Accountability of revenue is vital, says official

ACCOUNTABILITY and translation of revenues from the extractive industry to achieving PNG’s economic growth are critical, according to an official.
Loia Vaira (pictured), acting first assistant secretary Foreign Aid Division of the Department of National Planning and Monitoring, was addressing officials during the signing of meeting minutes of a detailed design plan for technical cooperation between the PNG Extractive Industries Transparency Initiative Secretariat and the Japan International Cooperation Agency on Tuesday.
Vaira said this technical cooperation would assist the PNG EITI build and enhance its capacity.
“This is clearly outlined in the  (strategy of) Responsible Sustained Development,” she said.
“Untimely, we should be building on an economy that provides the elements of wellbeing of our citizen as a manner that is self-perpetuating.
“PNG’s medium-term development plan identifies key priority sectors.
“And importantly  it shows the need to pay more attention on the responsible management and use of our natural resources also seen as our strategic assets.
“Given the impact of the extractive sector on Papua New Guinea’s economy, it is important that the accountability and sustainability of revenues from the extractive industry and the translation of these revenues to achieving Papua New Guinea’s  development agenda and overall economic is critical.”
Vaira said Papua New Guinea’s global commitment under the EITI was an important step forward and valuable tool for oversight and reform.