How Wealthy is Mozambique after the Discovery of Coal and Gas? Measuring Wealth in Mozambique Using the Wealth Accounting Framework
The objective of this policy note is to inform policy discussions around the management of natural resources and reforms needed to translate natural capital into other forms of capital, and it does so by using the wealth accounting framework. Wealt...
| Main Authors: | , , |
|---|---|
| Format: | Policy Note |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2014
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2014/01/19264071/wealthy-mozambique-after-discovery-coal-gas-measuring-wealth-mozambique-using-wealth-accounting-framework-policy-note http://hdl.handle.net/10986/17833 |
| Summary: | The objective of this policy note is to
inform policy discussions around the management of natural
resources and reforms needed to translate natural capital
into other forms of capital, and it does so by using the
wealth accounting framework. Wealth (e.g. in the form of
natural resources) may or may not translate into sustained
flows of income in the long run. The extent to which natural
capital translates into other forms of capital from which to
derive a sustainable income stream is what lies at the heart
of natural resources management and what differentiates
successful natural resource rich countries from less
successful ones. The outcome of the process depends on
institutional capacity and political decisions along the
way. Experience shows that the quality of governance and
institutional capability are a key for countries to be able
to translate natural capital into other forms of capital in
an effective way. According to a variety of governance
indicators, Mozambique's institutions are relatively
weak, raising concerns about the country's ability to
manage natural resources well. But Mozambique can also build
on significant progress in some areas. Democratic elections,
free press and a vocal civil society suggest of a gradual
strengthening of institutions. Although the main audience of
this policy note is Mozambican policy makers - the
discussion around management of natural resources needs to
be much broader, and as such civil society, private sector
and the international community may also find the note useful. |
|---|