Front Matter

Front Matter

Author(s):
Charlotte Lundgren, Alun Thomas, and Robert York
Published Date:
August 2013
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    African Department

    Boom, Bust, or Prosperity? Managing Sub-Saharan Africa’s Natural Resource Wealth

    Charlotte J. Lundgren Alun H. Thomas, and Robert C. York

    © 2013 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Lundgren, Charlotte J.

    Boom, bust, or prosperity?: managing Sub-Saharan Africa’s natural resource wealth / Charlotte Lundgren, Alun Thomas, and Robert York.—Washington, D.C.: International Monetary Fund, 2013.

    p. : ill ; cm.

    Includes bibliographical references.

    1. Economic development – Africa, Sub-Saharan. 2. Natural resources – Africa, Sub-Saharan. 3. Natural resources – Economic aspects – Africa, Sub-Saharan. I. Thomas, Alun H. II. York, Robert.

    HD75.5.L86 2013

    ISBN: 978-1-48436-932-6 (paper)

    ISBN: 978-1-48437-958-5 (ePub)

    ISBN: 978-1-48433-743-1 (Mobipocket)

    ISBN: 978-1-48433-038-8 (Web PDF)

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    Acknowledgments

    The authors gratefully acknowledge the collaboration on the manuscript from a number of colleagues within and outside the IMF, the insights provided by experts during the conference on the “Management of Natural Resources in Sub-Saharan Africa” held in Kinshasa, March 21–22, 2012, and discussions by the IMF’s Executive Board centered on recent staff papers on “Macroeconomic Policy Frameworks for Resource-Rich Developing Countries” and “Fiscal Regimes for Extractive Industries—Design and Implementation.” The analysis draws heavily on these staff papers, which set out a modern and forward-looking framework for managing natural resource wealth.

    We owe special thanks to those IMF colleagues who contributed to various parts of the analysis, in particular to Jon Shields for drafting Chapter 7 and to Anton Op de Beke (Boxes 6.3 and 7.1); Rodrigo García-Verdu and Ara Stepanyan (Box 3.2); Geneviève Verdier (Box 4.4); Victor Lledo, Esther Palacio, and Yi Xiong (Box 6.1); Kareem Ismail (Box 6.2); Neil Saker (Box 3.4); Daniel Rodriguez (Box 4.2); and to Roger Nord for helping to guide our work and shape its message. Box 5.3 in Chapter 5 also benefited from the valuable contribution of Anand Rajaram from the World Bank.

    Abbreviations

    CIT

    corporate income tax

    DRC

    Democratic Republic of the Congo

    ECA

    Excess Crude Account (Nigeria)

    EITI

    Extractive Industries Transparency Initiative

    ESSF

    Economic and Social Stabilization Fund

    FARI

    Fiscal Analysis of Resource Industries

    GDP

    gross domestic product

    GNI

    gross national income

    HDI

    Human Development Index

    IWG

    International Working Group of Sovereign Wealth Funds

    PIM

    public investment management

    PRF

    Pension Reserve Fund

    SOE

    state-owned enterprise

    SSA

    sub-Saharan Africa

    SWF

    sovereign wealth fund

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