PNG in transparency initiative

Business, Normal

The National, Monday November 4th, 2013

 PAPUA New Guinea is a step away from becoming an extractive Industry transparency initiative (EITI) candidate nation, Treasurer Don Polye said.

He said last Friday a memorandum of understanding (MoU) was signed between the Government, extractive industries and civil society organisations (CSOs).

Polye said the signing of the MoU marked the completion of step four of the five sign-up steps, which would enable PNG to eventually become an EITI candidate country. 

EITI is a global standard for promoting transparency and accountability in mineral and petroleum sectors. 

Speaking during the signing, Polye said EITI mechanism ensured that companies participating in the extractive industries disclosed payments made to the government and likewise the governments disclosed the corresponding receipts. 

He said: “The EITI places information regarding sector–specific taxes and revenues in public domain, thereby empowering citizens to ensure accountability in financial transactions between the governments and extractive industry companies.”

The final step that PNG would need to do is to develop a work plan, which was fully aligned with the reporting and validation deadlines set by the EITI international board.