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Western Hemisphere > Guyana

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Cover IMF Working Papers
Managing Guyana’s Oil Wealth: Monetary and Exchange Rate Policy Considerations
Ms. Rina Bhattacharya
International oil producers have discovered commercially recoverable petroleum reserves of around 11 billion barrels that promise to transform Guyana's agricultural and mining economy into an oil powerhouse, while hopefully helping to diversify the non-oil economy. Oil production presents a momentous opportunity to boost inclusive growth and diversify the economy providing resources to address human development needs and infrastructure gaps. At the same time, it presents important policy challenges relating to effective and prudent management of the nation’s oil wealth. This study focusses on one of these challenges: the appropriate monetary policy and exchange rate framework for Guyana as it transitions to a major oil exporter.
Keywords:
monetary policy framework; Guyana; exchange rate policy; oil wealth; recoverable petroleum reserve; oil exporter; oil economy; passthrough to inflation; Exchange rate arrangements; Exchange rate flexibility; Exchange rates; Currency markets; Caribbean; Global; Western Hemisphere
Cover IMF Staff Country Reports
Guyana: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana
International Monetary Fund. Western Hemisphere Dept.
Following the pandemic-induced recession in 2020, economic growth recovered in 2021, with non-oil GDP growth reaching 4.6 percent, despite being negatively impacted by floods. Inflation increased markedly since 2021 owing to the floods and supply-side disruptions, as well as continually rising fuel and food prices. Oil production increased and will ramp up substantially over the medium term.
Keywords:
IMF FSAP; Guyanese authorities; climate change policy framework; capital investment; anti-corruption framework; Oil; External sector statistics; Global; Caribbean
Cover Selected Decisions and Selected Documents of the International Monetary Fund, Forty-Second Issue
Selected Decisions and Selected Documents of the International Monetary Fund, Forty-Second Issue
International Monetary Fund. Legal Dept.

Abstract

This volume documents decisions, interpretations, and resolutions of the Executive Board and Board of Governors of the International Monetary Fund, as well as documents relating to the United Nations and other international organizations.

Keywords:
SELD; holding; capital transfer; usable currency; Japanese yen; signature authority decision; Currencies; Credit; Special Data Dissemination Standard (SDDS); Loans; Multiple currency practices; Global; West Africa; Africa; institutional view on capital flows; use of fund's resource; Poverty reduction strategy; Caribbean
Cover IMF Working Papers
The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability
Matteo Ruzzante and Nelson Sobrinho
This paper investigates the dynamic impact of natural resource discoveries on government debt sustainability. We use a ‘natural experiment’ framework in which the timing of discoveries is treated as an exogenous source of within-country variation. We combine data on government debt, fiscal stress and debt distress episodes on a large panel of countries over 1970-2012, with a global repository of giant oil, gas, and mineral discoveries. We find strong and robust evidence of a ‘fiscal presource curse’, i.e., natural resources can jeopardize fiscal sustainability even before ‘the first drop of oil is pumped’. Specifically, we find that giant discoveries, mostly of oil and gas, lead to permanently higher government debt and, eventually, debt distress episodes, specially in countries with weaker political institutions and governance. This evidence suggest that the curse can be mitigated and even prevented by pursuing prudent fiscal policies and borrowing strategies, strengthening fiscal governance, and implementing transparent and robust fiscal frameworks for resource management.
Keywords:
Natural resources; Resource curse; Oil; Mines; Debt sustainability; Fiscal policy; Political institutions; debt distress episode; debt measure; giant discovery; A.II governance indicator; government financial assets; Non-renewable resources; Global
Cover Policy Papers
Eligibility to Use the Fund's Facilities for Concessional Financing, 2020
International Monetary Fund