Managing manna from below: sovereign wealth funds and extractive industries in the Pacific
A key challenge for developing countries endowed with natural resources is to transform those resources into sustained improvements in living standards. A number of Pacific island countries have utilised sovereign wealth funds (SWFs) to manage government revenue from exhaustible natural resources with the aim of improving development outcomes. Experience in the region has been mixed — some SWFs have aided intergenerational equity and macroeconomic stability while others have struggled to bring about improvements in wellbeing. This paper examines the past and present SWFs of Kiribati, Nauru, Timor–Leste and Papua New Guinea. In doing so, it draws out some lessons for policymakers considering the use of SWFs in managing resource revenue in developing countries. Principles for successful SWFs are identified, including strong transparency, public support for the SWF, integration with the national budget and professional investment management.
Volume (Year): (2010)
Issue (Month): 1 (April)
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