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.

Bibliography

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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
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    • Export Citation
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    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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  • International Monetary Fund, 2007b, “The Role of Fiscal Institutions in Managing the Oil Revenue Boom,” SM/07/88 (Washington).

  • Johnston, Daniel, (2004), “Petroleum Contract Analysis and Design State-of-the Art—State-of-the-Industry,” paper presented at the Petroleum Revenue Management Workshop, Joint UNDP/World Bank Energy Sector Management Assistance Program, Washington, March.

    • Search Google Scholar
    • Export Citation
  • Katz, Menachem, Ulrich Bartsch, Harinder Malothra, and Milan Cuc, eds., (2004), Lifting the Oil Curse: Improving Petroleum Revenue Management in Sub-Saharan Africa (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kumar, Raj, (1995), “Mine Taxation: The Evolution of Fiscal Regimes,” in The Taxation of Mineral Enterprises, ed. by James Otto (London: Graham & Trotman/Martinus Nijhoff).

    • Search Google Scholar
    • Export Citation
  • Lederman, Daniel, and William F. Maloney, (2003), “Trade Structure and Growth,Policy Research Working PaperNo. 3025 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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  • McLure, Charles E., Jr., (2003), “The Assignment of Oil Tax Revenue,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
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    • Search Google Scholar
    • Export Citation
  • Taube, Günther, (2001), “Fiscal Policy and Quasi-Fiscal Activities in the Islamic Republic of Iran,” paper presented at a conference at the Central Bank of Iran, Tehran, May.

    • Search Google Scholar
    • Export Citation
  • Wakeman-Linn, John, Paul Mathieu, and Bert van Selm, (2003), “Oil Funds in Transition Economies: Azerbaijan and Kazakhstan,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation

Website References

Australia

Australasian Joint Ore Reserves Committee (JORC): http://www.jorc.org/main.php

Progress on International Standards for Reporting of Mineral Resources and Reserves: http://www.jorc.org/pdf/miskelly1.pdf

Democratic Republic of Congo

Government: http://www.congo-site.com

Ministry of Finance: http://www.mefb-cg.org

Nigeria

Government of Nigeria: http://www.nigeria.gov.ng/

Monthly reports on oil revenue accrued to the federal government and the states: http://www.fmf.gov.ng/Presentaion%20on%20the%20appropriation%20bill.PDF

Norway

Ministry of Finance (Budget): http://www.statsbudsjett.no

The Norwegian Petroleum Sector: http://www.regjeringen.no/upload/kilde/oed/bro/2005/0004/ddd/pdfv/243848-miljo_05_engelsk.pdf

Central Bank’s website: http://www.norges-bank.no/default____106.aspx

Pension Fund: http://www.regjeringen.no/en/ministries/fin/Selected-topics/The-Government-Pension-Fund.html?id=1441

Ministry of Petroleum and Energy: http://www.regjeringen.no/en/ministries/oed.html?id=750

United Kingdom

Department for International Development (DFID): http://www.dfid.gov.uk/

HM Treasury: http://www.hm-treasury.gov.uk

Debt and Reserve Management Report: http://www.hm-treasury.gov.uk/media/70A0A/DebtManageRpt03to04.pdf#page=15

Inland Revenue: http://www.inlandrevenue.gov.uk/home.htm

http://www.nao.org.uk/publications/nao_reports/00-01/00015.pdf

National Audit Office: http://www.nao.org.uk/publications/nao_reports/00-01/00015.pdf

United States

Financial Accounting Standards Board: http://www.fasb.org

SEC Guidance Note: http://www.sec.gov/divisions/corpfin/guidance/cfactfaq.htm

Various

Extractive Industries Transparency Initiative: http://www.eitransparency.org

Global Witness: http://www.globalwitness.org/

IMF Fiscal Transparency Code: http://www.imf.org/external/np/fad/trans/index.htm

IMF Standards and Codes: http://www.imf.org/external/standards/index.htm

IMF Fiscal Transparency ROSCs:

