IFI governance

Background

Diagnosing governance challenges in the extractive sector: The Resource Governance Index and beyond

12 October 2017 | Minutes

Panellists from the CSPF event on 'Diagnosing governance challenges in the extractive sector' (left to right): Daniel Kaufmann (NRGI), Thomas Baunsgaard (IMF), Isabel Munilla, (Oxfam America), and Bennett Freeman (Global Witness and NRGI). Credit: Bretton Woods Project.

Thursday, 12 October

Organised by Natural Resources Governance Council (NRGI)

Panellists:

  • Daniel Kaufmann, CEO, NRGI (moderator)
  • Liz McGrath, Director of Research & Data, NRGI
  • Vera Songwe, Executive Director, UN Economic Commission for Africa
  • Thomas Baunsgaard, Tax and Extractives Lead, Fiscal Affairs Department, IMF
  • Isabel Munilla, Policy Lead for Extractive Industry Transparency, Oxfam America
  • Bennett Freeman, Responsible Investment Expert, Chair of the Advisory Board of Global Witness and Member of the Board of Directors of the NRGI

 

Liz McGrath – NRGI:

I’ll give a brief overview of the 2017 Resource Governance Index – the only international index dedicated to transparency and accountability in the extractives sector.

The index is based on a 149-variable questionnaire that was conducted in 81 countries, with data broadly split into categories of ‘value realization’ and ‘revenue management’. NRGI conducted additional research on the ‘enabling environment’, consisting of the broader transparency and governance framework across all the countries. Based on this data, the index creates governance rankings for all countries, ranging from ‘good’ to ‘failing’.

Countries that perform well in the index have a much lower gap between policy and practice – among the recommendations of the report is the need to focus on implementation.

 

Kaufmanm: there is a staggering gap in the index for African countries between the highest (Ghana) and the lowest (Eritrea) – Vera can you talk about why this is, and what the implications are?

Vera Songwe – UN Economic Commission for Africa:

In recent years, we’ve had a number of major announcements, including at COP21, where $100 billion was pledged to fund mitigation and adaptation activities for developing countries, as well as other initiatives. To do this, we need to mobilise donor money; in the meantime, we are not making much progress on the number of people living in acute poverty.

This index is painful reading for African countries. It makes you wonder: Are we really looking at the right issues and asking the right questions? We have failed to tackle the resource curse in Africa, and this has had major implications for development.

There is a question about how best to pursue the reforms that are needed. Passing individual pieces of legislation is difficult, and can result in fragmented governance. I’m interested in looking for ways to pass governance reform measures as a bundle, so that we can avoid this situation.

Where you see good governance across the board, it’s because the international context is helping to frame that. The Dodd-Frank roll-back (the Trump Administration attempt to repeal Section 1504 of the 2010 Dodd-Frank Act, which requires extractives industry companies operating in the US to disclose their operations and tax around the world) will likely decrease transparency. We need to keep the enabling environment within the international community.

There are so many countries in the bottom of the index in Africa – there is some comfort in being a group, even if everyone is on the bottom, as long as you don’t feel individual responsibility. So this index is valuable in being able to call individual countries out.

 

Kaufmann: Thomas – how do you address issues related to sovereign wealth funds, and the implementation gap, in your work with IMF?

Thomas Baunsgaard, IMF:

One thing that resonates are the interlinkages between the decision chain and the value chain. As with any chain, it’s the weak link that is the biggest concern. If you have a good tax policy, but no implementation, that does not work. Corruption is also a key element of the governance picture, and this is an issue the Fund was reluctant to talk about in the past, which increasingly we are trying to tackle.

There are also limitations to a cross-country index like this – there are two risks:

1) We become obsessed with small movements in the index; are all the dimensions of the index really rigourous enough? Are there too many different variables; is it better to focus on a few key components?

2) What is missing is whether there are the right kind of rules that are in place. For example, Ghana scores quite well, but has faced an IMF bail-out which is related to the fact that it didn’t have good fiscal practices in relation to expected oil revenues.

