APNGBC NEWS : 17th Feb 2016

PNG Releases Its First Extractive Industries Transparency Report.

Papua New Guinea has released its inaugural PNG Extractive Industries Transparency Report for the year 2013. This is a landmark achievement for PNG.

— By APNGBC

The Extractive Industries Transparency Initiative (EITI) was established globally by the World Bank in 2004 to improve transparency in revenue flows to Government from extractive industries. Starting with seven countries in 2004, the Initiative has grown to include 37 countries at various stages of EITI implementation.

Papua New Guinea has released its inaugural PNG Extractive Industries Transparency Report for the year 2013. This is a landmark achievement for PNG that is setting the stage for better practice in the future. The report was developed in partnership with the PNG Government, several dedicated stakeholders, Ernst & Young, EITI and PNGEITI.

Hon. Patrick Pruaitch, CMG, MP Minister for Treasury & Chairman, PNG Extractive Industries Transparency Initiative provides the foreward, ‘…This report for the 2013 financial year is the culmination of sustained efforts and collaboration between the PNG government, the extractive industries and civil society to deliver an informative picture of the extractives sector in PNG, its impact on our economy and our management of the revenues it generates.

I hope this report and the ones that follow will be utilised by all segments of the community to enhance the understanding of the economic impacts of this important sector. From a government perspective the report highlights the very sound fiscal settings surrounding the sector but also illustrates where information management may give rise to better systems and enhance the ease of doing business in PNG…’

The report can be downloaded here.

A statement from the multi-stakeholder group (MSG) who helped throughout the process continues; ‘The multi-stakeholder was established in 2013 to steer and oversee the EITI process in PNG, including to provide guidance and oversight over the process of compiling PNG’s first reconciliation report. Since that time MSG members representing government, civil society and industry have worked together in the true spirit of collaboration towards the completion of this, the first PNG EITI Report. This Report represents a journey we have all taken together. The MSG has been focussed on the PNG EITI objectives to ensure the Report informs:

  • Improved public understanding of the management of the extractive industries;
  • Improved accountability of both Government and Industry through enhanced understanding of how the extractive industries sectors are managed;
  • Improved transparency of payments made to national, provincial and local level government and landowner groups; and
  • Revenue generation and collection that is consistent with policy settings. However, the activities of the MSG have not only resulted in the culmination of this report but have given rise to other opportunities for government, industry and civil society to work together and improve awareness of the extractive industries.’
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