Minister’s Speech at the Launch of the PNGEITI Country Report 2013

Members of Parliament and invited guests, we acknowledge your presence and thank you for accepting our invitation to witness the Report launch PNGEITI First Country Report 2013
PNG applied to become a candidate EITI country in March 2014. Since then the process of moving towards PNG’s first EITI report was led by a multi-stakeholder group consisting of Government representatives, Civil Society and the Industry.
EITI sets out to provide consolidated information on a countries extractive sector in accordance with International standards. Most importantly, it reconciles key resource revenue flows paid by companies with those received by government. The EITI initiative has the potential to deliver significant benefits through increased accountability and transparency, translating into more informed public policy debate on how to manage our resource endowments.
The EITI also complements government’s initiatives in managing revenues from the extractive sector like the SWF and in addressing anti-corruption efforts such as the establishment of the ICAC. It also has the potential to increase the confidence of business and enhance PNG’s reputation as an investment destination.
Despite the many challenges encountered in data and information gathering, PNG has fulfilled one of the key requirements set by EITI International Board in publishing its first report on the 12th of February, well in advance of the deadline set for mid-March, 2016.
The findings of the First Report provide an avenue for initiating long lasting benefits through some significant reforms that would be beneficial for the country. Leading from the First Report, PNG will publish its second report in relation to the 2014 fiscal year that will be used by the EITI International Board for validating PNG’s membership by 31 December this year.
The EITI report will be an important resource that Government agencies, civil society, Industry and academia should utilise as we seek to look for the best ways to manage our resource revenues.
To conclude- as the Chairman of the PNGEITI Multi-stakeholder Group and Minister responsible for EITI implementation in the country, I am happy with the progress made so far and wish to call upon our Prime Minister Hon. Peter O’Neill to make a statement and to officially launch the PNGEITI First Country Report.

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