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International Monetary Fund. African Dept.
This Selected Issues paper examines tradeoffs and opportunities for oil revenues in Angola. Angola is facing a stark trade-off between declining oil fiscal revenues over the medium term and increasing social and public investment needs. Opportunities do exist to make the most of Angola’s remaining oil reserves, whilst reducing its debt burden and building fiscal buffers. However, a sound fiscal framework for the use of oil revenues that includes a well-designed fiscal stabilization fund may be needed. Under a more active fiscal rule, public investment can be scaled up gradually, while building fiscal buffers and insulating the non-oil economy from volatile oil price movements.
Amine Hammadi, Marshall Mills, Nelson Sobrinho, Mr. Vimal V Thakoor, and Ricardo Velloso
Countries in Sub-Saharan Africa (SSA) tend to lag those in most other regions in terms of governance and perceptions of corruption. Weak governance undermines economic performance through various channels, including deficiencies in government functions and distortions to economic incentives. It thus stands to reason that SSA countries could strengthen their economic performance by improving governance and reducing corruption. This paper estimates that strengthening governance and mitigating corruption in the region could be associated with large growth dividends in the long run. While the process would take considerable time and effort, moving the average SSA country governance level to the global average could increase the region’s GDP per capita growth by about 1-2 percentage points.
Mr. Sanjeev Gupta, Mr. Alex Segura-Ubiergo, and Enrique Flores

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