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Fiscal Sustainability in Heavily Indebted Countries Dependent on Nonrenewable Resources: The Case of Gabon

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Author Info
Joseph Ntamatungiro
Abstract

This paper proposes a framework for assessing fiscal sustainability in heavily indebted countries dependent on exhaustible resources, with reference to Gabon. It finds that fiscal sustainability could be achieved by: (i) developing a fiscal rule for the non-oil primary fiscal balance compatible with an objective for reducing the debt-to-non-oil GDP ratio; (ii) introducing a constant oil-based income transfer per capita allowing intergenerational equity; and (iii) building up an oil savings fund. Long-term simulations show that Gabon's fiscal position is fragile and that a fiscal policy path consistent with the proposed framework could help achieve comfortable levels of net wealth.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/30.

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Length: 37 pages
Date of creation: 04 Mar 2004
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Handle: RePEc:imf:imfwpa:04/30

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Keywords: Fiscal policy ; Gabon ; Heavily indebted poor countries ; Oil ; Debt ;

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This paper has been announced in the following NEP Reports: References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arvind Subramanian & Xavier Sala-i-Martin, 2003. "Addressing the Natural Resource Curse: An Illustration from Nigeria," IMF Working Papers 03/139, International Monetary Fund. [Downloadable!]
    Other versions:
  2. W.H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," CEP Discussion Papers dp0333, Centre for Economic Performance, LSE. [Downloadable!]
  3. Paolo Manasse & Axel Schimmelpfennig & Nouriel Roubini, 2003. "Predicting Sovereign Debt Crises," IMF Working Papers 03/221, International Monetary Fund. [Downloadable!]
  4. Catherine A. Pattillo & Hélène Poirson & Luca Antonio Ricci, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
  5. Diep Nuven, 1994. "Linkages in Price Level and Inflation Rate Between CFA Franc Zone Countries and France," IMF Working Papers 94/93, International Monetary Fund.
  6. Boileau Loko & Raj Nallari & Kadima D. Kalonji & Montfort Mlachila, 2003. "The Impact of External Indebtedness on Poverty in Low-Income Countries," IMF Working Papers 03/61, International Monetary Fund. [Downloadable!]
  7. Enzo Croce & V. Hugo Juan-Ramon, 2003. "Assessing Fiscal Sustainability: A Cross Country Comparison," IMF Working Papers 03/145, International Monetary Fund. [Downloadable!]
  8. Eduardo Engel & Rodrigo O. Valdés, 2000. "Optimal Fiscal Strategy for Oil Exporting Countries," IMF Working Papers 00/118, International Monetary Fund.
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  9. Ugo Fasano-Filho & Qing Wang, 2002. "Testing the Relationship between Government Spending and Revenue: Evidence from GCC Countries," IMF Working Papers 02/201, International Monetary Fund. [Downloadable!]
  10. Philip R. Gerson, 1998. "The Impact of Fiscal Policy Variables on Output Growth," IMF Working Papers 98/1, International Monetary Fund.
  11. Thomas Baunsgaard, 2003. "Fiscal Policy in Nigeria: Any Role for Rules?," IMF Working Papers 03/155, International Monetary Fund. [Downloadable!]
  12. Willem H. Buiter, 1997. "Aspects of Fiscal Performance in Some Transition Economies Under Fund-Supported Programs," IMF Working Papers 97/31, International Monetary Fund.
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  13. Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 34(2003-1), pages 1-74. [Downloadable!]
    Other versions:
    • Carmen M. Reinhart & Kenneth S. Rogoff & Miguel A. Savastano, 2003. "Debt Intolerance," NBER Working Papers 9908, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    • Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany. [Downloadable!]
  14. Nigel Andrew Chalk, 1998. "Fiscal Sustainability with Non-Renewable Resources," IMF Working Papers 98/26, International Monetary Fund.
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  1. Bandiera, Luca & Budina, Nina & Klijn, Michel & van Wijnbergen, Sweder, 2007. "The"how to"of fiscal sustainability : a technical manual for using the fiscal sustainability tool," Policy Research Working Paper Series 4170, The World Bank. [Downloadable!]
  2. Daniel Leigh & Jan-Peter Olters, 2006. "Natural-Resource Depletion, Habit Formation, and Sustainable Fiscal Policy: Lessons from Gabon," IMF Working Papers 06/193, International Monetary Fund. [Downloadable!]
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