Designing A Fiscal Framework For A Prospective Commodity Producer

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Designing a Fiscal Framework for a Prospective Commodity Producer

Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle
Designing a Fiscal Framework for a Prospective Commodity Producer Book PDF

Author : Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle
Publisher : International Monetary Fund
Page : 33 pages
File Size : 44,8 Mb
Release : 2014-10-23
Category : Business & Economics
ISBN : 9781484346143

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Designing a Fiscal Framework for a Prospective Commodity Producer by Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle Pdf

Lebanon is expected to have gas resources in its Mediterranean basin, and these could turn the country into a natural gas producer over the next decade. Lebanon’s economy and institutions will thus need to adapt to the challenges and opportunities that such change will bring. In this paper, we address how Lebanon’s fiscal framework will need to be reformulated to take into account potential resource revenue. Designing a fiscal regime appropriately is an absolute prerequisite to make sure the government can receive a fair share of the resources while investors face appropriate incentives to invest and develop the sector. This step should be followed by setting macro-fiscal anchors and supporting institutions. The prospective framework should initially be focused on ensuring fiscal sustainability and intergenerational equity, given the estimated relatively short horizon of Lebanon’s gas resources. Strong institutional arrangements also need to underpin the prospective framework, to ensure that the pace of resource wealth’s use is set in line with Lebanon’s capacity constraints.

Designing a Fiscal Framework for a Prospective Commodity Producer

Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle
Designing a Fiscal Framework for a Prospective Commodity Producer Book PDF

Author : Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle
Publisher : International Monetary Fund
Page : 33 pages
File Size : 49,6 Mb
Release : 2014-10-23
Category : Business & Economics
ISBN : 9781498333061

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Designing a Fiscal Framework for a Prospective Commodity Producer by Mariusz Jarmuzek,Diego Mesa Puyo,Najla Nakhle Pdf

Lebanon is expected to have gas resources in its Mediterranean basin, and these could turn the country into a natural gas producer over the next decade. Lebanon’s economy and institutions will thus need to adapt to the challenges and opportunities that such change will bring. In this paper, we address how Lebanon’s fiscal framework will need to be reformulated to take into account potential resource revenue. Designing a fiscal regime appropriately is an absolute prerequisite to make sure the government can receive a fair share of the resources while investors face appropriate incentives to invest and develop the sector. This step should be followed by setting macro-fiscal anchors and supporting institutions. The prospective framework should initially be focused on ensuring fiscal sustainability and intergenerational equity, given the estimated relatively short horizon of Lebanon’s gas resources. Strong institutional arrangements also need to underpin the prospective framework, to ensure that the pace of resource wealth’s use is set in line with Lebanon’s capacity constraints.

Lebanon

International Monetary Fund. Middle East and Central Asia Dept.
Lebanon Book PDF

Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
Page : 49 pages
File Size : 44,7 Mb
Release : 2014-07-31
Category : Business & Economics
ISBN : 9781498370530

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Lebanon by International Monetary Fund. Middle East and Central Asia Dept. Pdf

This Selected Issues paper analyzes the various transmission channels of the Syrian crisis—though quantification is hampered by the lack of reliable data—with focus on the impact on fiscal performance and labor markets; it also takes stock of international donor efforts to date. The paper also provides overviews of main effects on Lebanon’s economy, the expenditure pressures associated with the refugee presence, the impact on poverty and inequality, and the added strains on labor markets. A section of the paper describes the response by the international community to help Lebanon cope with the Syrian crisis. Absent additional international support, the needs of both refugees and affected Lebanese communities will not be met. Sound government policies—including implementation of a concerted policy framework to deal with refugee issues and a commitment to fiscal discipline—will send credible signals to donors and help mobilize budget support. Tackling the unprecedented refugee crisis requires strong international support. There has been a large international humanitarian response, but much more is needed.

Structural Reforms and Macroeconomic Performance - Initial Considerations for the Fund

International Monetary Fund
Structural Reforms and Macroeconomic Performance Initial Considerations for the Fund Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 64 pages
File Size : 55,5 Mb
Release : 2015-10-14
Category : Business & Economics
ISBN : 9781498344111

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Structural Reforms and Macroeconomic Performance - Initial Considerations for the Fund by International Monetary Fund Pdf

Structural policies have become a prominent feature of today’s macroeconomic policy discussion. For many countries, lackluster economic growth and high unemployment cloud the outlook. With fewer traditional policy options, policymakers are increasingly focused on the complementary role of structural policies in promoting more durable job-rich growth. In particular, the G20 has emphasized the essential role of structural reforms in ensuring strong, sustainable and balanced growth. Against this backdrop, the 2014 Triennial Surveillance Review (TSR) called for further work to enhance the Fund’s ability to selectively provide more expert analysis and advice on structural issues, particularly where there is broad interest among member countries. The purpose of this paper is to engage the Board on staff’s post-TSR work toward strengthening the Fund’s capacity to analyze and, where relevant, offer policy advice on macro-relevant structural issues.

