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Lumber in transit by road near Accra, Ghana. Countries that have natural resources face issues arising from exhaustible, volatile revenues (IMF photo)

The IMF and Civil Society

IMF Gathers Ideas on Best Use of Natural Resources

March 30, 2012

The International Monetary Fund (IMF) has launched a consultation process with the private sector, civil society, academics, and others to gather ideas about the best use of natural resources for boosting living standards in developing countries.

The boom in global commodity prices and new discoveries of resources such as oil, gas, and minerals offer vast opportunities for economic development in many low- and lower-middle income countries.

The IMF is seeking views on the best ways to tax natural resources, and how to use the money earned to boost standards of living in the countries that own them.

Avoiding the pitfalls

Developing countries face important economic policy challenges in trying to realize the full development potential of their natural resources and to avoid the pitfalls that have previously plagued some countries that are rich in resources but often do not see the full benefit of them.

Read the complete story.