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11. Fiscal Sustainability in Mongolia in 2018

Author:
Tsolmon Baatarzorig, Nyambaatar Batbayar, and Ragchaasuren Galindev
Publication Date:
01-2018
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
In 2017, Mongolia received an extensive bailout package from the International Monetary Fund (IMF) under its Extended Fund Facility (EFF). Since taking the IMF loan, Mongolia has had good economic luck. A record high year of coal production combined with a surge in commodity prices has left the country with a budget revenue windfall. This has allowed gross domestic product (GDP) to grow by 5.3 percent, which was higher than the forecasted 3 percent. Mongolia has reduced its fiscal deficit and public debt is declining. The country’s credit rating has improved and it has managed to repay two large foreign currency-denominated bonds. The government has also recently created a Fiscal Stability Council to improve budget oversight.
Topic:
International Affairs and Natural Resources
Political Geography:
Mongolia and Global Focus

12. Tip-Toeing Toward Transparency: Jade and Gemstone Sector Disclosures in Myanmar

Author:
Paul Shortell
Publication Date:
12-2018
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Myanmar exports more than 90 percent of global jade supply and is also a leading source of high-quality rubies, sapphires and other varieties of colored gemstones. Mining of these precious stones generates billions of dollars annually, making it one of the country’s most significant sectors. Yet the jade and gemstone industry has remained largely shrouded in secrecy, with most profits flowing to armed groups and political elites rather than supporting broad-based economic and social development.1 The Extractive Industries Transparency Initiative (EITI) is a global standard designed to “promote the open and accountable management of oil, gas and mineral resources.”2 Since Myanmar became a candidate country in 2014, the EITI process has helped to shine light on the previously opaque jade and gemstone sector. Myanmar EITI released its first reconciliation report, covering fiscal year
Topic:
International Affairs and Natural Resources
Political Geography:
Global Focus

13. Discussion of Guyana’s Green Paper

Author:
Andrew Bauer, David Mihalyi, and Fernando Patzy
Publication Date:
01-2018
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Guyana is on the verge of becoming an oil-rich country. In absolute terms, Guyana’s petroleum wealth is modest, representing approximately 0.2 percent of global reserves, which places the country 26th globally. However, it possesses the world’s seventh-largest oil reserves per capita, second-largest in Latin America behind Venezuela. If revenue estimates from the Liza field prove to be accurate, Guyana could become one of the world’s largest per capita oil producers over the course of several years in the mid-2020s. According to independent projections, fiscal revenues from the petroleum sector could range between USD 7 and 27 billion over the next 30 years. Between 2025 and 2028, revenues could peak at between USD 800 million and 2.5 billion in a given year, at least doubling Guyana’s national budget in some years. That said, delays on these types of megaprojects are common and some revenue estimates may be optimistic.
Topic:
Natural Resources
Political Geography:
Global Focus

14. Reaching Wider Populations with Global Online Courses

Author:
Natural Resource Governance Institute
Publication Date:
01-2018
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
Despite the critical relevance of natural resources to millions of peoples’ lives, most citizens of resource-rich countries have limited knowledge about how resources are governed. To address this knowledge gap, the Natural Resource Governance Institute (NRGI) developed two online training tools aimed at generating critical awareness and building technical knowledge about core resource governance issues. The first tool is a massive open online course (MOOC), “Natural Resources for Sustainable Development: The Fundamentals of Oil, Gas and Mining Governance.” The second is an online simulation called “Petronia,” named for an imaginary oil-rich country.
Topic:
International Affairs and Natural Resources
Political Geography:
Global Focus

15. 2017 Natural Resource Governance Index

Author:
Natural Resource Governance Institute
Publication Date:
01-2017
Content Type:
Special Report
Institution:
Natural Resource Governance Institute
Abstract:
This report presents the key findings and core messages of the 2017 Resource Governance Index. The index measures the quality of resource governance in 81 countries that together produce 82 percent of the world’s oil, 78 percent of its gas and a significant proportion of minerals, including 72 percent of all copper. It is the product of 89 country assessments (eight countries were assessed in two sectors), compiled by 150 researchers, using almost 10,000 supporting documents to answer 149 questions
Topic:
International Security and Natural Resources
Political Geography:
Global Focus

