Natural resources provide a large fraction of foreign exchange and fiscal revenues in many Middle- and Low-Income Countries. Some of them have been able to channel those funds to improve their living conditions. However, they have also been a source of macroeconomic instability and corruption, to the point that some authors talk of a “Natural Resource Curse”. This chapter deals with the macroeconomic challenges, and it shows significant progress by many countries in the last decades. Many countries learned a lot on how to manage volatility in prices and incomes from natural resources since the days of the Debt Crisis. The combination of stronger fiscal and monetary institutions, the development of financial markets and the opening of these economies to international trade, coupled with inflation targeting, exchange rate flexibility and fiscal rules, helped most of Latin America to weather the Global Financial Crisis. However, it is too early to tell if these reforms will survive the political and social sequels of the Covid Crisis. These countries now know how to handle the challenges posed by natural resources price volatility, but the political will is in doubt.