Gabon: http://www.imf.org/external/pubs/ft/scr/2006/cr06388.pdf

Ghana: http://www.imf.org/external/pubs/ft/scr/2004/cr04203.pdf

Indonesia: http://www.imf.org/external/pubs/ft/scr/2006/cr06330.pdf

Joint Oil Data Initiative (JODI): http://www.jodidata.org/filez/odtmain.htm

International Council on Mining and Metals: http://www.icmm.com/library_pub_detail.php?rcd=191

Open Society Institute: http://www.soros.org/

OSI Revenue Watch: Follow the Money. A Guide to Monitoring Budgets and Oil and Gas Revenue: http://www.soros.org/initiatives/cep/articles_publications/publications/money_20041117/follow_money.pdf

Publish What You Pay: http://www.publishwhatyoupay.org

Transparency International’s 2006 Corruption Perceptions Index: http://www.transparency.org/cpi

Transparency International, Global Corruption Report: http://www.globalcorruptionreport.org/

2003 Evian G-8 Declaration: Fighting Corruption and Improving Transparency: http://www.g8.fr/evian/english/navigation/2003_g8_summit/summit_documents/fighting_corruption_and_improving_transparency_-_a_g8_declaration.html

2006 St. Petersburg G-8 Declaration: Fighting High-Level Corruption: http://en.g8russia.ru/docs/14.html

United Nations:

Integrated Environmental and Economic Accounting 2003: http://unstats.un.org/unsd/envAccounting/seea.htm

Economic Commission for Europe: http://www.unece.org/ie/se/reserves.html

World Bank:

Extractive Industries Review: http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTOGMC/0,,contentMDK:20605112~menuPK:592071~pagePK:148956~piPK:216618~theSitePK:336930,00.html

http://siteresources.worldbank.org/INTOGMC/Resources/implementationtomr2.pdf

Petroleum Revenue Management Workshop proceedings, 2004: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2004/08/26/000112742_20040826095443/Rendered/PDF/296760Petroleu1ue0ESMAP0tech0no1051.pdf

  • Acemoglu, Daron, Simon Johnson, and James A. Robinson, 2003, “An African Success Story: Botswana,” in In Search of Prosperity: Analytic Narratives on Economic Growth, ed. by Dani Rodrik (Princeton, New Jersey: Princeton University Press).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, and Giorgio Brosio, eds., 2006, Handbook of Fiscal Federalism (Cheltenham, United Kingdom: Edward Elgar Press Company).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, and Ali Mansoor, 2002, “Indonesia: Managing Decentralization,” in Fiscal Decentralization, ed. by Ehtisham Ahmad and Vito Tanzi (New York: Routledge).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, and Eric Mottu, 2003, “Oil Revenue Assignments: Country Experiences and Issues,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Auty, Richard M., 1997, “Natural Resource Endowment, the State and Development Strategy,Journal of International Development, Vol. 9,No. 4, pp. 65163.

    • Search Google Scholar
    • Export Citation
  • Barnett, Steven, and Rolando Ossowski, 2003, “Operational Aspects of Fiscal Policy in Oil-Producing Countries,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Basu, Anupam, and Krishna Srinivasan, (2002), “Foreign Direct Investment in Africa-Some Case Studies,IMF Working Paper 02/61 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Birdsall, Nancy, and Arvind Subramanian, (2004), “Saving Iraq From Its Oil,Foreign Affairs, Vol. 83 (July/August).

  • British Petroleum (BP), (2006), Statistical Review of World Energy.

  • Brosio, Giorgio, (2003), “Oil Revenue and Fiscal Federalism,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Claessens, Stijn, and Panos Varangis, (1994), “Oil Price Instability, Hedging, and an Oil Stabilization Fund: The Case of Venezuela,Policy Research Working PaperNo. 1290 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Collier, Paul, (1999), “On the Economic Consequences of Civil War,Oxford Economic Papers, Vol. 51 (January, pp. 16883).

