. This paper also takes into account African policymakers’ concerns and suggestions as expressed during the workshop.
The paper reflects the contributions of several staff members in the African Department. In particular, the authors are grateful to Magnus Alvesson, Rodolphe Blavy, Deborah Malama Chungu, Jean-François Dauphin, Mansour Ndiaye, and Joseph Ntamatungiro. We also benefited greatly from comments and suggestions from Rolando Ossowski of the IMF’s Fiscal Affairs Department, Charles McPherson from the World Bank, and numerous other reviewers. We would also like to acknowledge the help provided by Marie-Jeannette Ng Choy Hing in document preparation, and thank Tom Walter from African Department and Sean M. Culhane of the External Relations Department for editing the paper and coordinating the production of the publication.