sharing in governance of extractive industries

David Mihalyi's Blog (13)

How Did Fiscal Rules Hold Up in the Commodity Price Crash?

Fiscal rules—permanent quantitative constraints on government finances—are an important tool to help mitigate the macroeconomic challenges associated with managing natural resource revenues. Partly inspired by successes in managing resource revenues in countries such as Chile, Peru and Norway (countries that have established fiscal rules and have abided by these budgetary constraints for over a decade), more countries have been adopting such rules.


We reviewed the use of fiscal…


Added by David Mihalyi on July 13, 2018 at 15:40 — No Comments

A withhold up in Mongolia? Thoughts on the renewed tax debate around Oyu Tolgoi

Governments of mining countries are vulnerable to investors using double tax agreements (DTAs) as a means of avoiding paying taxes. DTAs are bilateral, or multilateral agreements between countries that set out which country has the right to collect tax on different types of income. Interest expense on foreign loans is one such source of income. The DTA will specify how much tax the source country can collect on the interest paid by the local mining subsidiary, to its affiliate, usually in a…


Added by David Mihalyi on March 25, 2018 at 23:25 — 1 Comment

What is the Presource Curse?

Resource-rich countries tend to experience slower economic growth and more social problems than do less-endowed countries—a phenomenon dubbed the “resource curse.” But it turns out that in many cases, economic growth begins to underperform long before the first drop of oil is produced; this we call the “presource curse.”

In a recent research paper, we found…


Added by David Mihalyi on December 13, 2017 at 12:23 — No Comments

Fiscal Sustainability in Mongolia

The Mongolian government recently announced a USD 5.5 billion bailout agreement with the International Monetary Fund (IMF) and other development partners, including the World Bank, the Asian Development Bank and the governments of Japan and South Korea. In return, Mongolia approved a limited and revenue-focused set of reforms. Budget amendments passed in April included increases in personal income tax rates, increases in fuel, alcohol and tobacco taxes, and a public service wage…


Added by David Mihalyi on August 22, 2017 at 15:58 — No Comments

Mongolia’s Crisis Averted—For Now

We have published a blog commenting on the announcement of an IMF bailout for Mongolia, which you can read here: 


Our findings build on the results from using our latest tool, a user-friendly macro-fiscal model to analyze how different shocks or policy changes - especially in the mining sector -  would impact the trajectory…


Added by David Mihalyi on March 19, 2017 at 20:30 — No Comments

Mongolia Macro-fiscal Model

NRGI has developed a new tool linking resource sector developments to a detailed picture of Mongolia’s economy and budget in order to inform ongoing discussions on pressing fiscal issues and long-term sustainability.

It incorporates project level models of the country’s five largest mine, a semi structural macroeconomic model and detailed budget forecasts.  It projects a baseline scenario of the economy and describes how different shocks or policy changes would impact the trajectory…


Added by David Mihalyi on March 3, 2017 at 17:30 — No Comments

Debt Sustainability Challenges in Resource-Rich Developing Countries

The International Monetary Fund and the World Bank are currently undertaking a review of their debt sustainability framework for low-income countries. We at the Natural Resource Governance Institute submitted comments on how the framework could better address the particular debt sustainability challenges faced by resource-rich countries.…


Added by David Mihalyi on November 19, 2016 at 12:00 — 2 Comments

Angola, Good Deals, and Mining the Data Deluge

Let’s imagine a country with a large resource deposit. In this country, the government grants a private company license to extract it. In a given year of production, the company extracts USD 1 billion worth of resources and then pays a 30% share—USD 300 million—through several channels of taxation to the host government. Citizens who observe similar numbers in company, government and watchdog reports are left wondering whether such a ratio is high or low—essentially,…


Added by David Mihalyi on May 8, 2016 at 22:49 — No Comments

Natural Resource Charter Case Studies

This is a series of case studies that illustrates the principles of the Natural Resource Charter. The charter is a tool used by governments and societies seeking to better harness the opportunities created by extractive resources.


The charter is organized around 12 core precepts offering guidance on key decisions governments face, beginning with whether to…


Added by David Mihalyi on April 25, 2016 at 11:52 — No Comments

NRGI Launches New Oil, Gas and Mining Open Data Platform ResourceProjects.org

NRGI is excited to launch the public alpha version of ResourceProjects.org.

ResourceProjects.org is an open-source repository of data on oil, gas and mining projects across the world. It provides a platform to collect, display, download and search extractive project information using open data. It aims to harvest data on project-by-project payments to governments—based on recent mandatory…


Added by David Mihalyi on April 2, 2016 at 10:30 — No Comments

IMF's Open FARI Model Release an Important First Step

Today, the International Monetary Fund released its model for evaluating and designing oil and mining deals in resource-rich countries. NRGI welcomes the move. With growing availability of open data on extractives and a growing community of users of such models, it’s an important step toward bettering public scrutiny and understanding of resource deals and the flow of revenues.

Last year, NRGI …


Added by David Mihalyi on October 10, 2015 at 12:30 — No Comments

The Miracle That Became a Debacle: Iron Ore in Sierra Leone

Resource-rich, developing countries are experiencing deep turmoil due to low commodity prices. In many West African countries such as Sierra Leone, Guinea and Liberia, the future of some large iron ore projects, under development for the last five years, is looking uncertain. These projects were conceived when iron ore prices were at historical heights, and officials and citizens…


Added by David Mihalyi on April 19, 2015 at 22:30 — 1 Comment

Forecasting Ghana's Oil Revenues for the 2015 Budget Using an Open Fiscal Model of the Jubilee Field

In order to help Ghanaian MPs and the general public understand the potential impact of volatile petroleum prices on the implementation of the 2015 budget, we at NRGI have built an oil revenue forecasting model. The tool uses only publicly available data and information. It is provided in Microsoft Excel (.xlsx), and released under an open licence so that it can be used by anyone. It can also…


Added by David Mihalyi on February 24, 2015 at 19:45 — 1 Comment


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