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Assuming a social welfare function that smoothes expenditure, this paper calculates a sustainability benchmark for the non-mineral balance in Botswana that is based on a notion of a "permanent income" from non-renewable resources. It is derived by constructing a hypothetical annuity from revenues from these resources, which is held constant in terms of GDP. Botswana is an interesting case because current projections suggest that diamond resources could be largely exhausted within a generation.

Fiscal policy --- Revenue --- Botswana --- Economic conditions --- Government revenue --- Public revenue --- Tax policy --- Taxation --- Government policy --- Finance, Public --- Economic policy --- Macroeconomics --- Public Finance --- Natural Resources --- Nonrenewable Resources and Conservation: General --- Fiscal Policy --- Personal Income, Wealth, and Their Distributions --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Environmental management --- Non-renewable resources --- Fiscal stance --- Personal income --- Natural resources --- Income

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We review the literature on Dutch disease, and document that shocks that trigger foreign exchange inflows (such as natural resource booms, surges in foreign aid, remittances, or capital inflows) appreciate the real exchange rate, generate factor reallocation, and reduce manufacturing output and net exports. We also observe that real exchange rate misalignment due to overvaluation and higher volatility of the real exchange rate lower growth. Regarding the effect of undervaluation of the exchange rate on economic growth, the evidence is mixed and inconclusive. However, there is no evidence in the literature that Dutch disease reduces overall economic growth. Policy responses should aim at adequately managing the boom and the risks associated with it.

Exports and Imports --- Foreign Exchange --- Economic Theory --- Natural Resources --- Remittances --- Foreign Aid --- Economic Growth of Open Economies --- Resource Booms --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Currency --- Foreign exchange --- Economic theory & philosophy --- Environmental management --- International economics --- Real exchange rates --- Dutch disease --- Natural resources --- Exchange rates --- Foreign aid --- Economic theory --- Environment --- Economic forecasting --- International relief --- Mozambique, Republic of --- Foreign exchange rates. --- Exports.

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This paper presents the Joint Staff Advisory Note on Guinea-Bissau’s Second National Poverty Reduction Strategy Paper (PRSP II) covering 2011–15. The PRSP II, adopted by the government in July 2011, provides the framework for the implementation of a comprehensive strategy aimed at consolidating macroeconomic stabilization and strengthening recent improvements in economic governance. Its successful implementation would help the country enhance its economic growth conditions, strengthen the rule of law, and accelerate progress toward the achievement of the Millennium Development Goals.

Guinea-Bissau --- Economic conditions. --- Public Finance --- Natural Resources --- Poverty and Homelessness --- National Government Expenditures and Related Policies: General --- Welfare, Well-Being, and Poverty: General --- Health: General --- Education: General --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Public finance & taxation --- Poverty & precarity --- Health economics --- Education --- Environmental management --- Public financial management (PFM) --- Poverty --- Health --- Natural resources --- Environment --- Finance, Public --- Guinea

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This paper integrates into the Fiscal Transparency Code (FTC) a new fourth pillar (Pillar IV) on natural resource revenue management. This completes the pending update to the IMF's FTC, as set out by staff in 2014 (see IMF 2014a).

Public Finance --- Natural Resources --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Public Administration --- Public Sector Accounting and Audits --- Taxation, Subsidies, and Revenue: General --- Environmental management --- Public finance & taxation --- Natural resources --- Fiscal transparency --- Resource management in revenue administration --- Fiscal Transparency Evaluation (FTE) --- Fiscal risks --- Environment --- Revenue administration --- Public financial management (PFM) --- Fiscal policy --- Revenue --- Trinidad and Tobago

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The Gulf of Guinea's tremendous potential is creating investment opportunities for the region. Some of its resources, such as oil, minerals, and forests, continue to attract significant investments whereas others, like natural gas, could be exploited to their full potential if necessary investments were undertaken. Nevertheless, the Gulf of Guinea has to cope with numerous challenges, both exogenous and endogenous, before it can fully benefit from its riches. One of these problems stems from the overwhelmingly weak institutions and governance, pointed by stylized facts, which add to the risks of "natural resource curse" and can feed the theory of the "Paradox of Plenty." The case is made that regional institutional arrangements and increased involvement of the international community and the African Diaspora should complement the efforts in which countries in the region should engage to address policy and governance issues. Complementary avenues are proposed, including maintaining stability and security, making better use of the region's own assets, putting in place a favorable business environment, and augmenting exports with value addition.

Fiscal policy --- Guinea, Gulf of --- Economic conditions. --- Tax policy --- Taxation --- Government policy --- Gulf of Guinea --- Economic policy --- Finance, Public --- Atlantic Ocean --- Investments: Energy --- Macroeconomics --- Industries: Energy --- Natural Resources --- Energy: General --- Hydrocarbon Resources --- Agricultural and Natural Resource Economics --- Environmental and Ecological Economics: General --- Energy: Demand and Supply --- Prices --- Business Taxes and Subsidies --- Investment & securities --- Petroleum, oil & gas industries --- Environmental management --- Public finance & taxation --- Oil --- Natural gas sector --- Natural resources --- Oil prices --- Oil, gas and mining taxes --- Petroleum industry and trade --- Gas industry --- Guinea