Front Matter

Front Matter

Rolando Ossowski, Steven Barnett, James Daniel, and Jeffrey Davis
Published Date:
April 2001
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    © 2001 International Monetary Fund

    Production: IMF Graphics Section

    Figures: Lai Oy Louie

    Typesetting: John Federici

    Cataloging-in-Publication Data

    Stabilization and savings funds for nonrenewable resources: experience and fiscal policy implications/Jeffrey Davis … [et al.]. – Washington, D.C.: International Monetary Fund, 2001.

    • p.: ill.; cm. — (Occasional paper, ISSN 0251-6365; no. 205)

    Prepared by Jeffrey Davis, Rolando Ossowski, James Daniel, and Steven Barnett.

    • Includes bibliographical references.

    • ISBN 1-58906-019-9

    1. Nonrenewable natural resources – Finance. 2. Fiscal policy. 3. Finance, Public. 4. Appropriations and expenditures. 5. Sustainable development. I. Davis, Jeffrey M., 1946- II. International Monetary Fund. III. Occasional papers (International Monetary Fund); 205.

    HC85. S82 2001

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    The following symbols have been used throughout this paper:

    • … to indicate that data are not available;

    • n.a. to indicate not applicable;

    • — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    • – between years or months (i.e., 1997–98 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years or months (i.e., 1997/98) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million; “trillion” means a thousand billion.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    The revenues from exploiting large exhaustible resources such as oil can pose significant challenges for a country. Fiscal policymakers, for example, need to decide how expenditure can be planned and insulated from revenue shocks arising from the volatility and unpredictability of resource prices. Some governments have set up, or are considering setting up, funds as a response to these challenges. This Occasional Paper examines whether funds can help countries pursue good macroeconomic, and especially fiscal, policies, and if so, how they should be designed.

    The paper reflects the contributions of several staff members in the IMF’s Fiscal Affairs Department. In particular, the authors are grateful to Nigel Chalk, Xiangming Li, Taryn Parry, William Riordan, Christiane Roehler, Günther Taube, Timo Välilä, and Jan Walliser for their research into the experience with nonrenewable resource funds of the case-study countries, and other inputs. They would also like to thank Julia Devlin, Lamon Rutten, and Jonathan Walters, as well as others at the World Bank, for their advice and support. Helpful and insightful comments on the paper were provided by many within the Fiscal Affairs Department and other IMF departments.

    The authors appreciate as well the efficient research assistance provided by William Riordan and the document preparation assistance provided by Heather Huck-step and Eva Farrugia. James McEuen of the External Relations Department edited the paper and coordinated production of the publication.

    The views expressed in the paper, as well as any errors, are the sole responsibility of the authors and do not necessarily represent the opinions of the Executive Board of the IMF or other members of the IMF staff.

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