  • Collier, Paul, Hoeffler, Anke (2004), “The Challenge of Reducing the Global Incidence of Civil War,” paper presented at Copenhagen Consensus 2004.

    • Search Google Scholar
    • Export Citation
  • Cordes, John A., (1995), “An Introduction to the Taxation of Mineral Rents,” in The Taxation of Mineral Enterprises, ed. by James Otto (London: Graham & Trotman/Martinus Nijhoff).

    • Search Google Scholar
    • Export Citation
  • Daniel, James A., (2003), “Hedging Government Oil Price Risk,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Daniel, Philip, (1995), “Evaluating State Participation in Mineral Projects: Equity, Infrastructure and Taxation,” in The Taxation of Mineral Enterprises, ed. by James Otto (London: Graham & Trotman/Martinus Nijhoff).

    • Search Google Scholar
    • Export Citation
  • Daniel, Philip, 2002a, “Discussion Paper,presented at the Conference on Fiscal Policy and Implementation in Oil-Producing Countries at the International Monetary Fund, Washington DC, June.

    • Search Google Scholar
    • Export Citation
  • Daniel, Philip, 2002b, “Petroleum Revenue Management. An Overview,paper prepared for the World Bank, Washington DC, June.

  • Davis, Jeffrey, Rolando Ossowski, James A. Daniel, and Steven Barnett, (2003), “Stabilization and Savings Funds for Nonrenewable Resources: Experience and Fiscal Policy Implications,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Davis, Jeffrey, Rolando Ossowski, and Annalisa Fedelino, eds., (2003), Fiscal Policy Formulation and Implementation in Oil-Producing Countries (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Extractive Industries Transparency Initiative (EITI), (2003), Revised Draft Reporting Guidelines (London, May).

  • Extractive Industries Transparency Initiative (EITI), (2005), EITI Source Book (London, March).

  • Extractive Industries Transparency Initiative (EITI), (2006), Report of the International Advisory Group (London, September).

  • Global Witness, (2004), Time for Transparency: Coming Clean on Oil, Mining and Gas Revenues (Washington: Global Witness Publishing Inc.).

    • Search Google Scholar
    • Export Citation
  • Gupta, Sanjeev, Benedict Clements, Kevin Fletcher, and Gabriela Inchauste, (2003), “Issues in Domestic Petroleum Pricing in Oil-Producing Countries,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Hannesson, Rögnvaldur, (2001), Investing for Sustainability. The Management of Mineral Wealth (Norwell, Massachusetts: Kluwer).

  • Hausmann, Ricardo, and Roberto Rigobon, (2003), “An Alternative Interpretation of the ‘Resource Curse’ Theory and Policy Implications,NBER Working PaperNo. 9424 (Cambridge, Massachusetts: National Bureau for Economic Research).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2001a, Government Financial Statistics Manual 2001 (Washington).

  • International Monetary Fund, 2001b, Manual on Fiscal Transparency (Washington).

  • International Monetary Fund, (2004), Botswana: Selected Issues and Statistical Appendix, IMF Country Report No. 04/212 (Washington).

  • International Monetary Fund, 2007a, Manual on Fiscal Transparency (forthcoming; Washington).

  • International Monetary Fund, 2007b, “The Role of Fiscal Institutions in Managing the Oil Revenue Boom,” SM/07/88 (Washington).

  • Johnston, Daniel, (2004), “Petroleum Contract Analysis and Design State-of-the Art—State-of-the-Industry,” paper presented at the Petroleum Revenue Management Workshop, Joint UNDP/World Bank Energy Sector Management Assistance Program, Washington, March.

