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International Monetary Fund

Abstract

20. Much of resource revenue management hinges on the relationships between the government, national resource companies (NRCs), and international companies. These relationships must be clearly defined for all stages of resource development. Extractive industries can affect the economy or environment at any stage from exploration through to abandonment. Exploration is usually the highest-risk element of any extractive industry project, though there is a difference in this respect between mining and petroleum,22 and substantial expenditure is generally required before a discovery is confirmed. Any government policies intended to encourage investment by international companies or using NRCs at various stages of development should be clear. In the petroleum industry, particular emphasis needs to be placed on clarifying the role of the national oil companies (NOCs). These still produce much of the world’s oil and often play a strong policy role relative to the rest of government. This chapter of the Guide examines the legal framework governing these relationships, the special nature of the fiscal regime for resource companies, the broad role of NRCs, including their noncommercial activities, and the clarity of revenue sharing arrangements with lower levels of government.

International Monetary Fund

Abstract

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.

International Monetary Fund

Abstract

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.

International Monetary Fund

Abstract

72. Similar principles of transparency to those recommended for other parts of the government budget should apply to the processes for planning, allocating, spending, and reporting resource revenues. The special features of resource revenue, however, require that governments give particular emphasis to policy clarity with regard to explicit treatment of risks arising from the resource base, transparency of accounting, and control of receipts and spending. In particular, the government should clearly explain to the public its policies toward smoothing the impact of volatile revenue flows and ensuring long-term fiscal sustainability. If savings or stabilization funds have been established, they should be fully integrated into the overall fiscal policy framework. All resource-related asset holdings should be fully disclosed and asset management policies open. This section covers these and other good transparency practices that will lead toward an effective application of fiscal policy in resource-rich countries.

International Monetary Fund

Abstract

For countries with an asterisk (*), a fiscal Report on the Observance of Standards and Codes (ROSC) has been published by the IMF.

International Monetary Fund

Abstract

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.

United Nations, European Commission, Food and Agricultural Organization of the United Nations, International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank

Abstract

1.1 The System of Environmental-Economic Accounting 2012—Central Framework (SEEA Central Framework) is a multipurpose conceptual framework that describes the interactions between the economy and the environment, and the stocks and changes in stocks of environmental assets.

United Nations, European Commission, Food and Agricultural Organization of the United Nations, International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank

Abstract

2.1 The System of Environmental-Economic Accounting (SEEA) Central Framework is a multipurpose conceptual framework for describing the interaction between the economy and the environment, and the stocks and changes in stocks of environmental assets. Utilizing a systems approach to organizing environmental and economic information, it covers, as completely as possible, the stocks and flows that are relevant to the analysis of environmental and economic issues.

United Nations, European Commission, Food and Agricultural Organization of the United Nations, International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank

Abstract

3.1 An economy cannot function without using natural resources and other inputs from the environment and using the environment to absorb the unwanted by-products of economic production. Measuring the flows of natural inputs into and releases of residuals from the economy can therefore provide instructive information. This measurement is generally carried out using physical units of measure.

United Nations, European Commission, Food and Agricultural Organization of the United Nations, International Monetary Fund, Organization for Economic Co-operation and Development, and World Bank

Abstract

4.1 An important component of environmental-economic accounting is the recording of transactions in monetary terms between economic units that may be considered environmental. Generally, these transactions concern activity undertaken to preserve and protect the environment. Further, there are a range of transactions, such as taxes and subsidies, that reflect efforts by governments, on behalf of society, to influence the behaviour of producers and consumers with respect to the environment.