Review of the Experience with Oil Stabilization and Savings Funds in Selected Countries

June 1, 2000

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

The main purposes of this paper are to review the operational modalities and experience of oil funds currently in place in Norway, Chile (copper), the State of Alaska, Venezuela, Kuwait, and Oman, and to draw some preliminary conclusions on their contribution to enhance fiscal management. The outcome so far of their experience has been mixed, with differences among countries reflecting the variety of objectives attached to the funds, the challenges in adhering to established rules, the institutional set-up. and the soundness of the overall fiscal discipline in each country (or state).

Subject: Budget planning and preparation, Commodities, Expenditure, Oil, Oil prices, Oil, gas and mining taxes, Prices, Public financial management (PFM), Taxes

Keywords: Budget planning and preparation, Chile’s copper fund, dividend program, fund, fund staff estimate, gas and mining taxes, Oil, oil exporting countries, Oil prices, oil savings fund, oil stabilization fund, savings fund, SGRF assets, stabilization fund, stabilization objective, WP

Pages:
20
Volume:
2000
DOI:
https://doi.org/10.5089/9781451853599.001
Issue:
112
Series:
Working Paper No. 2000/112
Stock No:
WPIEA1122000
ISBN:
9781451853599
ISSN:
1018-5941

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