1.1 The government sector should be distinguished from the rest of the public sector and from the rest of the economy, and policy and management roles within the public sector should be clear and publicly disclosed.
120. The need for effective mechanisms to provide assurances of integrity is especially important in the case of resource revenue flows. The magnitude of these transactions and their technical complexity provide a high exposure to risks of malpractice. In developing countries, this situation is often combined with a lack of technical capacity and political failure to address risks adequately. The inherent risks107 associated with resource sectors require that governments place special emphasis on data quality, internal controls, and independent external audit. This chapter of the Guide examines some key requirements for establishing good practice in this area of the Code. The role of the EITI validation process is highlighted again in this context.
Before preparing a financial program or analyzing developments in a country, sufficient data on the economy’s past and expected performance are necessary. If the basis for the program or analysis is deficient, the program will probably not be well prepared and the objectives will not be achieved. All those data that may have an impact on the preparation of a program are needed. IMF missions are sometimes described as “hungry” for both statistics and data in general, but this hunger is logical, because before giving any advice or taking any decision, the mission must know what is happening in a country. The term “data” is used broadly here, meaning not only statistical information, but also details of pertinent legislation and of rules and regulations connected with the implementation of such legislation.
Mr. Neil K. Patterson, Ms. Marie Montanjees, Colleen Cardillo, and Mr. John Motala
4.1 Many countries compile and disseminate in national publications and/or websites information on FDI, typically in the context of balance of payments and IIP statistics. To facilitate analysis, these statistics are often extended to provide geographic information on FDI transactions and positions vis-à-vis individual partner countries or regions. Many countries also compile FDI statistics broken down by industrial sector.
The Guide on Resource Revenue Transparency applies the principles of the revised IMF Code of Good Practices on Fiscal Transparency (‘the Code’) to the unique set of transparency problems faced by countries that derive a significant share of their revenues from natural resources and need to address complex and volatile transaction flows. The Guide identifies and explains generally recognized good or best practices for transparency of resource revenue management. It supplements the IMF Manual on Fiscal Transparency. The Guide has been revised to reflect the new Code and to provide more recent examples of good practice by individual countries. It is designed to give a framework for assessing resource-specific issues within broader fiscal transparency assessments (including so-called ‘fiscal ROSCs’). The Guide has been used by the governments and legislatures of resource-rich countries, civil societies, providers of technical support, and interested academics and observers.