IMF and the Extractive Industries Transparency Initiative Collaborate Toward Improving Transparency of Natural Resources Revenues

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    IMF and the Extractive Industries Transparency Initiative
    Collaborate Toward Improving Transparency of Natural Resources
    Revenues

    Press Release No. 14/473
    October 16, 2014

    The International Monetary Fund (IMF) and the Extractive Industries Transparency Initiative
    (EITI) are collaborating to improve transparency and consistency of government
    revenues from natural resources. The effort is based on a framework that the
    IMF’s Statistics Department has developed in close consultation with other
    stakeholders, including the EITI, to collect data and report information on such
    revenues. It is based on the IMF’s Government Finance
    Statistics Manual 2014
    (GFSM 2014)
    , which is the
    internationally accepted standard for compiling fiscal statistics.

     

    Louis Marc Ducharme, Director of the IMF’s Statistics Department, noted: “The
    public availability of reliable data on government revenues that facilitates
    fiscal analysis in resource-rich countries is an important objective of the
    IMF’s Statistics Department. This collaboration with the EITI will contribute
    significantly to reaching this objective.”

     

    Jonas Moberg, Head of the EITI International Secretariat, said: “Improving
    public understanding of government revenues from natural resources is a core
    principle of the EITI. This collaboration with the IMF will improve consistency
    and quality of the EITI data across countries.”

     

    The EITI resource transparency standard is currently being implemented in 48
    countries. It requires extensive disclosure of information from the country’s
    natural resource sector, enabling the public to better judge whether the sector
    is well managed. The governments of the EITI countries, as well as other
    resource-rich countries, will be able to use the new framework to present their
    revenue data in an analytically relevant and cross-country comparable
    format.

     

    The new framework has just been tested in Norway. It will be tested in five
    other EITI countries with support of the Managing Natural Resource Wealth
    Topical Trust Fund. Additional information on the new framework can be found at
    http://www.imf.org/external/pubs/ft/gfs/manual/comp.htm.