Guyana’s first EITI report submitted

─ govt satisfied with the progress thus far 

DPI, Guyana, Thursday, May 2, 2019

Guyana submitted its first Extractive Industries Transparency Initiative (EITI) report to the International Secretariat on April 25 and government is satisfied with the progress made thus far.

This is according to Minister of Natural Resources, Raphael Trotman during a press conference at the Ministry’s Main Street Annex on Thursday.

“The report which was published in conformity with the EITI standards goes beyond the mere reconciliation of payments and receipts to include contextual information,” Minister Trotman said.

In addition, the Natural Resources Minister noted that the report points to the way forward for better management through greater transparency in the extractive sector.

“Particularly, it points the way forward for an improved investment climate, how to assist in strengthening licensing, record keeping, tax collections systems and legal and fiscal frameworks and how to improve reforms and governance as well as promoting greater economic and political stability,” he remarked.

The report covers payments made by extractive entities and revenues received by Government Agencies and other material payments and benefits to these agencies as stated by Requirement 4.1 of the EITI Standard.

Guyana’s application process began seven years ago when the previous administration signalled its commitment to signing onto the standard; however, it was only fast-tracked over the last two years. Membership of EITI means that Guyana will have to adhere to the 12 principles of the EITI standards voluntarily. These standards endorse corporate social responsibility, encourages sharing of information, revealing beneficial ownership and promoting revenue transparency.

The EITI is a global standard that promotes transparency and accountability in the management of a country’s extractive resources, by addressing key governance issues. There are 52 countries with a membership that adhere to the standard.

Guyana’s first EITI report can be read on the link provided:

https://gyeiti.org/wp-content/uploads/FinalGYEITIReport-FY2017.pdf

Anara Khan.

Image: Giovanni Gajie.