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Fiscal Federalism and Petroleum Resources in Iraq

Author

Listed:
  • Grant Bishop

    (World Bank Institute)

  • Anwar Shah

    (World Bank Institute)

Abstract

With over 95% of Iraq’s government budget received from oil revenues, an agreeable inter-governmental framework for managing petroleum resources and for distributing revenues is aptly regarded as the lynchpin of federalism. Iraq has great potential to develop a fiscal framework, consistent with sound principles and best practices, that will distribute revenues equitably and efficiently, decentralize resource management where appropriate, and bind the country together as a stable federation. As in most resource-rich countries, Iraq’s petroleum deposits are unevenly spread and deposits differ in productive capacity, cost of extraction and processing, and quality of crude. Moreover, Iraq’s petroleum infrastructure requires extensive repair and reinvestment in order to maximize its production potential. Furthermore, large areas of Iraq remain unexplored, particularly Iraqi Kurdistan and the Western Desert, and preliminary assessments point to large potential reserves.

Suggested Citation

  • Grant Bishop & Anwar Shah, 2008. "Fiscal Federalism and Petroleum Resources in Iraq," International Center for Public Policy Working Paper Series, at AYSPS, GSU paper0826, International Center for Public Policy, Andrew Young School of Policy Studies, Georgia State University.
    • Handle: RePEc:ays:ispwps:paper0826
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    File URL: http://icepp.gsu.edu/files/2015/03/ispwp0826.pdf
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    References listed on IDEAS

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    Full references (including those not matched with items on IDEAS)

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