IMF Conference

Registration

Welcome by Matata Ponyo Mapon, Minister of Finance, Democratic Republic of the Congo

Opening Remarks by Antoinette M. Sayeh, Director, African Department, IMF, on the Challenge of Managing Natural Resources in Low-Income Countries ;

Session 1: Natural Resource Flows and Macroeconomic Policies

Managing the windfall from increasing resource revenue in good times and dealing with spending cuts when a “boom” fades, Dutch disease and international competitiveness, concerns about the coordination of reserve/monetary, and fiscal policies and external sustainability are major policy issues that are as pertinent today as they were yesterday. This session sets the stage for the conference through a discussion on the latest thinking about this age-old problem.

Chair: Maria Kiwanuka, Minister of Finance, Planning, and Economic Development, Uganda

Panelists:

Catherine Pattillo, Advisor, Strategy, Policy, and Review Department, IMF

Anthony Venables, BP Professor of Economics, Oxford University (invited)

Mattia Pellegrini, Member of the Cabinet of Antonio Tajani, Vice-President of the European Commission

Open discussion

Coffee Break

Session 2: Operational Aspects of Fiscal Policy in Resource-Rich Countries>

Fiscal policy stands center stage in resource-rich countries because natural resource revenue is finite and highly volatile. This raises complex issues of sustainability and intergenerational equity, and financial management and the appropriate savings vehicles, including Sovereign Wealth Funds. This session explores the operational aspects of fiscal policy from a theoretical and practical perspective.

Chair: Matata Ponyo Mapon, Minister of Finance, Democratic Republic of the Congo

Panelists:

Sanjeev Gupta, Deputy Director, Fiscal Affairs Department, IMF

Joe Asamoah, Managing Director, EnerWise Africa

Olgario de Castro, Chairman, Investment Advisory Board, Petroleum Fund, Timor-Leste

Open discussion

Lunch

Session 3: Public Investment as the Engine of Sub-Saharan African Growth

Natural resource revenue has augmented fiscal space in many sub-Saharan African countries, creating the potential for public investment to be the engine of growth and poverty reduction. But in the past, scaling up public investment has often led to disappointing results. This session explores the pros and cons of scaling up investment, measures to enhance public investment efficiency and the potential constraints, and country experience.

Chair: Gilbert Ondongo, Minister of Finance, Budget, and Public Portfolio, Republic of Congo

Panelists:

Paul Collier, Professor of Economics and Director of the Centre for the Study of African Economies at Oxford University

Anand Rajaram, Sector Manager (Africa Region), World Bank

Pedro Conceição Couto, Vice Minister of Finance, Ministry of Finance, Mozambique

Open discussion

Coffee Break

Session 4: Raising the Bar on Governance and Transparency in Managing Natural Resources

Good governance and transparency in the management of natural resources is essential for accountability and getting the most from the exploitation of a country’s resource endowment. A broad-based panel will lead a discussion on the best ways to accomplish these goals.

Chair: Tim Bittiger, Rregional Director for Francophone Africa and Europe, Extractive Industries Transparency Initiative

Panelists:

Gavin Hayman, Director of Campaigns, Global Witness

Jonathan Hobbs, Senior Policy Advisor (Natural Resources Governance—Trade and Investment), WWF

Zainab Ahmed, Executive Secretary, Nigeria EITI

Zhang Yongpeng, Research Fellow, Chinese Academy of Social Sciences

Open discussion

Reception/Dinner (hosted by the DRC authorities)

Session 5: How the Government Gets its “Fair Share”

Relatively strong commodity prices in recent years combined with declining external financial support for low-income countries has many policy makers in resource-rich countries asking how government can get its fair share of resource wealth. This session explores the many issues surrounding the role of the public sector in managing natural resources: public versus private ownership; sharing of risks and rewards between government and private-sector investors; and the experience of in managing the interests of the state and multinational enterprises.

Chair: Holger Grundel, Senior Advisor, Department for International Development, United Kingdom

Panelists:

Philip Daniel, Deputy Division Chief, Fiscal Affairs Department, IMF

Kathryn McPhail, Director, International Council on Mining and Metals

William Curtis, Secretary General, Ministry of Mines and Geology

Open discussion

Coffee break

Session 6: Administering and Efficient Management of Natural Resource Revenue When Capacity is Weak

New policy instruments like the resource rent tax are gaining ground as the means to capture more revenue from the natural resource sector. But administering such measures and projecting the tax take is challenging, especially if capacity is weak. In this "hands-on" session, experienced practitioners share their views on what works and what does not in this setting.

Chair: Roger Nord, Deputy Director, African Department, IMF

Panelists:

John Calder, IMF Technical Expert

Antoine Heuty, Deputy Director, Revenue Watch Institute

Chansa Shambuluma, Acting Commissioner Domestic Taxes, Zambia Revenue Authority

Martin Kabwelulu, Minister of Mines and Acting Minister of Oil, Democratic Republic of the Congo

Open discussion

Roundtable discussion: Lessons and the Way Forward

Moderator: Anthony Venables

Participants: Antoinette Sayeh, Minister Matata, Minister Kiwanuka, Vice-Minister Couto, Kathryn McPhail, and Gavin Hayman

Lunch

Cocktail (hosted by the DRC authorities)