Strategic Goal 8: Economic Prosperity and Security - Performance Results for Performance Goal 3

FY 2003 Performance and Accountability Report
Bureau of Resource Management
December 2003
Report

PERFORMANCE GOAL 3

Secure and stable financial and energy markets

 

I/P #3: SECURE ENERGY SUPPLIES

Prevent sudden disruptions in the oil market from damaging the world economy by ensuring that the U.S. and other nations maintain their own Strategic Petroleum Reserves.

OUTPUT INDICATOR

Indicator #1: World Emergency Oil Stocks

FY Results History 2000 Baseline: International Energy Agency (IEA) stock level was 111 days of net oil imports.
2001 IEA stock level was 112 days of net oil imports.
2002
  1. Higher stock levels in the United States, Japan, and South Korea (a new IEA member).
  2. Increased overall IEA stocks to 114 days of net oil imports as of December 21, 2002.
  3. China (a non-IEA member) actively engaged with the IEA, APEC, and the United States to create emergency oil stock reserves and has formulated a plan for holding significant stocks.
FY 2003
Data
2003 Results As of July 1, 2003, emergency reserves of IEA members stood at 116 days of net import coverage. Final data will not be available until sometime in FY 2004.
Target Increase IEA and non-IEA emergency oil stocks above FY 2002 stock levels.
Rating On Target
Impact Higher levels of emergency reserves increase the flexibility of the United States and other petroleum importers to respond to disruptions in supply. Discussions continue with non-IEA members, including India and China -- bilaterally and through APEC and the IEA -- on establishing and filling their own strategic petroleum reserves.

 

I/P #4: STABLE FINANCIAL MARKETS

Prevent financial disruptions from undermining the economic stability of global markets.

OUTCOME INDICATOR

Indicator #2: Percentage of Debt Crisis Countries on IMF Programs Successfully Reform

FY Results History 2000 Baseline: 61%
2001 57%
2002 63%
FY 2003
Data
2003 Results 70%
Target 60%
Rating Above Target
Impact

Successful reforms instituted under IMF programs reduce the risk of future systemic failure in government fiscal and monetary policies, enable debt-burdened countries to return to growth and devote more resources to social needs, and increase likelihood that countries can meet remaining financial obligations.

In FY 2003, the Department,

  • Devised debt strategies on Iraq and Afghanistan;
  • Fulfilled the President's commitment to provide $1B in debt relief to Pakistan;
  • Through the Paris Club, provided $881M ($40M from U.S.) in debt relief to Benin, Ecuador, Mali, and Nicaragua;
  • Helped push IMF and Argentina to agree on a program.