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Norway Contributes US$4.8 Million to an IMF Fund for Natural Resources Management

October 7, 2016

Norway today signed a contribution of NOK40 million (about US$4.8 million) to a new phase of the International Monetary Fund’s (IMF)’s Managing Natural Resource Wealth Fund. Mr. Jon Lomøy, Director General of the Norwegian Agency for Development Cooperation (NORAD) and Ms. Carla Grasso, IMF Deputy Managing Director, signed the letter of understanding in Washington today.

Ms. Grasso made the following statement at the conclusion of the meeting: “I’m pleased that Norway, a key partner in IMF capacity development, will provide NOK40 million (about US$4.8 million) to support the Managing Natural Resource Wealth Fund. This responds directly to international priorities on effectively mobilizing and managing public resources in resource-rich countries. We look forward to further deepening our capacity development partnership with Norway to the benefit of our member countries and in the spirit of the Financing for Development Agenda.”

Mr. Lomøy said: “Norway has a strong cooperation with the IMF for the delivery of capacity development in partner countries. We are pleased to build on the successes of the first phase of the Managing Natural Resource Wealth Fund and support the second phase. Our support to this fund complements the capacity development we provide through the Norwegian Oil for Development program. Continuing our contribution allows us to support countries in managing revenues and promoting economic stability at a time when they face challenges in achieving their development goals in the face of the global commodity price slump.”

Background information

Norway is a strong partner in IMF capacity development, having contributed close to US$40 million since 2001. As an early supporter of IMF multi‑partner vehicles, it has contributed to regional capacity development operations in Africa and almost all IMF global thematic funds for capacity development, including the Revenue Mobilization Fund , the Anti-Money Laundering/Combating the Financing of Terrorism Fund, the Tax Administration Diagnostic Assessment Tool , and the Managing Natural Resource Wealth Fund.

The Managing Natural Resource Wealth Fund was launched in 2011 to help countries manage their natural resource wealth effectively and sustainably. To date it has supported 34 capacity development programs in 19 countries, contributing to significant improvements in natural resource wealth management through technical assistance and training, analytical work, peer learning, and diagnostic assessments. The IMF and its development partners launched a new phase of operations (2016-22) during the annual steering committee meeting held in Washington on June 14-15, 2016, with the intention to deepen IMF support to member countries and possibly expand country coverage on the basis of a budget of approximately US$30 million.

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