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Operational Aspects of Fiscal Policy in Oil-Producing Countries

Author/Editor: Barnett, Steven | Ossowski, Rolando
Authorized for Distribution: October 1, 2002
Electronic Access: Free Full Text (PDF file size is 1,309KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.

Summary: Oil-producing countries face challenges arising from the fact that oil revenue is exhaustible, volatile, and uncertain, and largely originates from abroad. Reflecting these challenges, the paper proposes some important general principles for the formulation and assessment of fiscal policy in these countries. The main findings can be summarized in some key guidelines: the non-oil balance should feature prominently in the formulation of fiscal policy; it should generally be adjusted gradually; the government should strive to accumulate substantial financial assets over the period of oil production; and, where necessary, strategies should aim at breaking procyclical fiscal responses to volatile oil prices.
 
Series: Working Paper No. 02/177
Subject(s): Fiscal policy | Oil producing countries | Oil pricing policy
Author's keyword(s): Oil | petroleum | fiscal policy | oil-producing countries | nonrenewable resources | fiscal sustainability
 
English  
    Published:   October 1, 2002        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA1772002   Pages:   35
    Price:   US$15.00
       
     
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