Fiscal rules—permanent quantitative constraints on government finances—are an important tool to help mitigate the macroeconomic challenges associated with managing natural resource revenues. This paper sheds light on large gaps in compliance and oversight of fiscal rules, and provides policy recommendations on how fiscal rules can be further strengthened.
Four years after the Extractive Industries Transparency Initiative (EITI) began encouraging contract disclosure through its standard, this report assesses the extent to which governments of resource-rich countries have taken up the recommendation.
The sale of crude oil by national oil companies (NOCs) generates a large share of government revenue in oil-producing countries. NOC export sales bring in more than two-thirds of total government income in countries such as Angola, Azerbaijan, Congo-Brazzaville, Iraq, Saudi Arabia and Yemen.