Introduction: Pillars Today’s discussion concludes my evaluation of the tenth and final topic on the list of “top-10 development challenges”, which Guyana will face, as it starts to receive its petroleum revenues next year. As promised last week, I shall start with an introduction of the “four pillars” on which the Fiscal Transparency Code rests….
Introduction and Definition Today’s column develops further the discussion of the IMF’s Fiscal Transparency Code. I had proposed Guyana’s unqualified adoption of this Code, as the most effective means for forging a seamless integration of spending the expected Government Take from the petroleum sector and the national fiscal and budgetary systems. The column elaborates on…
Introduction Today’s column continues the discussion of the tenth (and final) item on my list of “top-10 development challenges”, which as I have indicated, Guyana will face when spending Government Take from its coming petroleum sector. Last week’s column had offered two concrete proposals on the topic (“integrating PSA revenues and the National Budget”). Both…
Introduction In last week’s column, I had indicated that there were two proposals, which I wished to offer on the tenth topic on my list of “top-10 development challenges.” That topic is “Integrating PSA Revenues into the National Budget.” These proposals are: First, a call for a major framework policy indicative plan early on in…
Introduction Today’s column starts consideration of the final topic (number 10) on my list of the top 10 development challenges, which I anticipate that spending Government’s Take from its coming petroleum sector, scheduled to be on-stream in early 2020, will have to confront in the coming years. That topic is Integrating the Production Sharing Agreement…
Introduction Last week’s column dealt with a few of the more theoretical aspects of the role that “public expectations” play in general economic growth theory and the modelling of natural resources policy management. Today’s column focuses on the specifics of managing these expectations as a development challenge facing Guyana, as it seeks to spend its…
Introduction A number of readers have indicated to me I should have placed much more emphasis on the great extent to which the Permanent Income Hypothesis (PIH) fiscal rule for natural resources revenue management,no longer finds favour, even among its most ardent initial supporters. The International Monetary Fund (IMF) is a good example of this….
Introduction Last week’s column provided additional data on the first of four features of Guyana’s recent oil and gas discovery; that is, its physical/geological configuration. The column amplified on three attributes: the geological make-up; its location offshore; and, the size or quantum of potential reserves. Today’s column amplifies on the second feature, namely, the project…
Introduction Today’s column continues the effort to provide for readers’ guidance a response to the burning question: What are the lessons to be learned from oil and gas producing countries that have implemented policies/regimes for local content requirements (LCRs)? As previously indicated, such countries are many, and, unsurprisingly, their experiences are varied. Beyond question, LCRs…
Introduction Last week’s column had indicated that, starting today, I would seek to draw lessons arising from global experiences with national local content requirement (LCR) regimes, which are aimed at maximizing economic benefits derived from the creation of export-oriented oil and gas extraction industries, based on significant domestic resource finds. I shall further indicate these…