IMF Research Bulletin, December 2014

International Monetary Fund
IMF Research Bulletin December 2014 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 17 pages
File Size : 45,9 Mb
Release : 2015-09-15
Category : Business & Economics
ISBN : 9781513556956

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IMF Research Bulletin, December 2014 by International Monetary Fund Pdf

The December 2015 IMF Research Bulletin features a sampling of key research from the IMF. The Research Summaries in this issue look at “The Impact of Deflation and Lowflation on Fiscal Aggregates (Nicolas End, Sampawende J.-A. Tapsoba, Gilbert Terrier, and Renaud Duplay); and “Oil Exporters at the Crossroads: It Is High Time to Diversify” (Reda Cherif and Fuad Hasanov). Mahvash Saeed Qureshi provides an overview of the fifth Lindau Meeting in Economics in “Meeting the Nobel Giants.” In the Q&A column on “Seven Questions on Financial Frictions and the Sources of the Business Cycle, Marzie Taheri Sanjani looks at the driving forces of the business cycle and macroeconomic models. The top-viewed articles in 2014 from the IMF Economic Review are highlighted, along with recent IMF Working Papers, Staff Discussion Notes, and IMF publications.

Fiscal Regimes for Extractive Industries—Design and Implementation

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Regimes for Extractive Industries Design and Implementation Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 82 pages
File Size : 53,8 Mb
Release : 2012-08-16
Category : Business & Economics
ISBN : 9781498340069

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Fiscal Regimes for Extractive Industries—Design and Implementation by International Monetary Fund. Fiscal Affairs Dept. Pdf

Better designed and implemented fiscal regimes for oil, gas, and mining can make a substantial contribution to the revenue needs of many developing countries while ensuring an attractive return for investors, according to a new policy paper from the International Monetary Fund. Revenues from extractive industries (EIs) have major macroeconomic implications. The EIs account for over half of government revenues in many petroleum-rich countries, and for over 20 percent in mining countries. About one-third of IMF member countries find (or could find) resource revenues “macro-critical” – especially with large numbers of recent new discoveries and planned oil, gas, and mining developments. IMF policy advice and technical assistance in the field has massively expanded in recent years – driven by demand from member countries and supported by increased donor finance. The paper sets out the analytical framework underpinning, and key elements of, the country-specific advice given. Also available in Arabic: ????? ??????? ?????? ???????? ???????????: ??????? ???????? Also available in French: Régimes fiscaux des industries extractives: conception et application Also available in Spanish: Regímenes fiscales de las industrias extractivas: Diseño y aplicación

Petroleum Resource Management in Africa

Theophilus Acheampong,Thomas Kojo Stephens
Petroleum Resource Management in Africa Book PDF

Author : Theophilus Acheampong,Thomas Kojo Stephens
Publisher : Springer Nature
Page : 661 pages
File Size : 45,6 Mb
Release : 2022-05-03
Category : Business & Economics
ISBN : 9783030830519

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Petroleum Resource Management in Africa by Theophilus Acheampong,Thomas Kojo Stephens Pdf

This book explores Ghana’s newfound oil wealth and how the revenues it generates can be used to produce inclusive economic growth and development. Comparisons are made with neighboring countries, including Nigeria, Angola, and Equatorial Guinea, to highlight how petroleum resources can create jobs, increase research and development skills, and generate government revenue to invest in local services and infrastructure. The impact of global developments, such as the 2014-16 oil slump and innovation within the industry, are also covered. Petroleum Resource Management in Africa to provide policy suggestions and an operational framework for other petroleum producing countries. It will be of interest to academics and policymakers interested in resource and development economics.

