Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources
Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources

Author: Joseph Ntamatungiro

Publisher:

Published: 2014

Total Pages: 38

ISBN-13:

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This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.

Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources: The Case of Gabon
Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources: The Case of Gabon

Author: Joseph Ntamatungiro

Publisher: INTERNATIONAL MONETARY FUND

Published: 2004-02-01

Total Pages: 37

ISBN-13: 9781451844948

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This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.

Fiscal Sustainability with Non-Renewable Resources
Fiscal Sustainability with Non-Renewable Resources

Author: Mr.Nigel Andrew Chalk

Publisher: International Monetary Fund

Published: 1998-03-01

Total Pages: 37

ISBN-13: 1451844352

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This paper assesses sustainable fiscal behavior in an economy where wealth is derived predominantly from a non-renewable resource. It explores the issue in a simple dynamic framework that highlights the structural weaknesses in the underlying budgetary position, takes into account the rate of depletion of a country’s natural resource base, and examines the impact of changes in a country’s terms of trade. An alternative indicator of fiscal sustainability is derived, and the principal factors determining sustainability are identified. The results of the analysis are applied to Venezuela and Kuwait.

Fiscal Policy Sustainability in Oil-Producing Countries
Fiscal Policy Sustainability in Oil-Producing Countries

Author: Ms.Sheila Bassett

Publisher: International Monetary Fund

Published: 1994-11-01

Total Pages: 72

ISBN-13: 1451855850

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Assessing the sustainability of a given fiscal policy is especially important for countries that depend on income from exhaustible resources. Political and growth pressures may push governments to raise expenditure when revenue from exhaustible resources rises, but cutting outlays when price swings reduce income is often difficult. Traditional fiscal accounting may give a misleading view of policy sustainability. This paper argues that for countries in which a significant proportion of government revenue is derived from the exploitation of an exhaustible natural resource, fiscal policy sustainability can best be assessed within a permanent income framework that takes into account total government wealth, including the imputed wealth from reserves of natural resources. Using this framework, the paper takes a sample of six countries where government revenue from petroleum extraction is significant and draws conclusions about the sustainability of their fiscal policies during 1980-92.

Stress Testing at the IMF
Stress Testing at the IMF

Author: Mr.Tobias Adrian

Publisher: International Monetary Fund

Published: 2020-02-05

Total Pages: 73

ISBN-13: 1513520741

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This paper explains specifics of stress testing at the IMF. After a brief section on the evolution of stress tests at the IMF, the paper presents the key steps of an IMF staff stress test. They are followed by a discussion on how IMF staff uses stress tests results for policy advice. The paper concludes by identifying remaining challenges to make stress tests more useful for the monitoring of financial stability and an overview of IMF staff work program in that direction. Stress tests help assess the resilience of financial systems in IMF member countries and underpin policy advice to preserve or restore financial stability. This assessment and advice are mainly provided through the Financial Sector Assessment Program (FSAP). IMF staff also provide technical assistance in stress testing to many its member countries. An IMF macroprudential stress test is a methodology to assess financial vulnerabilities that can trigger systemic risk and the need of systemwide mitigating measures. The definition of systemic risk as used by the IMF is relevant to understanding the role of its stress tests as tools for financial surveillance and the IMF’s current work program. IMF stress tests primarily apply to depository intermediaries, and, systemically important banks.

Author:

Publisher: World Bank Publications

Published:

Total Pages: 71

ISBN-13:

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Regional Economic Outlook, Fall 2006, Sub-Saharan Africa, Supplement
Regional Economic Outlook, Fall 2006, Sub-Saharan Africa, Supplement

Author: International Monetary Fund. African Dept.

Publisher: International Monetary Fund

Published: 2006-05-03

Total Pages: 78

ISBN-13: 9781589065925

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Provides a broad synopsis of recent economic developments in the Middle East and Central Asia region, highlighting common trends and policies among countries in the region, and reviewing prospects and policies for the coming year. Includes a statistical appendix.

Rents to Riches?
Rents to Riches?

Author: Naazneen Barma

Publisher: World Bank Publications

Published: 2011-12-08

Total Pages: 303

ISBN-13: 0821387162

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This volume focuses on the political economy surrounding the detailed decisions that governments make at each step of the value chain for natural resource management. From the perspective of public interest or good governance, many resource-dependent developing countries pursue apparently short-sighted and sub-optimal policies in relation to the extraction and capture of resource rents, and to spending and savings from their resource endowments. This work contextualizes these micro-level choices and outcomes.