Chapter 8. Transparency Requirements
Author:
Mrs. Harinder K Malothra
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,
Mr. Milan M Cuc
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,
Mr. Ulrich Bartsch
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, and
Mr. Menachem Katz
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Language:
English
Print Publication Date:
23 Jan 2004
Keywords:
ISI; SI; oil-producing country; government; country; revenue; government's share; government auditor; cash-flow position; share of production; Oil; gas and mining taxes; Oil sector; Auditing; Fiscal accounting and reporting; Sub-Saharan Africa

Abstract

Transparency and accountability in oil sector operations are necessary to improve governance in oil-producing countries. The same transparency and accountability guidelines that apply to non-oil revenue should apply to oil revenue. Oil revenue is part of government budgetary operations, and it is of overwhelming importance in the countries we are dealing with in this paper. The IMF’s Manual on Fiscal Transparency (IMF, 2001) states that comprehensive coverage of all fiscal activity undertaken by the central government is essential from a transparency standpoint. In some cases, the coverage should extend beyond the government itself: the public sector balance should be reported when nongovernmental public sector agencies undertake significant quasi-fiscal activities. The public should accordingly be provided with full information on the past, current, and projected fiscal activity of the government.

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Cover Lifting the Oil Curse
Lifting the Oil Curse
Improving Petroleum Revenue Management in Sub-Saharan Africa
ISBN:
9781589063174
Publication Date:
23 Jan 2004
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781589063174.058
Pages:
73

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