The Oxford Handbook of Sovereign Wealth Funds

Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke
The Oxford Handbook of Sovereign Wealth Funds Book PDF

Author : Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke
Publisher : Oxford University Press
Page : 568 pages
File Size : 54,5 Mb
Release : 2017-10-26
Category : Business & Economics
ISBN : 9780191070822

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The Oxford Handbook of Sovereign Wealth Funds by Douglas J. Cumming,Geoffrey Wood,Igor Filatotchev,Juliane Reinecke Pdf

Sovereign Wealth Funds (SWFs) represent both an increasingly important - and potentially dominant - category of alternative investor, and a novel form for governments to project their interests both home and abroad. As such, they represent both economic actors and embody power vested in the financial and diplomatic resources they can leverage. Although at times they have acted in concert with other alternative investors, their intergenerational savings function should, in theory at least, promote more long-termist thinking. However, they may be impelled in towards greater short termism, in response to popular pressures, demands from predatory elites and/or unforeseen external shocks. Of all the categories of alternative investment, SWFs perhaps embody the most contradictory pressures, making for diverse and complex outcomes. The aim of this volume is to consolidate the present state of the art, and advance the field through new applied, conceptual and theoretical insights. The volume is ordered into chapters that explore thematic issues and country studies, incorporating novel insights in on the most recent developments in the SWF ecosystem. This handbook is organized into four sections and 23 chapters. The four sections are: Governance of SWFs, Political and Legal Aspects of SWFs, Investment Choices and Structures of SWFs, Country and Regional Analyses of SWFs.

Assessing Fiscal Space

International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.
Assessing Fiscal Space Book PDF

Author : International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 66 pages
File Size : 46,8 Mb
Release : 2018-06-15
Category : Business & Economics
ISBN : 9781498309042

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Assessing Fiscal Space by International Monetary Fund. Strategy, Policy, & Review Department,International Monetary Fund. Fiscal Affairs Dept. Pdf

This paper reviews the experience with the fiscal space assessment framework that was piloted during 2017–18. In 2016, staff proposed an operational definition of fiscal space and a new four-stage framework for its assessment. These were discussed informally by the Board in June, and a Board paper “Assessing Fiscal Space: An Initial Consistent Set of Considerations” incorporating Directors’ views was published in December. Fiscal space was narrowly defined as the room for undertaking discretionary fiscal policy relative to existing plans without endangering market access and debt sustainability. The framework was developed in response to the need to provide a more systematic approach to assessing fiscal space in the Fund’s surveillance. It was designed as a tool to inform the availability of fiscal space over a 3 to 4 year horizon for discretionary action, as opposed to the optimality of its use. Indeed, it was stressed that the availability of space does not necessarily mean that it should be used or should not be further expanded. The framework was piloted in the Article IV consultations of 34 advanced economies and emerging markets, comprising almost 80 percent of global GDP in PPP terms.

Natural Resource Taxation in Mexico: Some Considerations

Ms. Alpa Shah
Natural Resource Taxation in Mexico Some Considerations Book PDF

Author : Ms. Alpa Shah
Publisher : International Monetary Fund
Page : 36 pages
File Size : 40,7 Mb
Release : 2021-10-18
Category : Business & Economics
ISBN : 9781513599663

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Natural Resource Taxation in Mexico: Some Considerations by Ms. Alpa Shah Pdf

Mexico has large extractive industries and it traditionally has raised sizable fiscal revenues from the oil and gas sector. A confluence of factors—elevated commodity prices, financial challenges of the state-owned oil company Pemex, and revenue needs for financing social and public investment spending over the medium term—suggest that a review of Mexico’s taxation regimes for natural resources would be opportune, against the backdrop of a comprehensive approach to tackling Mexico’s challenges. This paper identifies opportunities for redesigning mining taxation to increase somewhat the revenue intake while maintaining the favorable investment profile of the sector. It also discusses recent reforms to the oil and gas fiscal regime and future reform considerations, with attention to the attractiveness of investment on commercial terms—an issue that should be placed in the context of an overall reform of Pemex’s business strategy and possibly of the energy sector more generally.

Fiscal Frameworks for Resource Rich Developing Countries

Marcos Poplawski-Ribeiro,Mr.Mauricio Villafuerte,Mr.Thomas Baunsgaard,Christine J. Richmond
Fiscal Frameworks for Resource Rich Developing Countries Book PDF

Author : Marcos Poplawski-Ribeiro,Mr.Mauricio Villafuerte,Mr.Thomas Baunsgaard,Christine J. Richmond
Publisher : International Monetary Fund
Page : 29 pages
File Size : 53,8 Mb
Release : 2012-05-16
Category : Business & Economics
ISBN : 9781475510065

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Fiscal Frameworks for Resource Rich Developing Countries by Marcos Poplawski-Ribeiro,Mr.Mauricio Villafuerte,Mr.Thomas Baunsgaard,Christine J. Richmond Pdf

Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

Fiscal Adjustment for Stability and Growth

Mr.James Daniel
Fiscal Adjustment for Stability and Growth Book PDF

Author : Mr.James Daniel
Publisher : International Monetary Fund
Page : 80 pages
File Size : 55,5 Mb
Release : 2006-08-17
Category : Business & Economics
ISBN : 1589065131

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Fiscal Adjustment for Stability and Growth by Mr.James Daniel Pdf

The pamphlet (which updates the 1995 Guidelines for Fiscal Adjustment) presents the IMF’s approach to fiscal adjustment, and focuses on the role that sound government finances play in promoting macroeconomic stability and growth. Structured around five practical questions—when to adjust, how to assess the fiscal position, what makes for successful adjustment, how to carry out adjustment, and which institutions can help—it covers topics such as tax policies, debt sustainability, fiscal responsibility laws, and transparency.

Fiscal Systems for Hydrocarbons

Silvana Tordo
Fiscal Systems for Hydrocarbons Book PDF

Author : Silvana Tordo
Publisher : World Bank Publications
Page : 86 pages
File Size : 45,6 Mb
Release : 2007-01-01
Category : Technology & Engineering
ISBN : 9780821372678

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Fiscal Systems for Hydrocarbons by Silvana Tordo Pdf

Although host governments and investors may share one common objective - the desire for projects to generate high levels off revenue - their other goals are not entirely aligned. Host governments aim to maximize rent for their country over time, while achieving other development and socioeconomic objectives. Investors aim to ensure that the return on investment is consistent with the risk associated with the project, and with their corporations' strategic objectives. To reconcile these often conflicting objectives, more and more countries rely on transparent institutional arrangements and flexible, nuetral fiscal regimes. This paper examines the key elements of the legal and fiscal frameworks utilized in the petroleum sector and aims to outline desirable features that should be considered in the design of fiscal policy with the objective of optimizing the host government's benefits, taking into account the effect this would have on the private sector's investment.

Managing Climate Risk in the U.S. Financial System

Leonardo Martinez-Diaz,Jesse M. Keenan
Managing Climate Risk in the U S Financial System Book PDF

Author : Leonardo Martinez-Diaz,Jesse M. Keenan
Publisher : U.S. Commodity Futures Trading Commission
Page : 196 pages
File Size : 50,5 Mb
Release : 2020-09-09
Category : Science
ISBN : 9780578748412

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Managing Climate Risk in the U.S. Financial System by Leonardo Martinez-Diaz,Jesse M. Keenan Pdf

This publication serves as a roadmap for exploring and managing climate risk in the U.S. financial system. It is the first major climate publication by a U.S. financial regulator. The central message is that U.S. financial regulators must recognize that climate change poses serious emerging risks to the U.S. financial system, and they should move urgently and decisively to measure, understand, and address these risks. Achieving this goal calls for strengthening regulators’ capabilities, expertise, and data and tools to better monitor, analyze, and quantify climate risks. It calls for working closely with the private sector to ensure that financial institutions and market participants do the same. And it calls for policy and regulatory choices that are flexible, open-ended, and adaptable to new information about climate change and its risks, based on close and iterative dialogue with the private sector. At the same time, the financial community should not simply be reactive—it should provide solutions. Regulators should recognize that the financial system can itself be a catalyst for investments that accelerate economic resilience and the transition to a net-zero emissions economy. Financial innovations, in the form of new financial products, services, and technologies, can help the U.S. economy better manage climate risk and help channel more capital into technologies essential for the transition. https://doi.org/10.5281/zenodo.5247742

Fiscal Rules—Anchoring Expectations for Sustainable Public Finances

International Monetary Fund. Fiscal Affairs Dept.
Fiscal Rules Anchoring Expectations for Sustainable Public Finances Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 73 pages
File Size : 50,5 Mb
Release : 2009-12-11
Category : Business & Economics
ISBN : 9781498335164

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Fiscal Rules—Anchoring Expectations for Sustainable Public Finances by International Monetary Fund. Fiscal Affairs Dept. Pdf

The sharp increase in fiscal deficits and public debt in most advanced and several developing economies has raised concerns about the sustainability of public finances and highlighted the need for a significant adjustment over the medium term. This paper assesses the usefulness of fiscal rules in supporting fiscal consolidation, discusses the design and implementation of rules based on a new data base spanning the whole Fund membership, and explores the fiscal framework that could be adopted as countries emerge from the crisis.