This Selected Issues paper analyzes medium-term fiscal sustainability in Trinidad and Tobago. The paper focuses on the challenge of distributing the nonrenewable resource wealth across generations. Its recommendations are geared toward the goal of intergenerational distribution and therefore...

This Selected Issues paper on Bolivia reports that it has experienced major increases in its gas reserves, production, and exports. Not only have their levels increased significantly, but also there have been extensive regulatory changes, which range from the privatization of the mid-1990s to...

Ghana has pursued several programs to accelerate the growth of the economy. In 1995, the government presented “Ghana: Vision 2020,†aimed at making Ghana a middle-income country in 25 years. Vision 2020 focused on human development, economic growth, rural development, urban...

Russia’s large oil and gas reserves play a key role in its economic development. As with many other large oil exporters, Russia’s energy wealth is also posing numerous challenges to macroeconomic management. Although fiscal policy has saved a large part of the oil windfall in the...

The staff report for the First Review Under the Poverty Reduction and Growth Facility on the Republic of Congo highlights economic development and fiscal policy. Reflecting the rise in oil prices, the fiscal and current account balance position improved significantly. Congo’s medium-term...

Public debt in the Middle East increased during the mid-1990s mainly because of fiscal expansions. It decreased in recent years, thanks to high oil revenue, economic growth, some primary non-oil fiscal adjustment, and debt relief. While countries in the Middle East appear to have adequately...

In the early 1990s, energy companies around the world began to realize the enormity of the still-untapped oil and natural gas reserves of the Caspian Sea basin, igniting a scramble to develop new extraction and transport networks to bring these resources to the world market. The result has...

This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset...