New system to improve revenue management

The National Business

The PNG Extractive Industries Transparency Initiative (PNGEITI) national stakeholders, in partnership with Japan International Cooperation Agency (Jica), have commenced a technical cooperation for improving resource-related revenue management in the country.
A joint coordinating committee (JCC) meeting chaired by Department of Treasury was held on Friday to chart a way forward for this technical cooperation project which will be implemented for three years commencing this year.
The cooperation entails improvement of data and information management systems at the Department of Petroleum and the EITI National Secretariat based at the Department of Treasury.
It also aims to enhance the reporting mechanism among extractive companies and Government agencies obligated to report for EITI purposes.
Deputy Secretary for Treasury Manu Momo acknowledged the role of Jica in enhancing current reporting and data management systems at the Department of Petroleum.
“This technical cooperation project meets certain recommendations in the PNGEITI fiscal year reports on improving data and information reporting with the national oil and gas regulator,” he said.
“The JCC is the first step towards collaboration between all stakeholders in coordinating the project and we look forward to fruitful outcomes over the next three years.
“The PNG EITI multi-stakeholder group through the assistance of Jica hopes to improve the level of reporting in our fiscal year reports in the mining and oil and gas sector going forward.”
The project also aims to assist in awareness raising and implementation structure for EITI in the country.
“We have had numerous consultations with provincial partners at the Government, industry and civil society sectors and so far we hope to inform as many stakeholders to participate in the process,” Momo said.
Chief representative of Jica Takashi Toyama said: “EITI is an important global transparency initiative and Jica is happy to work with the PNG Government to meet EITI international standards.”