 

Kaufmann: There is a 5-point margin for error in the index, so people should take that into consideration. It shouldn’t be about small movements but judging the whole governance picture of each country.  Isabel – can you talk about what are the key thematic findings of NRGI report, with a focus on voice and accountability in the civic space?

Isabel Munilla, Oxfam America:

This report is a big contribution to governance; I want to pick up on the key point related to civic space and performance. There are regular attacks and violence that are present against national members of EITI (Extractives Industry Transparency Initiative) boards, and others fighting for accountability. There is significant progress to be made on this.

In terms of the global context – not even the best performers are immune to these problems. The Dodd-Frank Act finally brought in transparency in 2010, and Trump’s first act was to repeal Section 1504. US civil society had prepared a comment on this to the US EITI board, saying that corporate bodies of EITI would not disclose tax and project reporting if Section 1504 was repealed. When the CSO representative began to speak, her mic was shut down and the EITI meeting was closed. The US EITI board has not met since.

There is a role for World Bank and IMF, in terms of playing a normative role for how countries should be dealing with CSOs, and also in promoting contract disclosure.

 

Kaufmann: On the point of disclosure this does not incorporate 2017 data – the index only includes data from 2016 and before. Bennett – can you talk about what is happening in the current global moment in terms of the US administration’s impact?

Bennett Freeman, Global Witness and NRGI:

Progress is never linear- there is a fundamental backlash against the progress of the last two decades. The resource curse is decades old in some countries, much older in others. In the last 20 years, civil society has led on significant reforms in transparency and governance in the resources sector, and we shouldn’t lose sight of that progress.

In 1996, Tony Blair called for an international governance body, and in 1999 EITI formed. This followed the founding of the Publish What You Pay network in 1993, which cannot be understated in terms of the impact that it has had. We are seeing nothing less than a war against civil society around the world. There is a reason for these attacks, from oppressive governments who see their wealth being threatened.

Dodd-Frank: the powers that be, that have been put on their knees by Dodd-Frank, have taken the teeth out of it. It’s hanging by a thread. We need to try to save Section 1504 if we can, but if not, we have to move forward on the global scene without support of the US for the next two to three years.

 

Q&A:

Kauffman: Just to explain to the audience, Section 1504 is a key section of Dodd-Frank that requires companies operating in the US and elsewhere to disclose their operations and tax payments. Does it makes sense for IFIs not to fund countries that are not part of EITI?

Baunsgaard: At the IMF, we don’t provide funding for extractives, so we are more concerned with what happens with what the government gets. We are focused as well on corruption. We have just completed a guidance note for staff on how to address these problems in terms of advice to governments.

Former World Bank Executive Director from Venezuela: How important are natural resources to government resources – this should be included in the index! There is also a question of how to interpret the data; the last time we heard heard about Venezuela’s sovereign fund it was used to buy $6 billion in military equipment. Is this really a positive?

Nigerian CSO: We don’t only have oil, but also precious stones (so the index does not account for all natural resources). I would prefer a more direct strategy, rather than waiting for the government to reform.

Guyana CSO: Exxon has made a recent discovery of an oil field in Guyana: the World Bank has two primary goals – eradicating poverty and shared prosperity. We have never had policy in this area; how can we protect ourselves from the resource curse, and falling into a situation like Venezuela is in now?

Peru CSO: There are many reports that state that you have to keep oil in the ground. This is not easy for the developing countries to hear – as we haven’t contributed as much to climate change and have energy needs. What is the balance between extractives governance and fighting climate change?

Ghanaian World Bank staff member: Governments are getting smaller revenue from extractives because they are not negotiating better with companies in these contracts. Corruption is a two-way dance, it takes two to tango. What can we do about corruption among the companies?

Freeman: Regarding Guyana – there is a historic opportunity for the government to chart its own course. They can be in driver’s seat, and demand the highest level of disclosure and revenue. Regarding Peru – you put your finger on a couple of issues that all developing countries have been faced with. It’s just appalling that the US has taken funding away from Green Climate Fund for developing countries to develop new sustainability and technology to help them adapt to climate change.

Munilla: I endorse Bennett’s comments on Guyana. The Canadian and UK governments have ignored the repeal of the Dodd-Frank rule. There are also a lot of corporate supporters for those regulations. Exxon, where it has an EITI requirement, it does abide by them. Regarding corporate accountability – you start with their own commitments, and look at implementation and see if there is any variance to this, and call attention to this.

Baunsgaard: Regarding Guyana, we’re working with them and the government says it does not want to repeat mistakes of others. But they have challenges with managing their fiscal regime. It helps to have transparency. On the climate change issue – despite the road not being linear, we are looking forward to a carbon-free future: It’s not a matter of if but when.

Kaufmann: Guyana has applied to join the EITI – use it! It improves transparency. Let’s not only look at NRGI, this new index should be used by civil society as an empowering tool for change.

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Environment

Background

12 October 2010 | Minutes

Energy, Poverty, Sustainability and Climate Change

Minutes of a seminar at the 2010 annual meetings, 8 October 2010

IFI governance

Background

12 October 2010 | Minutes

Held in reserve: can a new approach to monetary policy transform the global economic outlook?

Minutes of an experts seminar held on the sidelines of the 2010 Annual Meetings of the IMF, 7 October 2010

IFI governance

Background

12 October 2010 | Minutes

Investment lending reform

A briefing by World Bank staff on the investment lending reform, 9 October 2010

Knowledge

Background

11 October 2010 | Minutes

Post MDG Summit

Notes of the seminar of annual meetings 2010

IFI governance

Background

11 October 2010 | Minutes

Future of the global financial and monetary system

Notes of the seminar of annual meetings 2010

IFI governance

Background

11 October 2010 | Minutes

Global economic governance

Notes of the seminar of annual meetings 2010

Conditionality

Background

8 October 2010 | Minutes

Civil Society Townhall Meeting with Robert Zoellick and Dominique Strauss-Kahn

Notes of the seminar of annual meetings 2010

Knowledge

Background

7 October 2010 | Minutes

Meeting between the UK IMF Executive Director Alex Gibbs , HM Treasury and UK civil society organisa

Notes of the seminar of annual meetings 2010

IFI governance

Background

29 April 2010 | Minutes

Future of the World Bank: major reforms or a series of minor adjustments?

Civil society event at the World Bank spring meetings 2010, 24 April

Infrastructure

Background

26 April 2010 | Minutes

Launch of Bank Information Center's (BIC's) model energy strategy

Civil society event at the World Bank spring meetings 2010, 24 April

IFI governance

Background

26 April 2010 | Minutes

A sustainable World Bank energy strategy: perspectives from various stakeholders

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

26 April 2010 | Minutes

Evaluation as a critical tool for accountability

Civil society event at the World Bank spring meetings 2010, 23 April

IFI governance

Background

23 April 2010 | Minutes

An IMF for the 21st century - the low-income country perspective

Civil society event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

Financing the response to climate change: special drawing rights (SDRs) for climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Governance challenges in financing green and sustainable energy policies

Freidrich-Ebert-Stiftung event at the World Bank spring meetings 2010, 22 April

Infrastructure

Background

23 April 2010 | Minutes

Roundtable on post-crisis economic recovery

World Bank event at the World Bank spring meetings 2010, 22 April

Environment

Background

23 April 2010 | Minutes

World Bank, climate change and climate finance

Civil society event at the World Bank spring meetings 2010, 22 April

IFI governance

Background

9 October 2009 | Minutes

The IMF and protectionist trade policies: What does the record of the past 15 years tell us?

Seminar on the IEo evluation of IMF trade policy advice in Istanbul, 2 October 2009.

IFI governance

Background

8 October 2009 | Minutes

Financial sector policies in the crisis

Programme of Seminars session in Istanbul on 3 October 2009 with Zeti Aziz, Andrew Crockett, Christine Cummings, Sayed Sadeeq, and John Laker.

