EITI accredition on way

TREASURY deputy secretary Manu Momo says the Government has made significant progress to becoming Extractive Industries Transparency Initiative-accredited.
During a workshop hosted by Pacific Leadership and Governance Precinct and the PNG Extractive Industries Transparency Initiative in Port Moresby, Momo said the way in which revenue from the industry was managed should be strengthened through improved transparency and ethical leadership.
“Despite the challenges, we have achieved a lot in implementing the global EITI standards,” he said.
“The EITI initiative has the potential to deliver significant benefits through increased accountability and transparency.
“This means having information available to stimulate more debate on public policy and how to best manage our resource revenue.” PNGEITI secretariat head Lucas Alkan said it was a very exciting collaboration between the Precinct and the PNGEITI “to improve governance and transparency in the extractive sector”.
“With strong leadership, this industry can be a platform for social and economic change,” he said.
Alkan said the acceptance of PNG as an EITI compliant country, if achieved, would contribute to building a better business environment based on transparency and increased accountability.
Australian High Commission Counselor for economic governance Jodie McAlister said ensuring appropriate benefits from the resources industry was a challenged shared by Australia.
“The extractive sector is a vital part of the economies of both PNG and Australia,” she said.
“The challenge that has been presented is to ensure the revenues are used to build for future generations.”