16. Answering Questions About the Commodity Slump: A Summary from the 2015 NRGI Conference

Author:
David Manley
Publication Date:
10-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
There has rarely been as large a commodity boom, with such resounding effects, as the one that has recently ended. Policy makers and commentators saw the boom as an opportunity to pull hundreds of millions of people out of poverty. But, after the crash of commodity prices, one might ask whether this opportunity been largely missed. Policymakers and citizens of resource-rich countries should draw lessons from the experience and ascertain what risks and opportunities they now face in a period of depressed prices. To contribute to this thinking, NRGI gathered more than 180 experts for two days of discussion at St. Catherine’s College, Oxford, in June 2015. Key questions addressed in this conference summary paper include: Were countries prepared for the bust? Was a lack of accountability and transparency really to blame for countries’ poor resource governance efforts? How can transparency be more useful? Has the price slump closed the door on new investment? Is there a “race to the bottom” to stem capital flight? Can we turn the crisis into an opportunity?
Topic:
Development, International Trade and Finance, Oil, Poverty, Natural Resources, and Financial Crisis
Political Geography:
Global Focus

17. In Pursuit of Transparent Trading

Publication Date:
10-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Commodity trading and the activities of trading companies influence economic and governance outcomes in developing countries. Typically privately owned with flexible business models, many trading companies work extensively in “high-risk” environments – including countries with weak institutions, conflicts or other challenges that scare away more risk-averse companies. Given the size of this footprint, and its prevalence in countries with high levels of corruption or poverty (or both), the quality of trading companies’ business practices is of serious concern. Trading companies play several roles through which they influence public institutions and public revenues, and they frequently build close relationships with top officials and political elites. They are major buyers of raw materials sold by governments and state-owned companies worldwide, and these transactions generate significant public revenues. Traders also provide large loans to governments, sell refined products, and enter into joint ventures with state-owned entities. They are expanding their upstream and downstream operations in developing countries as well.
Topic:
Economics, International Trade and Finance, Natural Resources, and Governance
Political Geography:
Global Focus

18. Owning Up: Options for Disclosing the Identities of Beneficial Owners of Extractive Companies

Author:
Aaron Sayne, Erica Westenberg, and Amir Shafaie
Publication Date:
08-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Global interest in ownership transparency is growing, with the G8 adopting principles on beneficial ownership; a dozen EITI countries participating in a beneficial ownership pilot; and the US, UK and EU taking steps toward making more beneficial ownership information available. The aim of such initiatives is to shed light on secret ownership structures that enable some extractive companies to evade tax payments or hide improper relationships with government officials. While a complex and opaque ownership structure is no sure sign that an extractives company is engaging in financial misconduct, the publication of beneficial ownership information can help to deter improper practices and enable detection. This briefing explores options open to countries for collecting, publishing and using information on the beneficial owners of oil, gas and mining companies. It provides background on how beneficial ownership works in the extractive industries and why it matters. The briefing also offers governments, companies and civil society members a framework for deciding what information to publish, and considers the critical question of what more disclosure could realistically achieve.
Topic:
Industrial Policy, International Cooperation, International Trade and Finance, Oil, and Natural Resources
Political Geography:
Global Focus

19. From Reporting to Reform: Eleven Opportunities for Increasing EITI Impacts

Author:
Max George-Wagner and Erica Westenberg
Publication Date:
06-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
Under the EITI Standard, implementing countries are required to produce far more comprehensive reports than before; these go beyond revenue payments to include disclosures across the entire extractive industries decision chain. However, the objective of the Standard is not merely to generate more data, but rather that stakeholders will use the information to impact the governance of the sector. This EITI briefing note explores how countries are faring at meeting the EITI’s more ambitious requirements and what implementing countries can do to begin moving “from reporting to reform.” This briefing note is based on a review of the first 22 reports produced under the Standard; the review assesses both the quality of reporting, as well as the content. We found that in many respects countries have risen to the challenge and become more ambitious and comprehensive in their reporting. This has included highlighting critical deficiencies in license allocation processes, revealing politically affiliated owners of companies, and identifying significant local revenues that were never disbursed. However, a number of significant gaps remain and these are holding countries back from seeing meaningful impacts from their EITI processes. For instance, these reports have missed opportunities to inform major tax code revisions, ignored hotly debated issues of sector employment, and left stakeholders in the dark about individual extractive projects.
Topic:
Economics, Industrial Policy, Intelligence, Natural Resources, and Governance
Political Geography:
Global Focus

20. NRGI Readers: A Primer Series About Resource Governance

Publication Date:
04-2015
Content Type:
Policy Brief
Institution:
Natural Resource Governance Institute
Abstract:
NRGI has created a series of short, illustrated overviews of key topics in NRGI's portfolio of work. Together they serve as a robust introduction for the lay reader to fundamental issues and concepts in resource governance. Most contain helpful figures and infographics, and each reader has a standard format: key messages, key concepts and case examples, and a final set of practitioner-orientated questions to ask. Each topic is explicitly linked to the relevant precepts of the Natural Resource Charter.
Topic:
Economics, Industrial Policy, Oil, Natural Resources, and Governance
Political Geography:
Global Focus