IMF Eyes Better Natural Resource Management in Developing World

An entrance to one of Burkina Faso's gold mine tunnels. The International Monetary Fund has launched a trust fund that will support technical assistance aimed at building the capacity of countries endowed with oil, gas and minerals in managing their natural resources. Photo by:themepap / CC BY-NC themepapCC BY-NC

The International Monetary Fund has earned the support of the Netherlands, Norway and Switzerland toward its efforts to improve the capacity of low-income and lower-middle-income countries endowed with abundant oil, gas and minerals in managing their natural resources.

The three donor countries made the commitment worth a total of USD11.8 million toward the IMF-administered Topical Trust Fund on Managing Natural Resource Wealth during a pledging session on Dec. 16 at the agency’s Washington, D.C. headquarters. IMF is in talks with other donors, including Australia and the European Union, on possible donations to the facility.

The trust fund will be operational in May 2011, according to IMF, and is expected to disburse USD25 million to finance technical assistance that will be provided to some 15-20 resource-rich developing countries over five years.

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    Eliza Villarino

    Eliza Villarino currently manages one of today’s leading publications on humanitarian aid, global health and international development, the weekly GDB. At Devex, she has helped grow a global newsroom, with talented journalists from major development hubs such as Washington, D.C, London and Brussels. She regularly writes about innovations in global development.