Long in the works, Guyana is aiming for a mid-year submission of its application for membership to the European Union’s watchdog, Extractive Industries Transparency Initiative (EITI)
The Guyana Extractive Industry Transparency Initiative (G-EITI) Multi Stakeholder Group (MSG), which was launched last month, is working on submitting the application by June/July. The formation of the MSG was a key preliminary step.
According to a press release from GINA, the National Coordinator of the G-EITI, Rudy Jadoopat, told a forum yesterday at the Cara Lodge on Quamina Street, that sub-groups have since been formed to actively engage the finalization of the terms of reference and confidentiality and a work plan and the focus would soon be shifted to the preparation of the application.
“A fully functioning MSG is essential for Guyana to be accepted as an EITI candidate country,” the statement quoted Jadoopat saying.
In finalizing the application, Jadoopat related that the G-EITI Secretariat will also be undertaking several measures aimed towards implementing the EITI standards across the extractive sector, which would include assisting the MSG in making decisions on how the EITI process should work in Guyana and embarking on a comprehensive data and information compilation project on governance of the extractive sector. He added they would also be assisting in preparing regular reports and issuing recommendations for improving the sector’s governance.
“The Secretariat will also design and implement a public awareness campaign to promote and explain the work of G-EITI to inform public debate towards seeking recommendations,” the release from GINA added.
While hoping there are no unforeseen obstacles, he said that the country can become a candidate before the end of 2017. Thereafter, Guyana will have some 18 months to generate a report to provide extractive data such as laws, fiscal management, licences and contracts, money received, production data and where the monies go.
According to the release, the briefing was facilitated by Policy Forum Guyana, a representative of the civil society component of the MSG.
The statement also noted that Guyana has since received assistance and support from the Inter-American Development Bank (IDB), World Bank and the Carter Center towards its candidacy.
The G-EITI MSG was launched early last month in hopes of ensuring there is more transparency and accountability in the extractive sector in the country.
“The G-EITI Multi-Stakeholder Group is a primary body responsible for overseeing and coordinating successful and effective implementation of the global EITI standards and here in Guyana,” Trotman had said, while adding that the body will provide and establish a framework that will promote collaborations and consensus building in implementing the EITI goals accordingly.
Trotman had also explained that the initiative has the potential to deliver significant benefits to the country’s economy through the increasing of accountability and transparency, which broadly translates into more inform public policy debates and guidance on managing the resource endowments. Additionally, he had pointed out that it also has the potential to increase the confidence in business and to enhance the country’s reputation as a sound investment destination.
The group comprises four representatives each from the government, industry and civil society, which meets monthly.
