Guyana is now officially the 53rd candidate country of the Extractive Industries Transparency Initiative (EITI) which is aimed at openness around the governance of natural resources.
Guyana’s application to become a candidate country was deliberated upon during the 38th EITI Board Meeting which is being held in Manila, Philippines, according to a statement yesterday from the Ministry of Natural Resources (MNR).
At its core, according to the EITI website, governments disclose how much they receive from extractive companies operating in their country and these companies disclose how much they pay. In addition, other key data is published. Governments sign up to implement the EITI Standard and must meet seven requirements. Entering the EITI was seen as pivotal before oil revenues begin flowing here around 2020.