Environment

Background

8 October 2009 | Minutes

CSO Townhall meeting

Notes from the CSO townhall meeting with Dominique Strauss-Kahn and Robert Zoellick

IFI governance

Background

8 October 2009 | Minutes

IMF governance - CSO meeting with the IMF managing director

Minutes of a meeting between civil society organisations, IMF managing director Dominique Strauss-Kahn and IMF deputy managing director John Lipsky

Environment

Background

6 October 2009 | Minutes

Consultation meeting on World Bank environmental strategy

Summary of the first consultation on their new environment strategy, which they will develop next year.

IFI governance

Background

5 October 2009 | Minutes

The impact of financial regulation on developing countries

The impact of financial regulation on developing countries, World Bank Programme of Seminars, with Mingkang Liu, Joseph Stiglitz, and Alvir Hoffman.

Conditionality

Background

5 October 2009 | Minutes

The IMF: Change we can believe in?

The IMF: Change we can believe in? Notes of a civil society meeting in Istanbul. Speakers include Joseph Stiglitz, Andrew Kumbatira, Caroline Atkinson, and Bhumika Muchhala.

IFI governance

Background

5 October 2009 | Minutes

Future of the Global Financial System

Notes of part of a panel debate chaired by Martin Wolf of the Financial Times, Istanbul, 4 October 2009.

Finance

Background

4 October 2009 | Minutes

Report launch: Post-crisis growth in developing countries

Growth commission event in Istanbul.

IFI governance

Background

4 October 2009 | Minutes

The UN conference and the G20 summit

Minutes from The UN conference and the G20 summit, civil society policy forum discussion on 3 October 2009. Istanbul, Turkey

IFI governance

Background

4 October 2009 | Minutes

Critical debate on the World Bank and IMF

Summary of a presentation made by Professor Anwar Shaikh, the New School for Social Research, on "Monetary Policy and the Global Crisis"

IFI governance

Background

4 October 2009 | Minutes

Global economic governance roundtable

Summary of a discussion with German government representatives, Jomo KS of the UN and civil society organisations.

Environment

Background

27 April 2009 | Minutes

The World Bank's programs on forests and climate change

A civil society event organised by World Resources Institute (WRI) at the World Bank spring meetings 2009

IFI governance

Background

27 April 2009 | Minutes

Compliance Advisory Ombudsman review of standards for Bank’s private sector lending

Notes of a session with the CAO at the World Bank spring meetings, Washington, DC, April 22, 2009.

IFI governance

Background

25 April 2009 | Minutes

IMF crisis response- discussion

Notes of a meeting between the IMF and civil society organisations

Environment

Background

13 April 2008 | Minutes

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Dialogue with NGOs and Lars Thunell, Executive Vice President and CEO, IFC

Environment

Background

11 April 2008 | Minutes

Macroeconomic and fiscal implications of climate change and the policies to address it

A briefing by IMF economists at the spring meetings 2008.

IFI governance

Background

11 April 2008 | Minutes

Briefing on the World Bank's Six Strategic Themes

Minutes of a briefing by World Bank staff on the WBG's six strategic themese

Conditionality

Background

11 April 2008 | Minutes

IMF consultation in advance of the PSI review

Notes of a consultation between IMF staff and NGOs in advance of the PSI review

Social services

Background

10 April 2008 | Minutes

Structural conditionalities in the IMF: A discussion between the IMF, IEO, and CSOs

An upcoming civil society report demonstrates that IMF structural conditionality did not decline in the five years after the approval of the Fund's conditionality guidelines in September 2002, which were based on the principles of ownership and criticality in its application of structural conditionality, as well as to streamlining the number of conditions. Going on seven years, it seems that these guidelines have been more honoured in principle than in practice. A recent Independent Evaluation O

Finance

Background

26 October 2007 | Minutes

Macroeconomic aspects of aid scaling up and the role of the Fund

Highlights of a 21 October discussion on the macroeconomics of aid scaling up at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

Wage bill ceilings, fiscal and monetary policies and absorbing aid inflows - updates and next steps

Highlights of a 20 October discussion on the the IMF's fiscal and monetary policy advice and conditionality for low-income countries at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

Rethinking the governance of the IMF

Highlights of a 19 October discussion on the reform of IMF governance at the World Bank-IMF annual meetings 2007.

