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Front Matter

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    African Department

    © 2013 International Monetary Fund

    Cataloging-in-Publication Data

    Joint Bank-Fund Library

    Lundgren, Charlotte J.

    Boom, bust, or prosperity?: managing Sub-Saharan Africa’s natural resource wealth / Charlotte Lundgren, Alun Thomas, and Robert York.—Washington, D.C.: International Monetary Fund, 2013.

    p. : ill ; cm.

    Includes bibliographical references.

    1. Economic development – Africa, Sub-Saharan. 2. Natural resources – Africa, Sub-Saharan. 3. Natural resources – Economic aspects – Africa, Sub-Saharan. I. Thomas, Alun H. II. York, Robert.

    HD75.5.L86 2013

    ISBN: 978-1-48436-932-6 (paper)

    ISBN: 978-1-48437-958-5 (ePub)

    ISBN: 978-1-48433-743-1 (Mobipocket)

    ISBN: 978-1-48433-038-8 (Web PDF)

    Publication orders may be placed online, by fax, or through the mail:

    International Monetary Fund, Publication Services

    P.O. Box 92780, Washington, DC 20090, U.S.A.

    Tel. (202) 623-7430 Fax: (202) 623-7201



    The authors gratefully acknowledge the collaboration on the manuscript from a number of colleagues within and outside the IMF, the insights provided by experts during the conference on the “Management of Natural Resources in Sub-Saharan Africa” held in Kinshasa, March 21–22, 2012, and discussions by the IMF’s Executive Board centered on recent staff papers on “Macroeconomic Policy Frameworks for Resource-Rich Developing Countries” and “Fiscal Regimes for Extractive Industries—Design and Implementation.” The analysis draws heavily on these staff papers, which set out a modern and forward-looking framework for managing natural resource wealth.

    We owe special thanks to those IMF colleagues who contributed to various parts of the analysis, in particular to Jon Shields for drafting Chapter 7 and to Anton Op de Beke (Boxes 6.3 and 7.1); Rodrigo García-Verdu and Ara Stepanyan (Box 3.2); Geneviève Verdier (Box 4.4); Victor Lledo, Esther Palacio, and Yi Xiong (Box 6.1); Kareem Ismail (Box 6.2); Neil Saker (Box 3.4); Daniel Rodriguez (Box 4.2); and to Roger Nord for helping to guide our work and shape its message. Box 5.3 in Chapter 5 also benefited from the valuable contribution of Anand Rajaram from the World Bank.



    corporate income tax


    Democratic Republic of the Congo


    Excess Crude Account (Nigeria)


    Extractive Industries Transparency Initiative


    Economic and Social Stabilization Fund


    Fiscal Analysis of Resource Industries


    gross domestic product


    gross national income


    Human Development Index


    International Working Group of Sovereign Wealth Funds


    public investment management


    Pension Reserve Fund


    state-owned enterprise


    sub-Saharan Africa


    sovereign wealth fund

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