Many resource-rich countries have failed to achieve sustained and stable growth, with economic diversification elusive and poverty reduction slower than in countries without such endowments Stable growth, diversification and poverty reduction become much harder to achieve when a resource rich country suffers from internal conflict. The problem becomes even greater in resource rich countries because of the domestic instability generated by global commodity markets even in the absence of conflict. The purpose of this Policy Brief is to suggest guidelines for macroeconomic policy when the challenge of natural resource management confronts the need for post-conflict peace building.