IFI governance

Background

26 October 2007 | Minutes

The role of low-income countries in IFI governance

Highlights of a 19 October discussion on the role of low-income countries in IMF governance at the World Bank-IMF annual meetings 2007.

Conditionality

Background

26 October 2007 | Minutes

The IMF's Policy Support Instrument: more flexibility or continued belt tightening

Highlights of a 21 October discussion on the IMF's Policy Support Instrument (PSI) at the World Bank-IMF annual meetings 2007.

Environment

Background

23 October 2007 | Minutes

Townhall meeting and reception with World Bank and IMF presidents and civil society representatives

Highlights of an 18 October 'town hall' meeting between WB-IMF heads and CSOs.

Environment

Background

23 October 2007 | Minutes

The agenda of the Development Committee and the provision of Global Public Goods

Highlights of a 20 October meeting hosted by the FES Foundation on global public goods, at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Climate change and clean energy challenges and opportunities in addressing Africa's growing energy n

Highlights of a meeting at the World Bank-IMF annual meetings 2007.

Infrastructure

Background

23 October 2007 | Minutes

Low carbon, high hopes: making climate action work for development

Highlights of a 19 October meeting at the World Bank-IMF annual meetings 2007.

Environment

Background

5 October 2007 | Minutes

Highlights of BWI-UK network meeting with Douglas Alexander

Highlights of a 4 October meeting between NGOs in the BWI-UK network and secretary of state for international development, Douglas Alexander, addressing IFI strategic reviews, aid effectiveness, clean energy/climate change and a number of other issues.

Conditionality

Background

27 April 2007 | Minutes

IMF macroeconomic policies and the impacts on education budgets and teacher wages

IMF civil society dialogue, spring meetings 2007 (14 April 2007)

Conditionality

Background

27 April 2007 | Minutes

IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

Civil society dialogue, spring meetings 2007 (12 April 2007) on the IEO Evaluation of the IMF and Aid to Sub-Saharan Africa

IFI governance

Background

27 April 2007 | Minutes

European CSO meeting with European IMF EDs

Incomplete minutes of European CSO meeting with European IMF EDs, 13 April 2007

Conditionality

Background

20 April 2007 | Minutes

Fiscal space and fiscal priorities: Infrastructure, trade and poverty

This panel discussion addressed the pros and cons of fiscal space for infrastructure when infrastructure is trade-related, what they mean for current proposals by the World Bank and IMF on fiscal space, and the importance of an assessment that looks jointly at the trade and financial aspects on the grounds of poverty reduction, development and environment goals.

Conditionality

Background

19 April 2007 | Minutes

Sub-Saharan Africa: Outlook and Challenges

Sub-Saharan Africa: Outlook and Challenges; IMF-civil society dialogue, 13 April 2007

IFI governance

Background

26 October 2006 | Minutes

Highlights of Hilary Benn meeting with UK NGOs

Highlights of semi-annual meeting between UK Secretary of State for International Development and UK NGOs. Topics covered include CSO access to annual meetings, conditionality, anti-corruption, odious debt, clean energy, education in LICUS, bank internal governance, IFC safeguards

IFI governance

Background

26 September 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs

Highlights of quarterly meeting between UK executive director to the World Bank and IMF and UK NGOs. Topics covered include CSO access to annual meetings, IMF strategic review, conditionality, anti-corruption and education.

IFI governance

Background

28 June 2006 | Minutes

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

Highlights of Tom Scholar meeting with UK NGOs, Monday 26 June 2006

IFI governance

Background

9 May 2006 | Minutes

Policy issues in scaling up of aid flows

Highlights of a spring meetings dialogue hosted by the IMF on scaling-up aid, where senior Fund staff Peter Heller walked out.

