Natural Resource Charter - Overview

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Transparency and Accountability

Policy, Legal and Contractual Framework

Sector Organization and Institutions

Fiscal Design and Administration

Revenue Management and Distribution

Sustainable Development

Natural Resource Charter

Natural resources, if well harnessed, can help to stimulate the economic growth of resource rich countries. Country experiences have however shown that countries remain poor notwithstanding the huge revenues derived from their resources. The Natural Resource Charter is a global initiative to help governments and societies harness effectively the opportunities created by their natural resources.

The Natural Resource Charter is a set of twelve principles referred to as precepts designed to guide governments and societies in the effective management of natural resources. The precepts begin with the question of whether to extract resources in the first place and how to design the development to secure maximum benefit; and ends with best practice issues on the contracting, operations and payments in the extractive industries.

Other precepts as stated on the website include, making decisions in the exploitation of natural resources transparent and subject to informed public oversight; utilization of resource revenues to promote sustained economic growth; gradually building domestic expenditures to smoothen the effects of revenue volatility; using resource wealth to secure effective public expenditure and increase efficiency in public spending; and the facilitation of  private sector investments in response to new opportunities and structural changes associated with resource wealth.

The website states that the charter is designed for all decision makers including governments of resource rich countries, companies, intergovernmental organizations, civil society groups and governments of wealthy states that import significant amount of resources. The charter is said not to be a binding document but a standard to which all countries can aspire.

For more information, visit: http://www.naturalresourcecharter.org

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