Revenue Watch and Nobel laureate Joseph Stiglitz congratulate countries on regional leadership
RWI congratulates Ghana and Mongolia for becoming the fourth and fifth EITI Compliant countries and welcomes Indonesia as the newest EITI Candidate country. The three countries' EITI status was approved by the international board of the Extractive Industries Transparency Initiative at a meeting in Dar es-Salaam, Tanzania, on October 19-20.
The EITI is a coalition of governments, companies, civil society organizations, investors and international organizations that supports greater transparency in the oil, gas and mining industries and in government oversight. It seeks the verification and full disclosure of company payments and government revenues from those industries.
Indonesia's fulfilment of the criteria to become an EITI Candidate country is the product of consultation by all stakeholders. RWI commends the country for this progress but also recognizes that considerable work remains if Indonesia is to become EITI Compliant within the allotted two years.
“Indonesia is to be congratulated on joining the EITI,” said Joseph Stiglitz, a Nobel laureate in economics and co-editor of RWI's Escaping the Resource Curse. “It has special significance given the importance of natural resources in Indonesia's economy and the example Indonesia will set for other countries in their struggle to ensure that the fruits of their natural resources are enjoyed by all citizens. I and the Revenue Watch Institute look forward to helping in any way we can,” Stiglitz said.
Indonesia is the largest resource-rich country in southeast Asia Continued support by all stakeholders will be necessary for Indonesia to reach its goals of meeting the EITI criteria and going beyond this minimum standard by disclosing payments and revenues at the state or local level.
Ghana's EITI process exceeded the minimum EITI disclosure requirements by including data about local governments where minerals are produced as well as the national government. Ghana has also been a pioneer of EITI implementation in the mining sector.
As the country moves towards oil production, RWI urges Ghana to apply the same high standard of transparency to oil and gas production. RWI believes all stakeholders in the EITI process, particularly parliament, should use the EITI to strengthen governance of the oil industry to assure these resources contribute to sustainable development.
Mongolia has also shown strong commitment to the EITI, publishing three EITI reports which include detailed data on revenues from extractive industries.
“All of these countries should be commended,” said Anthony Richter, chairman of RWI's governing board and a member of the EITI board. “Mongolia sets an excellent example in Central Asia. Ghana is seizing the opportunity to make openness an integral part of its resource sector. Indonesia is showing the way for an entire region.”
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RWI congratulates Ghana and Mongolia for becoming the fourth and fifth EITI Compliant countries and welcomes Indonesia as the newest EITI Candidate country. The three countries' EITI status was approved by the international board of the Extractive Industries Transparency Initiative at a meeting in Dar es-Salaam, Tanzania, on October 19-20.
The EITI is a coalition of governments, companies, civil society organizations, investors and international organizations that supports greater transparency in the oil, gas and mining industries and in government oversight. It seeks the verification and full disclosure of company payments and government revenues from those industries.
Indonesia's fulfilment of the criteria to become an EITI Candidate country is the product of consultation by all stakeholders. RWI commends the country for this progress but also recognizes that considerable work remains if Indonesia is to become EITI Compliant within the allotted two years.
“Indonesia is to be congratulated on joining the EITI,” said Joseph Stiglitz, a Nobel laureate in economics and co-editor of RWI's Escaping the Resource Curse. “It has special significance given the importance of natural resources in Indonesia's economy and the example Indonesia will set for other countries in their struggle to ensure that the fruits of their natural resources are enjoyed by all citizens. I and the Revenue Watch Institute look forward to helping in any way we can,” Stiglitz said.
Indonesia is the largest resource-rich country in southeast Asia Continued support by all stakeholders will be necessary for Indonesia to reach its goals of meeting the EITI criteria and going beyond this minimum standard by disclosing payments and revenues at the state or local level.
Ghana's EITI process exceeded the minimum EITI disclosure requirements by including data about local governments where minerals are produced as well as the national government. Ghana has also been a pioneer of EITI implementation in the mining sector.
As the country moves towards oil production, RWI urges Ghana to apply the same high standard of transparency to oil and gas production. RWI believes all stakeholders in the EITI process, particularly parliament, should use the EITI to strengthen governance of the oil industry to assure these resources contribute to sustainable development.
Mongolia has also shown strong commitment to the EITI, publishing three EITI reports which include detailed data on revenues from extractive industries.
“All of these countries should be commended,” said Anthony Richter, chairman of RWI's governing board and a member of the EITI board. “Mongolia sets an excellent example in Central Asia. Ghana is seizing the opportunity to make openness an integral part of its resource sector. Indonesia is showing the way for an entire region.”
LEARN MORE
- EITI Board Sends Wake Up Call to Candidate Countries, Tests Its Own Resolve to Apply Rules
- Indonesia Leads Asia Pacific Region with Plans to Implement Transparency Standards
- RWI Chair Anthony Richter Joins Coalition Partners for Congressional Testimony on Energy Security
- The Extractive Industries Transparency Initiative (EITI.org)
