News

Government considering to implement EITI

The Government is considering whther to implementthe ExtractiveIndustries TransparencyInitiative (EIT).

EIT is a global standard to increase transparency over payments by companies from oil, gas and mining industries to governments and state entities.

The Head of EITInternational SecretariatoJonas Morbeg (pictured), is in Port Moresby meeting with relevant bodies includingthe Prime Minister Peter O’Neill.

Moberg said he was encouraged bythe O’Neill/Dion Government’s commitment in a media conference atthe US Embassy yesterday. That was right after his meeting with Prime Minister Peter O’Neill.

If and whenthe government allows implementing EIT in Papua New Guinea an independent report will be done, bringing togther whatthe extractive industry companies pay in taxes, royalties and fees; with whatthe government receives.

And what better time for such commitment whenthe country’s experiencing an exponential boom inthe extractive industry, with mining and petroleum alone making up for one-third of government tax revenue, 80% ofthe total national export income and 24% ofthe GDP.

Moberg says EIT encourages transparency that leads to accountability and trust being built withthe people; and it does this through a commission. And if our government agrees,there will be one established here.

Currently, EIT Standard is being implemented by thirty seven countries.

Festus Maiginap, National EMTV News

https://youtube.com/watch?v=HiBe3nwZUrE%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

Related posts

Teachers Further Delayed from Receiving Entitlements

EMTV Online

Bank South Pacific Defends Its Rates and Fees

EMTV Online

More Firefighters Aid US Authorities

EMTV Online

Leave a Comment

error: Content is protected !!