Guyana has been suspended from the global Extractive Industries Transparency Initiative (EITI) for failure to submit a report for 2020, sources tell Stabroek News.
Georgetown was formally advised of the development on February 17th by the Norway-headquartered body but there has been no word from the government about it.
EITI countries commit to disclose information along the extractive industry value chain – from how extraction rights are awarded, to how revenues are channelled through government and how they benefit the public. Through participation in the EITI, more than 50 countries have agreed to a common framework governing what has to be disclosed and when – the EITI Standard. Now that Guyana is an oil producer the Standard is seen to be even more important.