THE strategic direction of the country’s natural resources watchdog agency, the Guyana-Extractive Industries Transparency Initiative (GYEITI), was recently discussed at length with US Deputy Assistant Secretary (DAS) for Caribbean Affairs and Haiti, Barbara A. Feinstein, and other officials of the North American country.

Head of GYEITI, Professor Prem Misir, who led the local agency during the discussions, said the engagement was fruitful.

Professor Misir said the discussions centered on the transparency institute’s strategic vision, strategic priorities, strategy/structure/staffing, and its annual work plan.

Discussions also surrounded revenue forecasting, criteria for MSG membership, reconciliation, public benefit, the institute’s relationship to sustainable development goals (SDGs), data collection template for the internal assessment (IA) report, status of the 2019 IA report and schedule of commencing the IA 2020 report.

Guided by the belief that a country’s natural resources belong to its citizens, the EITI has established a standard to promote the open and accountable management of oil, gas and mineral resources.
Governments, together with companies and civil society, work to improve the management of natural resources by implementing the “EITI Standard.”

According to EITI’s fact sheet, the “EITI Standard” requires countries to publish timely and accurate information on key aspects of their natural resource management, including how licences are allocated, how much tax, royalties and social contributions companies are paying and where this money ends up in the government at the national and local levels.

“EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide data to inform and drive reforms to curb corruption and improve accountability.

“Implementing the EITI Standard improves government systems and can lead to improved tax collection and budgetary planning. It signals commitment to the transparent and accountable management of the country’s natural resources. A transparent and open government enhances citizens’ trust,” the transparency institute said.