Revenue management, Kampala, Uganda
- 11 Nov, 2019
- 12:00 am
This one-day training session examines the major challenges that new producers face when setting and enforcing policy around the macro-economic management of revenues expected from the extractive sector. As governments anticipate the possibility of large revenue flows, and adapt to the uncertainties, volatility and other risks associated with them, they face a number of challenging policy questions. Should our country establish a fiscal rule to govern spending and savings? Should we create a natural resource fund? Do we take on new debt to finance pressing development needs in anticipation of future revenue flows? How do we communicate with our citizens about possible and actual revenues generated by oil and gas and what we are doing with those revenues?
This course emphasizes an interactive discussion that balances state-of-the-art economic theory with practical experience drawing on the histories of revenue management, including in new producer countries. It is designed for an audience of policymakers from a range of government entities, including Ministries of Finance but also including representatives of ministries of oil, state companies and development ministries seeking a deeper understanding of policy questions surrounding these revenue management issues. It is led by economists with deep experience working with officials and other actors from a range of countries getting ready for oil and gas production. In particular, the course emphasizes what governments can do to try to avoid the “presource curse” that has afflicted several new producers, whereby policies set before production has begun can result in excessive debt and/or disappointing results.