Fuente: © World Bank
http://www.worldbank.org

Breaking The Oil Curse

/noticias.info/ Chad was supposed to be the exception to the tragic history of what usually happens when oil is struck in poor countries - where it has fomented corruption, eroded government institutions, undermined the development of a middle class, cut jobs and sparked wars, writes The International Herald Tribune in Wednesday’s editorial.

In 2003, Chad, rated the world's most corrupt country by Transparency International, became the site of an experiment to test whether oil money could pay for medicines and schools rather than luxury cars and weapons. The World Bank designed a system in which three quarters of the revenues and dividends from some oil fields would go toward programs that fight poverty, with oversight by citizens' groups. Another 10 percent would be saved for the post-oil years, and a small chunk would go toward compensating people affected by the drilling. Less than 15 percent of the revenue would be dumped into general government coffers. Chad's agreement on these rules won World Bank backing for the project, which attracted ExxonMobil and other investors.

It is early yet, but so far the signs are not encouraging, the US daily writes. There is little evidence of improvements in living standards, and there are many worrisome signs that money is disappearing. The citizens' oversight board reports on these problems, but has no power to compel the government to solve them. Nevertheless, President Idriss Déby, chafing at the constraints on his spending, has decided to scuttle them. He proposes doubling the percentage of oil money that can simply vanish into government coffers. His bill would also scrap any saving for the future, and allow the money earmarked for antipoverty programs to be spent on security.

The World Bank, with $300 million in programs in Chad, has plenty of leverage to persuade Déby to stick with the deal. It has not yet made an open threat to use it. ExxonMobil, which trumpeted the agreement as evidence of its commitment to transparency, has been completely silent. Déby should be hearing more about the costs of breaking his word. The New York Times argues that both groups should also be pushing Chad for a thorough investigation of its fiscal crisis and to act on the recommendations of the civic groups, including legal investigations of officials accused of corruption. notas_de_prensa_archivo