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Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources: The Case of Gabon

Author/Editor: Ntamatungiro, Joseph
Authorized for Distribution: February 1, 2004
Electronic Access: Free Full Text (PDF file size is 426KB)
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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: This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.
 
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Series: Working Paper No. 04/30
Subject(s): Fiscal policy | Gabon | Heavily indebted poor countries | Oil | Debt
Author's keyword(s): Gabon | oil | debt | fiscal sustainability | savings fund | intergenerational equity
 
English  
    Published:   February 1, 2004        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA0302004   Pages:   37
    Price:   US$15.00 (Academic Rate: US$15.00 )
       
     
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