Social services

Background

28 April 2006 | Minutes

Evaluating the impact of the PRGF: The cases of Ethiopia, Malawi, Tanzania and Zambia

Highlights of a civil society dialogue on the IMF Poverty Reduction and Growth Facility, at the World Bank spring meetings in Washington, 20 April 2006.

Infrastructure

Background

27 April 2006 | Minutes

World Bank dialogue on the clean energy investment framework

Highlights of a World Bank-organised dialogue on its new clean energy investment framework at the spring meetings in Washington, 24 April 2006.

IFI governance

Background

25 April 2006 | Minutes

Briefing on the implementation of new IFC performance standards

Briefing on the implementation of new IFC performance standards at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Conditionality

Background

25 April 2006 | Minutes

Dialogue on national development strategies and the Millennium Development Goals

Dialogue on national development strategies and the Millennium Development Goals at the World Bank-IMF spring meetings in Washington, 20 April 2006.

Finance

Background

25 April 2006 | Minutes

Dialogue on Fund role in middle-income countries

Dialogue on Fund role in middle-income countries at the World Bank-IMF spring meetings in Washington, Thursday 20 April.

IFI governance

Background

6 October 2004 | Minutes

Grants or Loans? The Full Debate

The session considered the arguments surrounding the provision of grants or loans by IDA. It considered the recent call by President Bush for the World Bank and other development banks to provide more of their funds to the poorest countries as grants, in recognition of the pivotal role that grants play in providing prudent financing for pressing development needs.

IFI governance

Background

4 October 2004 | Minutes

CSO meeting with European Executive Directors

Note from meeting in Washington between European IFI network and European EDs as part of the civil society programme of the World Bank and IMF Annual Meetings 04.

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IFI governance

Analysis

Development Committee communiqué analysis: Embracing the cascade in response to turbulent times

BWP analysis of the Development Committee Communiqué issued on 14 October, as part of this year's World Bank and IMF Annual Meetings.

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IFI governance

Analysis

IMFC communiqué analysis: Carpe diem, or else…

Analysis of the IMFC communiqué, issued on 14 October, from the 2017 World Bank-IMF annual meetings, Washington DC.

18 October 2017

IFI governance

Analysis

G24 communiqué analysis: “managing the impact of developments in the global economy”

BWP analysis of the G24 communiqué, issued on 12 October, from the 2017 World Bank-IMF annual meetings, Washington DC.

17 October 2017

IFI governance

Background

Great expectations: Is the IMF turning words into action on inequality?

Notes from the 2017 World Bank and IMF Annual Meetings session on the IMF's approach to inequality, 13 October.

13 October 2017 | Minutes

IFI governance

Background

Diagnosing governance challenges in the extractive sector: The Resource Governance Index and beyond

Notes from the 2017 World Bank and IMF Annual Meetings Civil Society Policy Forum session on the challenges of effective governance of the oil, gas and mining sectors in resource-rich countries.

12 October 2017 | Minutes

IFI governance

Background

Civil Society Townhall 2017

Notes and video from the 2017 World Bank and IMF Annual Meetings session of the Civil Society Town Hall, 11 October.

11 October 2017 | Minutes

IFI governance

Background

The challenges of financing infrastructure in developing countries through PPPs: A focus on contracts and laws

Notes from the 2017 World Bank and IMF Annual Meetings session on financing infrastruure in Latin America through PPPs. This session aims to discuss the main challenges pose by the widespread promotion of PPPs and its impacts in particular Latin American cases.

11 October 2017 | Minutes

IFI governance

Background

Funding energy access for the poor: Can the Bank meet the Challenge?

Notes from the 2017 World Bank and IMF Annual Meeting Civil Society Policy Forum session on energy access, 11 October.

11 October 2017 | Minutes

IFI governance

Background

Measuring impact – an overview of IFC’s new approach to measuring development impact

Notes on the IFC's new approach to measuring development impact at the Civil Society Policy Forum 2017, 10 October.

10 October 2017 | Minutes