Norway, Alaska, and Alberta have been operating petroleum revenue funds which are considered among the successful nonrenewable resource funds. Rules governing the three funds are quite different, from deposit and withdrawal rules to investment strategies and how the funds withdrawn are to be spent .This briefing note, third in a series of four, gives a [...]
Many resource-rich countries have fallen prey to the natural resource curse [1]. But a handful of developing countries have managed to escape it. This note examines four resource-rich countries and the policies they have followed since the beginning of the 1970s. One, Nigeria, is a well-publicized case of oil wealth impoverishing rather than enriching the [...]
A “paradox of plenty” and “resource curse” have become two most commonly used phrases to describe the impact of oil wealth on the economies of producing countries. Why does prosperity from oil all too often fail to provide a sustainable base for economic development and poverty reduction? This note summarizes the findings of various studies [...]
French-owned petrochemical giant TOTAL and Chinese National Offshore Oil Corporation are likely to reach an agreement with the Cambodian government soon to drill offshore oil in the Kingdom. However, Te Doung Dara, secretary general of the Cambodian National Petroleum Authority, declined to comment on media that the companies were close to signing drilling contracts for [...]
The announcement of Cambodia’s first significant petroleum discovery in January 2005 has put Cambodia on a path to becoming a new oil producer. The world petroleum industry has a long history and oil has not always benefited people in the countries where it is discovered for reasons not always easy to understand. This is the [...]
The Government’s Public Financial Management (PFM) Reform Program is one of the major economic and governance initiatives that the World Bank and other development partners support. The World Bank Newsletter had the opportunity to interview Dr. Robert Taliercio, Senior Country Economist for Cambodia, about his work on Cambodia’s PFM reform over the past five years. [...]