TARGET GROUP | Mid- to senior-level officials from central banks, ministries of finance, and other relevant government agencies involved in the design and execution of policies in Resource-Rich Countries (RRCs). Participants are expected to have an advanced degree in economics or equivalent experience.
DESCRIPTION | This two-week course, presented by the IMF’s Institute for Capacity Development, focuses on macroeconomic policy issues and challenges faced by RRCs. The course uses lectures, hands-on workshops, debates, case studies, as well as a number of online warm-up exercises.
Upon completion of this course, participants should be able to:
• Assess how economic performance in RRCs may differ from other countries (e.g., in terms of growth, inclusive growth, political economy, resource curse, diversification, and Dutch Disease)
• Apply simple fiscal rules to determine how much to extract, consume, and save from the sale of natural resources, as well as the modalities for savings such as a sovereign wealth fund
• Design a fiscal framework with clear objectives and priorities that delivers long-run fiscal sustainability and addresses commodity price volatility, with a supporting role for the public sector on fiscal regime and government spending
• Identify appropriate macroeconomic policy responses to commodity price shocks
• Assess the pros and cons of policies to promote diversification and transparency in the management of natural resources