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Middle East and Central Asia > Uzbekistan, Republic of

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Cover Guide on Resource Revenue Transparency (2007)
Guide on Resource Revenue Transparency (2007)
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.

Keywords:
M&G; resource; government; unit resource rent; audit; hydrocarbon resource; mineral depletion; export proceeds; World Bank world development indicators definition; budget documentation; A budget calendar; Budget planning and preparation; Natural resources; Oil; Global; Africa; Asia and Pacific; North America; Northern Europe
Cover Regional Economic Outlook, May 2007, Middle East and Central Asia
Regional Economic Outlook, May 2007, Middle East and Central Asia
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Strong economic performance across the Middle East and Central Asia is examined against the background of high prices for energy and other commodities. Common economic trends are presented, while prospects and policies are reviewed for the coming year in light of the global economic environment. This latest REO includes boxes treating specific regional topics, such as financial sector reforms and integration in Maghreb countries; economic developments in oil-exporting countries in response to changes in petroleum prices; and the growth boom in the Caucasus and Central Asia.

Keywords:
REO; country; price; government; quote; oil price; Brent crude; commodity price; debt ratio; nominal exchange rate; emerging market country; Oil prices; Oil; Inflation; Emerging and frontier financial markets; gas and mining taxes; Global; Middle East and Central Asia; Maghreb
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; FSU country; CIS country; oil revenue; oil price; consumption rule
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the Oil Stabilization Fund (OSF), this has not been guided by a consistent long-term framework. The framework is illustrated with numerical simulations of different fiscal spending rules that are consistent with sustainable paths of consumption out of oil and gas wealth over time.
Keywords:
ISCR; CR; FSU country; CIS country; oil revenue; oil price; consumption rule; w Russia; Oil prices; Oil; gas and mining taxes; Exports; Baltics
Cover IMF Staff Country Reports
Russian Federation: Selected Issues
International Monetary Fund
This Selected Issues paper analyzes the entrenched inflation in Russia. It presents a possible explanation for the entrenched inflation stating that the Russian economy is facing increasing supply-side constraints in goods and labor markets. The paper focuses on measuring the performance of fiscal policy in Russia. It examines capital structures and vulnerabilities for the corporate sector in Russia. Recent developments and remaining challenges for the Russian banking sector are analyzed. Terms of trade and economic growth in the Former Soviet Union are also discussed.
Keywords:
ISCR; CR; bank; terms of trade growth; oil revenue; terms of trade shock; oil price balance; output gap estimate; arithmetic trend; Terms of trade; Fiscal stance; Capacity utilization; Oil prices; Output gap; Baltics; Western Europe; Central and Eastern Europe; Africa; Global
Cover IMF Staff Country Reports
Republic of Kazakhstan: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; oil revenue; net export; enrollment ratio; time deposit; net enrollment ratio; net credit; net tax; credit to government; national bank of Kazakhstan; Nontax revenue; Oil; Agricultural commodities; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Republic of Kazakhstan: Statistical Appendix
International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Keywords:
ISCR; CR; bottom; oil revenue; national bank of Kazakhstan; extraction industry; net lending; time deposit; production value; Agricultural commodities; Oil; gas and mining taxes; Natural gas sector; Baltics
Cover IMF Staff Country Reports
Azerbaijan Republic: Selected Issues and Statistical Appendix
International Monetary Fund
This Selected Issues paper and Statistical Appendix for Azerbaijan aims to provide a guide to the management of Azerbaijan’s expected natural resource-generated windfall. The paper provides information on Azerbaijan’s endowment of oil and gas deposits and the projected revenue stream, and highlights the common characteristics of policies leading to the mismanagement of natural resource wealth in natural resource-abundant countries. It also outlines a medium- and long-term policy strategy for oil wealth management in Azerbaijan.
Keywords:
ISCR; CR; manat; tax rate; Azerbaijan; Azerbaijan State statistics committee; manat broad money; gas revenue; oil GDP; oil revenue; Oil; gas and mining taxes; Natural resources; Demand for money; Baltics; Eastern Europe; Asia and Pacific; Global
Cover IMF Staff Country Reports
Tajikistan: Recent Economic Developments
International Monetary Fund
Against the backdrop of a serious deterioration in its terms of trade and a large reversal of private capital flows following the Russian crisis in August 1998, the Tajik economy has entered a period of adjustment. Output growth has slowed down, inflation has flared up, and the exchange rate has weakened. More recently, macroeconomic stability has restored as the authorities have embarked on a strong adjustment path in response to adverse external developments and to correct the slippages in policy implementation during 1999.
Keywords:
ISCR; CR; U.S. dollar; exchange rate; debt service; private sector; Tajik authorities; terms of trade; Agricultural commodities; Exchange rates; Electricity; Europe; Asia and Pacific; Central Asia
Cover IMF Working Papers
How to Deal with Azerbaijan’s Oil Boom? Policy Strategies in a Resource-Rich Transition Economy
Mr. Christoph B. Rosenberg
and
Mr. Tapio Saavalainen
The petroleum-rich former Soviet republics around the Caspian Sea face the dual challenge of managing the transition to a market economy and a booming resource sector. This paper examines this challenge with particular reference to Azerbaijan. The standard “Dutch disease” model is modified to capture the special conditions of transition economies, with specific attention to the pattern of real exchange rate movement. “Transition factors” are found to add to the speed of real appreciation. Non-oil sectors may suffer, but less through the real appreciation than through transition-specific structural problems. The paper describes a medium-term policy strategy for Azerbaijan, relating its prospects to the experience in the 1970s of Ecuador, Indonesia, and Nigeria. The adverse effects of the Dutch disease may be avoided if Azerbaijan pursues policies to promote savings and open trade, and strengthens the supply side through structural policies.
Keywords:
WP; central bank; goods price; current account; money supply; oil boom; Azerbaijan; Dutch disease; transition; oil; goods sector; unbalanced growth; market economy; nominal exchange rate; chapter II; Dutch Disease model; oil sector; Azerbaijan economy; appreciation pressure; traded goods sector; Natural resources; Real exchange rates; Commodity booms; Baltics; Central Asia