governments, one of which would substitute auctions for bribes in apportioning mineral rights
and another of which would tax export revenues adequately. He cites the Democratic Republic
of the Congo, which took in $ 200 million from mineral exports in 2006 yet collected only
$86000 in royalties for its treasury. “If a nation gets these points right, ” he argues, “It’s going
to develop. If it gets them wrong, it won’t.”
G . To encourage reform, Collier recommends that the G8 nations agree to accept these
measures as voluntary guidelines for multinationals doing business in Africa- companies, for
instance, would only enter new contracts through auctions monitored by an international
verification group. Such an agreement would follow the examples of the so-called Kimberley
Process, which has effectively undercut the trade in blood diamonds, and the Extractive
Industries Transparency Initiative, in which a government must report to its citizens the
revenues it receives from sales of natural resources.
H . These measures, he says, are more important than elevating aid levels, an approach
emphasized by economist Jeffrey D. Sachs of Columbia University and celebrity activists such
as Bono. Collier insists that first Angola receives tens of billions of dollars in oil revenue and
whether it gets a few hundred million more or less in aid is really second-order.
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