The flows of oil revenues are quite complex. This note presents the results of two hypothetical simulations — one a progressive production sharing regime and the other regressive – to illustrate qualitatively how they affect the amount and timing of government revenue and investors’ profits. Briefing Notes 7 and 8 [1,2] gave an overview of [...]
Twenty-seven countries are at various stages of implementing the Extractive Industries Transparency Initiative (EITI). One of the earliest implementers, Nigeria, estimates that EITI helped increase petroleum revenues to the government by US$ 1 billion in 2004 and 2005. This note reviews the EITI implementation and related experience of some countries, focusing primarily on actions taken [...]
Founded on the belief that promoting revenue transparency in resource-rich countries is one of the fundamental building blocks for sustainable economic growth and poverty alleviation, the Extractive Industries Transparency Initiative (EITI) [1] was launched in Johannesburg at the World Summit on Sustainable Development in 2002. EITI aims to improve governance in oil, gas, and minerals-rich [...]
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the three funds are quite different, from deposit and withdrawal rules to investment strategies and how the funds withdrawn are to be spent .This briefing note, third in a series of four, gives a [...]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 [...]
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. [...]