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Old Curses, New Approaches? Fiscal Benchmarks for Oil-Producing Countries in Sub-Saharan Africa

Author/Editor: Olters, Jan-Peter
Authorized for Distribution: May 1, 2007
Electronic Access: Free Full Text (PDF file size is 512KB)
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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: Buoyant oil prices have allowed oil-producing countries in sub-Saharan Africa (SSA OPCs) to increase oil exports and fiscal revenues, providing them with resources necessary to address the pressing social needs. To preclude another boom-bust cycle, this paper advocates the definition of a fiscal benchmark anchored in sustainability grounds, following Leigh- Olters (2006). The difference between current primary deficits and those that could be maintained after oil reserves are exhausted represent an indication of the degree to which fiscal positions will have to be adjusted-either gradually, while the overall balances remain in surplus, or abruptly, once oil revenues begin to dwindle.
 
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Series: Working Paper No. 07/107
Subject(s): Oil revenues | Sub-Saharan Africa | Oil exports | Fiscal policy
Author's keyword(s): Oil reserves | fiscal policy | sustainability
 
English  
    Published:   May 1, 2007        
    ISBN/ISSN:   1934-7073   Format:   Paper
    Stock No:   WPIEA2007107   Pages:   42
    Price:   US$18.00 (Academic Rate: US$18.00 )
       
     
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