The International Monetary Fund has begun a “consultation process” seeking views on “the best way to tax natural resources and how to use the money earned to boost standards of living in the countries that own them.”
The group is accepting comments through Apr. 27 from “the private sector, civil society, academics, and others” and has opened a web page for the project. Comments can be sent by e-mail to IMFConsultation@imf.org.
IMF noted countries face a range of policy questions related to development of oil, natural gas, and other resources.
“These policy challenges extend to areas such as resource taxation, fiscal policy design, sustainability of external balqances, the impact of resource booms on exchange rates, and complex linkages between resource and nonresource sectors,” it said.
IMF will incorporate comments from the consultation process in two papers its staff is writing for the executive board on natural resource wealth management and taxation of natural resource rents.
IMF also is holding a conference in Kinshasa Mar. 21-22 on management of natural resources in sub-Saharan Africa.