|GOOD MANAGEMENT OF NATURAL RESOURCES: LESSONS AND OPPORTUNITIES FOR LOW-INCOME COUNTRIES |
|Wednesday October 10, 2012|
04:00 PM - 05:15 PM
Hotel Okura Akebono
|Many countries face challenges to realize the
full potential of their exhaustible natural resources and avoid the pitfalls
that have plagued resource-rich countries in the past. This is particularly
the case for low-income countries, which have huge development needs but
often weak institutions. Economic challenges include optimal resource taxation,
fiscal policy design, exchange rate management, managing volatility, and
promoting economic diversification. There are also significant political
challenges, including establishing contracts that balance the country's
interests with those of companies, building strong domestic institutions,
etc. The seminar discussed these challenges, drawing on lessons from successful
countries and the opportunities
that good management of natural resource could offer low-income.
Key questions addressed included:
- Economic policy: How to deal with the volatility
and exhaustibility of resource revenue? How fast can spending be scaled
up without compromising economic stability, economic diversification, and
the efficiency of government spending? What role can sovereign wealth funds
play in the management of resource revenues?
- Tax policy: What tax regime best balances
the benefits from natural resources for the country and the interests of
the extractive companies?
- Transparency: What is the role of transparency
and good governance in ensuring that tax revenues from natural resources
are being properly collected and put to good use?
- Diversification: How to promote diversification
of natural resource rich economies so to generate equitable growth and
employment creation in the non-resource sector?
|Panelist(s):||Miguel Castilla , Minister of Economy and Finance, Peru|
Paul Collier , Professor of Economics, Oxford University, United Kingdom
Maria Kiwanuka , Minister of Finance, Uganda
Naoyuki Shinohara , Deputy Managing Director, International Monetary Fund
Clare Short , Chair, Extractive Industries Transparency Initiative, United Kingdom
|Moderator(s):||Andrew Stevens , Anchor and Correspondent, CNN, Hongkong SAR, China|
|Organized by:||Roger Nord, African Department; Philip Daniel and Sanjeev Gupta, Fiscal Affairs Department; and Catherine Pattillo and Dhaneshwar Ghura, Strategy, Policy and Review Department - International Monetary Fund|