Angola Petroleum Revenue Management Workshop. Assembly Hall, Ministry of Finance Luanda, May 16-17, 2006

Transcription

1 Angola Petroleum Revenue Management Workshop Assembly Hall, Ministry of Finance Luanda, May 16-17, 2006 Background: The objective of the Workshop is to provide key officials of the Government, Sonangol and National Parliament with an overview of the principal issues involved in the management of petroleum revenues in a major petroleum producing and petroleum dependent country. The intent is to survey the issues not only at a conceptual level, but also, and more importantly, at a practical level, referencing both the Angolan experience and that of other countries. The workshop will also afford Angolan officials with an opportunity to comment critically on the topics presented. A second, similar workshop will be conducted for external stakeholders (industry, civil society and the donor community) with Government and Sonangol participation. The Workshop has been organized by the World Bank at the request of the Ministry of Finance. Day One: Tuesday, May 16 Welcome and Introduction 8:30AM to 9:00AM Opening Remarks. Jose Pedro de Morais, Minister of Finance, Angola. Michael Baxter, Country Director, Angola, World Bank. Welcoming Address. Aguinaldo Jaime, Minister Assistant to the Prime Minister, Angola. Purpose and importance of the Workshop to Angola. Introduction and Overview. Charles McPherson, Senior Advisor, Oil and Introduction to the Paradox of Plenty. Issues and challenges arising. Organization of the Workshop.

2 Session One: Revenue Collection 9:00AM to 11:00AM Panel Session covering tax design and fiscal instruments, tax administration, revenue monitoring and reporting Introduction of Panel Topics. Charles McPherson, Senior Adviser, Oil and Angola s Fiscal Regime. Graham Kellas, Vice President, Wood Mackenzie. Review of the main features of Angola s petroleum fiscal regime and implications for financial flows. Strengths and weaknesses. Comparative international experience. Revenue Monitoring and Reporting. Luis Alves, Audit Manager, DeloitteTouche, Angola. Audit procedures and internal and external reporting of revenues. Special reference to EITI principles and objectives in Angolan context. Angola s Tax Administration. Jack Calder, Senior Consultant, AUPEC, and former Deputy Director, UK Office of Oil Taxation. Overview of Angola s tax administration system and issues arising (capacity, resources, inter-agency coordination, etc.) Panel Discussion. Eleuterio Mavela, Director of Studies, Ministry of Petroleum. Hermenegildo Gaspar, Director, National Taxation Office. Decio Barbosa, Former Head of Tax, Brazilian Petroleum Agency. Coffee 11:00AM to 11:30AM Session Two: Revenue Management 11:30AM to 1:00PM Panel Session covering Angola s past and projected revenue experience, relationship to macroeconomic performance, fiscal rules, petroleum savings and stabilization funds. Introduction to Panel Topics. Philip Daniel, Fiscal Adviser, Fiscal Affairs Department, IMF.

3 Angola s Petroleum Revenues. David Morrison, Managing Director, Wood Mackenzie. Review of past and projected revenue flows from the petroleum sector. Appropriate Fiscal Responses. Francisco Carneiro, Senior Country Economist, Angola, World Bank. Appropriate fiscal responses to Angola s expected petroleum revenue flows. Panel Discussion. Job Graca, Vice Minister, Ministry of Finance. Lunch 1:00PM to 2:00PM Keynote Speaker 2:00PM to 3:00PM Political Economy of Petroleum Revenue Management. Paul Collier, Director, Centre for the Study of African Economies, Oxford University and Senior Adviser to Vice President, Africa, World Bank. Relevance and challenges of the political economy context to petroleum revenue management. Session Three: Revenue Expenditure 3:00PM to 5:00PM Panel Session covering budget design and implementation and the monitoring of public expenditure Introduction to Panel Topics. Francisco Carneiro, Senior Country Economist, Angola, World Bank. Macro and Fiscal Framework. Philip Daniel, Fiscal Adviser, Fiscal Affairs Department, IMF. Macro and fiscal frameworks appropriate to budget design and execution in petroleum dependent economies. Fiscal Rules and Petroleum Funds. Bright Okogu, Special Adviser to Minister of Finance, Nigeria. Pros and cons of fiscal rules, petroleum funds for savings and/or stabilization. Governance issues. Special reference to Nigeria s experience. Panel Discussion. Eduardo Severim de Morais, Vice Minister, Ministry of Finance. Pedro Luis da Fonseca, Director of Studies, Ministry of Planning

4 Cocktail Reception 5:30PM Day Two: Wednesday, May 17 Session Four: Fiduciary Relationships 9:00AM to 11:00AM Panel Session covering fiduciary relationships among the various government agencies involved in the management of financial flows in the petroleum sector. Introduction to Panel Topics. Charles McPherson, Senior Adviser, Oil and Overview of Sector Flow of Funds. Peter Macnab, Senior Consultant, AUPEC. Tracking petroleum revenue flows from well-head to budget. Quasi Fiscal Expenditures and Tax Offsets. Francisco Carneiro, Senior Country Economist, Angola, World Bank. Recent practice, complications arising, and ongoing reforms. Oil Sector Management. Decio Barbosa, former Head of Tax, Brazilian Petroleum Agency. International practice with respect to the role of government ministries/agencies and NOC in overseeing sector operations. Government/NOC Fiduciary relationships. Special reference to Brazil s experience Panel Discussion. Manuel Neto da Costa, Director of Studies, Ministry of Finance. Coffee 11:00AM to 11:30AM Closing Session 11:30AM to 1:00PM Review of and comments on issues raised and recommendations. Participant Panel. Eduardo Severim de Morais, Vice Minister of Finance, Angola, Chair.

5 Mix of Angolan and international experts to comment on principal themes and recommendations of the Workshop. Open Floor Discussion. Questions and answers with the panel. Open discussion among audience participants Concluding Remarks. Eduardo Severim de Morais, Vice Minister of Finance, Angola and Michael Baxter, Country Director, Angola, World Bank. Summary of main take-aways from the workshop and proposed next steps.