Managing Natural Resource Wealth Thematic Fund
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Overview and objectives
- The Managing Natural Resource Wealth Thematic Fund (MNRW-TF) was launched by the IMF in 2011 with several development partners to help countries build capacity to manage their natural resource wealth effectively.
- The fund helps create a stable macroeconomic environment for exploration and exploitation of natural resources and aims to ensure they are managed in a socially responsible way.
- The MNRW-TF was designed to respond to the fact that many resource-rich developing countries fail to realize the full development potential of their natural resources, especially countries with significant extractive industries—oil, gas, and mineral resources.
- The MNRW-TF goals include assisting resource-rich countries to:
- Help countries ensure that the size of resource-related taxes appropriately balance their need to finance their development goals while still protecting incentives for investors.
- Support efforts to improve the administration of, and compliance with, resource taxes.
- Build capacity to design and implement macroeconomic and macroprudential policies in countries that are highly dependent on large and inherently volatile resource revenues.
- Improve statistics that inform policy decisions on, or affected by, exploitation of natural resources.
- Enhance transparency, thus promoting good governance and an attractive investment climate, and encourage governments to reach out to civil society, and complement the implementation of the Extractive Industries Transparency Initiative (EITI).
Governance and contacts
- A Steering Committee comprising representatives of the external donor partners and IMF staff guides the MNRW-TF work. The Committee:
- Provides strategic guidance and contributes to setting policies and priorities.
- Endorses annual work plans and monitors program performance and achievements.
- Participates in identifying and prioritizing technical assistance needs and work plans through discussions between recipient countries and the IMF.
- Contacts:
- Thomas Baunsgaard
- Email: mnrwsecretariat@imf.org
- Roman Didenko
Funding and phases
- Initial funding: US$25 million provided by Australia, European Union, Kuwait, Netherlands, Norway, Oman and Switzerland.
- Phase 2:
- Launched in late 2016 and fully operational as of May 1, 2017.
- "It is envisages as US30 million fund" and has already received contributions from Australia, the Netherlands, Norway and Switzerland.
Capacity development focus (Phase 2 modules)
- Module 1: EI fiscal regimes, licensing, and contracting
- Module 2: EI revenue administration
- Module 3: Macro-fiscal, public financial management, and expenditure policy
- Module 4: Exchange rate regimes and macroprudential policies
- Module 5: Statistics for managing natural resources
Delivery modes for technical assistance
- IMF headquarters staff: design and deliver technical assistance in the context of diagnostic and review missions, working with country authorities to provide tailored advice.
- Short-term experts: under IMF staff oversight, provide specialized skills to support implementation of IMF technical advice.
- Conferences, workshops, and seminars: deliver targeted training and disseminate lessons learned.
Research, tools, and knowledge products
- Two handbooks released:
- Administering Fiscal Regimes for Extractive Industries: A Handbook (recently translated into French and Spanish).
- Sovereign Asset-Liability Management Guidance for Resource-rich Countries.
- Public release of a stylized version of the IMF’s Fiscal Analysis for Resource Industries (FARI) model, with accompanying Technical Notes and Manual. The FARI model is a modeling framework developed to perform EI fiscal analysis, and can be used for assisting in the design of EI fiscal regimes, revenue forecasting, and revenue administration.
- Development of a template for collecting data on government revenues from natural resources which has been field-tested in several countries. The EITI announced it will collaborate with the IMF in using the template to improve transparency.
- Release online of a draft guide on specific compilation issues for natural resources in macroeconomic statistics.
Events and outreach
- The MNRW-TF financed four successful regional conferences on EI fiscal issues held in East Africa, Asia-Pacific region, and the Andean region (2 conferences), with between 60 and 90 participants at each conference.
- A conference was held in Washington DC to discuss international issues for the EI sector, with the papers being used as a basis for a book on International Tax Issues for the Extractives Industries.
Beneficiary countries and organizations
- Bolivia, Cameroon, Colombia, Democratic Republic of the Congo, ECOWAS, Ecuador, Ethiopia, Ghana, Guinea, Guyana, Indonesia, Iraq, Kenya, Lao PDR, Liberia, Madagascar, Mali, Mauritania, Mongolia, Mozambique, Myanmar, Niger, Nigeria, Papua New Guinea, Peru, Sierra Leone, Solomon Islands, Tanzania, Timor-Leste, Uganda, Zambia.
Content in this bundle
- Assisting Resource-Rich Countries Mobilize and Manage Their Revenues
- Improving the Management of Natural Resources
- 2022
- MNRW-TF Phase II Independent Mid-term Evaluation Report - September 2022
- Managing Natural Resource Wealth
- The Managing Natural Resource Wealth Thematic Fund
- 2017
- MNRW Thematic Fund, Annual Report
- 2020
- 2021|
- 2019
- MNRW Thematic Fund Phase I Completion Report
- Part I
- Part II
References