Sri Lanka - Community Development and Livelihood Improvement Project : procurement plan
Kojima, Masami | Bacon, Robert
Natural resources are an important and vital source of revenue for many developing countries. Those resource-rich countries depend on their revenues to drive growth. The World Bank recently launched a new initiative to help developing countries manage and transform this new wealth into long-term economic growth and to spread the benefits more fairly among their people. The so-called Extractive Industries Transparency Initiative Plus Plus (EITI++) was designed to help countries develop their capacity to handle the boom in commodity prices and channel the growing revenues into reducing poverty, hunger, malnutrition, illiteracy, and disease. The success of the program and its effectiveness depends on the countries themselves, which must take responsibility for managing the resources and setting the targets for positive results. The initiative aims to improve the awarding of petroleum contracts, monitoring operations, and the collection of taxes and royalties. It will also help countries build capacity to make economic decisions on resource extraction, managing price volatility, and investing revenues effectively for national development. This international oil and gas resources management seminar in Gabon illustrates the first step in this process. In close partnership with other agencies (International Monetary Fund, African Development Bank, United Nations Development Bank, and the Global Corporate Governance Forum), the World Bank organized an international seminar on oil and gas resources management in Libreville. Over four days (April 27-30, 2008), seminar participants focused on building the capacity to manage revenues from these industries, especially oil and natural gas, including the negotiation and implementation of oil and gas contracts. With surging oil prices, the effective and responsible management of the added revenues can prove instrumental in the fight against poverty.
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