Thursday, July 27, 2017

Myanmar joins natural resource transparency organisation

Myanmar was officially admitted as a candidate country with the Extractive Industries Transparency Initiative (EITI) on July 2.

Joining the international group has been a public goal of the current Myanmar administration, aiming to increase transparency in a notoriously opaque sector. The EITI is currently composed of 44 countries  will require Myanmar to disclose and improve how oil, gas and minerals are governed, the EITI said in a press release.

“By implementing the EITI, the government has made a commitment to the people of Myanmar: that they will have the right [to] see how these resources are managed,” said Clare Short, EITI chair.

“I encourage the government to make use of the EITI as a tool to inspire wider reforms and to enshrine transparency in government institutions,” she said.

Myanmar will publish accounts of payments received from the extractives sector, as well as make public information about licence holders, production data, state-owned enterprises and allocation of revenue from natural resources.

Myanmar’s government has also committed to mapping and identifying beneficial owners of the companies operating in Myanmar, disclose details of recent bidding rounds, and explore contract transparency, the press release said.  

Myanmar is required to publish its first EITI report on 2 January 2016.