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The Political Economy of Natural Resource FundsThe Entanglements of Natural Resource Funds: Fundo Soberano de Angola and Domestic Political Interests

The Political Economy of Natural Resource Funds: The Entanglements of Natural Resource Funds:... [By conventional accounts, the Angola Fund should exhibit the highest level of transparency and accountability. The Fund is modeled around international best practices and internal and external audits and transparent investment reports. Yet, the Fund’s mandate remains highly politicized and has neither served Angolan citizens’ interests nor diversified the economy away from an almost exclusive reliance on oil. In order to understand this mismatch, we need to move beyond analyses that narrowly focus on institutional design and pay more attention to how the Fund is embedded in domestic politics, especially the office of the president. This chapter identifies three key issues that highlight the challenges due to the political entanglements of the Angola Fund. First, the combination of a strong President and weak opposition, along with a wealth of exploitable resources, produced a specific environment whereby the ruling party leveraged resource rents to its advantage and reinforced the use of the Fund as a source of goodwill for political elites and business interests. Second, the Fund functions as an appendage of the presidency. Third, the Fund has followed the path of existing financial institutions such as the Angola National Oil Company and has inevitably become embedded in patronage networks.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

The Political Economy of Natural Resource FundsThe Entanglements of Natural Resource Funds: Fundo Soberano de Angola and Domestic Political Interests

Part of the International Political Economy Series Book Series
Editors: Okpanachi, Eyene; Chowdhari Tremblay, Reeta
Ambe-Uva, Terhemba N.; Martin, Sarah J.
The Political Economy of Natural Resource Funds — Aug 14, 2021
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Publisher
Springer International Publishing
Copyright
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021
ISBN
978-3-030-78250-4
Pages
37 –62
DOI
10.1007/978-3-030-78251-1_3
Publisher site
See Chapter on Publisher Site

Abstract

[By conventional accounts, the Angola Fund should exhibit the highest level of transparency and accountability. The Fund is modeled around international best practices and internal and external audits and transparent investment reports. Yet, the Fund’s mandate remains highly politicized and has neither served Angolan citizens’ interests nor diversified the economy away from an almost exclusive reliance on oil. In order to understand this mismatch, we need to move beyond analyses that narrowly focus on institutional design and pay more attention to how the Fund is embedded in domestic politics, especially the office of the president. This chapter identifies three key issues that highlight the challenges due to the political entanglements of the Angola Fund. First, the combination of a strong President and weak opposition, along with a wealth of exploitable resources, produced a specific environment whereby the ruling party leveraged resource rents to its advantage and reinforced the use of the Fund as a source of goodwill for political elites and business interests. Second, the Fund functions as an appendage of the presidency. Third, the Fund has followed the path of existing financial institutions such as the Angola National Oil Company and has inevitably become embedded in patronage networks.]

Published: Aug 14, 2021

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