Call to implement advice in EITI report

The National aka The Loggers Times | May 22, 2017

GOVERNMENT agencies responsible for the mineral and petroleum sectors have been urged to implement a Cabinet decision to implement the recommendations in the first PNG Extractive Industries Transparency Initiative Report.
The call came from the EITI secretariat following Cabinet’s directive last week that the recommendations based on the 2013 fiscal year be implemented.
The agencies include the Department of Petroleum and Energy, Mineral Resource Development Company, the three Kumul enterprises, Auditor-General, State Solicitor, Mineral Resource Authority and the departments of Finance and Treasury.
Head of Secretariat Lucas Alkan said the onus was now on the State agencies to act.
“It is important that we take action on the report recommendations now to validate the EITI candidate status early next year.
“It is only through these efforts that we will be seen as making meaningful progress to meeting global best practice in managing our resource wealth.
“And PNG can be accredited as an EITI member country by EITI International.”
The Petroleum and Energy minister is required “to immediately implement a reliable electronic registry to supersede the current paper ledger system”.
The minister responsible for the Kumul Consolidated Holdings Limited is to ensure it participates in the EITI process and regularly reports to the EITI process the State’s share/ interest in the mining and petroleum sectors it manages under the General Business Trust.
Alkan said similar directions were given to Finance Minister and Treasurer to make sure information on fiscal and finance data were conveniently available to help in the EITI reporting process.

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Filed under Financial returns, Papua New Guinea

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