8.1 Consumption
- 5.1 Policy Context
- 5.2 Sector Legislation: Design
- 5.3 Sector Legislation: Content
- 5.4 Contracts and Licenses
- 5.5 Local Content
- 5.6 The Award of Contracts and Licenses
- 5.7 Regulations
- 5.8 Contract Negotiations and Dispute Settlement
- 6.1 Institutional Structures
- 6.2 An Overview of the Key Governmental Bodies and Agencies
- 6.3 Focus on a Key Player: National Resource Companies
- 6.4 Key Institutional Issues
- 6.5 Efforts at Institutional Reform
- 7.1 Fiscal Objectives
- 7.2 Fiscal Instruments
- 7.3 Special Fiscal Topics and Provisions
- 7.4 Fiscal Packages
- 7.5 Fiscal Administration
- 8.1 Consumption
- 8.2 Investment
- 8.3 Spending Channels
- 8.4 Volatility Concerns
- 8.5 Absorptive Capacity
- 8.6 Debt Reduction
- 8.7 Resource Funds
- 8.8 Fiscal Discipline and Sustainability
- 8.9 Revenue Allocation
- 9.1 The Approach in the Source Book
- 9.2 What are the Challenges?
- 9.3 Investment
- 9.4 Expenditure Quality Control and Oversight
- 9.5 Objectives
- 9.6 Challenges and Special Issues
- 9.7 General Principles for Response
- 9.8 Policy Instruments
- 9.9 Management and Oversight
- 9.10 Stakeholder Consultation and Participation
- 9.11 Conclusions
Urgent Poverty Concerns. A strong case can be made for immediate allocation of part of resource revenues to recurrent spending on consumption, based on the urgent poverty reduction needs of large segments of the population in resource-rich developing states. Even setting aside the humanitarian motives for such spending, it is generally considered essential on political stability grounds. Once the existence of large-scale resource revenues becomes known, allocating at least a proportion to consumption becomes a political imperative.[2]
Additional Reading:
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