    • Search Google Scholar
    • Export Citation
  • Katz, Menachem, Ulrich Bartsch, Harinder Malothra, and Milan Cuc, eds., (2004), Lifting the Oil Curse: Improving Petroleum Revenue Management in Sub-Saharan Africa (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Kumar, Raj, (1995), “Mine Taxation: The Evolution of Fiscal Regimes,” in The Taxation of Mineral Enterprises, ed. by James Otto (London: Graham & Trotman/Martinus Nijhoff).

    • Search Google Scholar
    • Export Citation
  • Lederman, Daniel, and William F. Maloney, (2003), “Trade Structure and Growth,Policy Research Working PaperNo. 3025 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Lederman, Daniel, and William F. Maloney, (2007), Natural Resources: Neither Curse nor Destiny (Stanford, California: Stanford University Press).

    • Search Google Scholar
    • Export Citation
  • Martinez-Vazquez, Jorge, and Jameson Boex, (2000), Russia’s Transition to a New Federalism (Washington: World Bank).

  • McLure, Charles E., Jr., (2003), “The Assignment of Oil Tax Revenue,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • McPherson, Charles, (2003), “National Oil Companies: Evolution, Issues, Outlook,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • McPherson, Charles, and Stephen MacSearraigh, (2007), “Corruption in the Petroleum Sector,” in The Many Faces of Corruption: Tracking Vulnerabilities at the Sector Level, ed. by J. Edgardo Campos and Sanjay Pradhan (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Modise, Modise D., (2000), “Management of Mineral Revenues: The Botswana Experience,” paper presented at the UNCTAD Workshop on Growth and Diversification in Mineral Economies, Cape Town, South Africa, November.

    • Search Google Scholar
    • Export Citation
  • Oil Industry Accounting Committee, (2001), “Accounting for Oil and Gas Exploration, Development, Production and Decommissioning Activities,” Statement of Recommended Practice (London, June).

    • Search Google Scholar
    • Export Citation
  • Okogu, Bright E., (2002), “Issues in Global Natural Gas: A Primer and Analysis,Working Paper 02/40 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), (2000), OECD Guidelines for Multinational Enterprises (Paris).

  • Organization for Economic Cooperation and Development (OECD), (2004), OECD Principles of Corporate Governance (Paris).

  • Otto, James, ed., (1995), The Taxation of Mineral Enterprises (London: Graham & Trotman/Martinus Nijhoff).

  • Petri, Martin, Günther Taube, and Aleh Tsyvinski, (2003), “Energy Sector Quasi-Fiscal Activities in the Countries of the Former Soviet Union,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey D., and Andrew M. Warner, (2000), “Natural Resource Abundance and Economic Growth,” in Leading Issues in Economic Development, ed. by Gerald M. Meier and James E. Rauch (New York: Oxford University Press, 7th ed.).

    • Search Google Scholar
    • Export Citation
  • Sala-i-Martin, Xavier, and Arvind Subramanian, (2003), “Addressing the Natural Resource Curse: An Illustration from Nigeria,NBER Working PaperNo. 9804 (Cambridge, Massachusettes: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Skancke, Martin, (2003), “Fiscal Policy and Petroleum Fund Management in Norway,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Sunley, Emil, Thomas Baunsgaard, and Dominique Simard, (2003), “Revenue from the Oil and Gas Sector: Issues and Country Experience,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tanzi, Vito, (2002), “Pitfalls on the Road to Fiscal Decentralization,” in Managing Fiscal Decentralization, ed. by Ehtisham Ahmad and Vito Tanzi (London: Routledge).

    • Search Google Scholar
    • Export Citation
  • Taube, Günther, (2001), “Fiscal Policy and Quasi-Fiscal Activities in the Islamic Republic of Iran,” paper presented at a conference at the Central Bank of Iran, Tehran, May.

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  • Wakeman-Linn, John, Paul Mathieu, and Bert van Selm, (2003), “Oil Funds in Transition Economies: Azerbaijan and Kazakhstan,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J.M. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

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