Managing the Volatility of Commodity Revenues: Fiscal Policy Responses

IMF Seminar

imf seminars event

DATE: October 9, 2015

DAY: Friday

12:30 PM - 2:00 PM Lima Time

LOCATION: National Museum - Nasca Room

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Commodity exporters face formidable policy challenges from the volatility of commodity prices and production and their effects on economic activity. This panel discussion focuses on identifying the elements of a robust fiscal policy framework to help manage such volatility and allow fiscal policy to play a stabilizing role. In doing so, the two broad issues that panelists will consider are: (i) the impact of fluctuating commodity prices on economic activity and fiscal policy; and (ii) the role of fiscal policy and institutions in helping to manage commodity price volatility.

Managing the Volatility of Commodity Revenues: Fiscal Policy Responses


Moderator: Ricardo Avila


Ricardo Avila is currently Editor-in-Chief of Portafolio in Colombia. Trained as an economist, with a Masters degree from the University of Pittsburgh in Pennsylvania, Mr. Avila spent more than 10 years with Semana magazine, including as its Economic and Business Editor, and as a correspondent in Paris and the United States. Mr. Avila has been a Lecturer in Econometrics and Economic Journalism at Universidad Javeriana, Bogotá, a consultant with the Andean Development Corporation in Venezuela and at the Organization of American States and the Inter-American Development Bank. He was also Editor-in-Chief at Cambio, a Colombian weekly. Mr. Avila is the recipient of the Simon Bolivar National Prize for Journalism.

Mitsuhiro Furusawa


Mitsuhiro Furusawa was appointed Deputy Managing Director of the International Monetary Fund on March 2, 2015. Previously, Mr. Furusawa was Special Advisor to the Prime Minister and to the Minister of Finance in Japan. Mr. Furusawa served as Executive Director for Japan at the International Monetary Fund from 2010 to 2012. He has served as Vice Minister for International Affairs at the Finance Ministry, and held various diplomatic positions. Mr. Furusawa studied Law at the University of Tokyo, and is also a graduate of France's Ecole Nationale d'Administration.

Nancy Birdsall


Nancy Birdsall is the founding president of the Center for Global Development's. From 1993 to 1998, she was executive vice president of the Inter-American Development Bank, where she oversaw a $30 billion public and private loan portfolio. Before that she worked 14 years in research, policy, and management positions at the World Bank, including as director of the Policy Research Department. Prior to launching the Center, she served for three years as Senior Associate and Director of the Economic Reform Project at the Carnegie Endowment for International Peace. She is the author, co-author, or editor of more than a dozen books and many scholarly papers. Ms. Birdsall received her Ph.D. in economics from Yale University and an M.A. from Johns Hopkins School of Advanced International Studies.

Armando Manuel


Armando Manuel is Minister of Finance of Angola. Prior to his appointment in May 2013, Mr. Manuel most recently served as the Secretary for Economic Affairs of the President and as Chairman of the Angola Sovereign Wealth Fund. His previous experience at the Ministry of Finance include National Director of Treasury (2006-2009), Department Chief of Treasury Operations (2002-2006) and Department Chief of Economic Studies (2002-2003). He has long been associated with academics, and has worked as lecturer at Agostinho Neto University, Lusiada de Angola University, Instituto Superior Politécnico Metropolitano, Instituto Medio de Economia de Luanda, all in Angola. He graduated in Economics from the Agostinho Neto University in 1996, and holds a MSc in Quantitative Economics from London Guidlhall University since 2001.

Rodrigo Valdes


Mr. Rodrigo Valdes is the Finance Minister of Chile since May 11, 2015. He served as Head – Argentina, Chile, Colombia, Peru and Chief Economist at Banco BTG Pactual S.A., Research Division until March 2014. He headed macroeconomics research within Andean region including Argentina, Chile, Colombia and Peru region. He joined the firm as a Chief Economist in January 2013. Mr. Valdés previously served as a Director of Research and Chief Economist at the Central Bank of Chile from 2002 to 2007. Joining the IMF in 2010, hee served as Deputy Director of the European Department and Deputy Director of the Western Hemisphere Department and mission chief for the US. Before joining the IMF, he was Barclays Capital’s Chief Economist for Latin America from 2008-09. He was the chief adviser to the Chilean Finance Minister from 2000-01.