## Fiscal Transparency Initiative: Integration of Natural Resource Management Issues

## Source details

**Canonical URL:** [Fiscal Transparency Initiative: Integration of Natural Resource Management Issues](https://www.imf.org/en/publications/policy-papers/issues/2019/01/29/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues)

## Other formats

- [Markdown version](/en/publications/policy-papers/issues/2019/01/29/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues/index.md)
- [Structured JSON version](/en/publications/policy-papers/issues/2019/01/29/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues/index.json)
- [Bundle manifest](/en/publications/policy-papers/issues/2019/01/29/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues/bundle-manifest.json)

## Bibliographic details
- Published: January 29, 2019

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### Overview
- Publication date: January 29, 2019
- Purpose: Integrates a new fourth pillar (Pillar IV) on natural resource revenue management into the IMF Fiscal Transparency Code (FTC).
- Subject: Fiscal transparency, Natural resource taxation

### Structure and scope of Pillar IV
- Pillar IV is incorporated into a unified four-pillar FTC framework that complements Pillars I-III.
- Pillar IV addresses resource-rich country issues across the entire resource revenue management chain:
  - ownership and allocation of resource rights
  - resource revenue mobilization
  - budgeting and utilization of resource revenues
- Pillars I-III (published in 2014) focus on:
  - fiscal reporting
  - fiscal forecasting and budgeting
  - fiscal risk analysis and management

### Transparency practices and norms reflected
- Pillar IV aims to reflect both:
  - established transparency practices in the extractive industries
  - emerging norms such as:
    - the publication of resource payments and contracts
    - the disclosure of beneficial owners of resource rights

### Evidence base and consultation
- Pillar IV reflects lessons learned from pilot fiscal transparency evaluations in:
  - Peru
  - Tanzania
  - United Kingdom
  - Mexico
  - Trinidad and Tobago
- It incorporates extensive stakeholder feedback on earlier drafts of Pillar IV released for public consultation in 2015 and 2016

### Forward use and guidance
- The four-pillar FTC will underpin Fiscal Transparency Evaluations for resource-rich countries.
- Pillar IV will inform a second volume of the Fiscal Transparency Handbook, forming an update to the 2007 Guide on Resource Revenue Transparency.

*International Monetary Fund — Fiscal Transparency Initiative: Integration of Natural Resource Management Issues (January 29, 2019).*

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## Content in this bundle

- **Policy Paper**
  - [Policy Paper (Markdown version)](/-/media/files/publications/pp/2019/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues.pdf.md){rel="alternate" type="text/markdown"}
  - [Policy Paper (PDF)](/-/media/files/publications/pp/2019/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/policy-papers/issues/2019/01/29/pp122818fiscal-transparency-initiative-integration-of-natural-resource-management-issues_