Managing Natural Resource Revenue in Liberia:
Opportunities and Challenges Managing Resources for Sustained Economic Development
Challenges to Macroeconomic and Revenue Management Seminar on March 18, 2013 at the Mamba Point Hotel, Monrovia, Liberia
The seminar "Managing Natural Resource Revenue in Liberia: Opportunities and Challenges Managing Resources for Sustained Economic Development" took place in Monrovia on March 18, 2013.
The seminar was organized by the International Monetary Fund in collaboration with the International Growth Centre and the Ministry of Finance of Liberia.
The event brought together more than 100 participants including senior government policymakers, international experts in the field of natural resource management, legislators, private sector representatives, as well as development partners and civil society organizations. The seminar provided an opportunity to exchange views on the need to frame Liberia’s natural resource management strategy in the country’s overall economic management, taking account of Liberia’s unique political economy—including its long history with concessions and the system of government patronage—learning lessons from other countries, the urgent need to build capacity to manage resource revenues, and the importance of effective rules, institutions, transparency and accountability.
Arrival and registration (Breakfast)
Introduction and Opening Address
Introduce Day’s Events IMF
Welcoming Statement Hon. Minister of Finance Amara Konneh
This seminar will provide an overview of key issues at stake. To set the stage for the day, the first session touches on the challenges and risks of managing natural resources. The remaining sessions will go into more detail on the possible policy responses to these challenges.
Session 2: Fiscal Policy for Natural Resources: Options for Liberia
Which tax regime will work best for Liberia? This Session will review the important considerations as well as the pros and cons of the various options in the Liberian context.
Panel Discussion: What will work best in Liberia?
Session 3: Options for Natural Resource Revenue Management for Liberia: Macroeconomic and Institutional Considerations
This session explores the macroeconomic and institutional constraints and key considerations in the crucial decision whether to spend or save natural resource revenues, and discusses the pros and cons for Liberia.
Speaker: Todd Mattina, Fiscal Affairs Department, IMF
Panel Discussion: Government Perspectives on Managing Natural Resource Flows in Liberia
Session 4: Governance and Transparency in Managing Natural Resources and the Role of Public Sector
The session will explore the issues surrounding the role of the public sector in managing natural resources; sharing risks and rewards between government and private-sector investors and the best ways to ensure good governance and transparency.
Panel Discussion: Perspectives from private sector, development partners, CSOs: What legal framework will work best for Liberia? How to project when capacity is weak.
Summary of Day: Lessons and Way Forward