INTRODUCTION
Fiscal transparency and good governance are particularly important to help manage non-renewable natural resources in an equitable and sustainable manner. Transparency and governance issues loom particularly large in the natural resources(minerals and petroleum) sector, reflecting the large potential rents that make the sector prone to revenue leakages (e.g., from corruption); large-sized investments that place a premium on investor certainty; heavy involvement of large multinationals and state-owned enterprises; and the volatile and uncertain nature of revenues that make disclosure and mitigation of fiscal risks key for effective fiscal management.