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International body to monitor Iraq oil revenues
27/06/2011 14:55
Erbil, June 27 (Aknews) – An international transparency organization will monitor Iraq’s oil revenues in a bid to curb corruption.
Eddie Rich, deputy head and regional director of the Extractive Industries Transparency Initiative (EITI), told Radio Free Iraq that the country "is in the process of undertaking the first reconciliation report which is planned to be completed by the end of October, and then the validation process will start soon after that."
He said the Iraqi government has until August 2012 to "complete a reconciliation report, disseminate the report, and have a validation, which is a quality assurance process to see how it has met EITI standards."
The report will provide accurate figures on the amount of money coming into the country from the sale of oil and gas. This will in turn make it easier to plan spending and detect the misappropriation of funds.
“These resources belong to all the Iraqi people, not just the government," said Rich.
Established in 2002, the Oslo-based EITI tries to strengthen governance in mineral-rich countries by improving transparency and accountability in the extraction of oil, gas, and other raw materials. It works for better governance by working to verify and publicize company payments and government revenues from raw materials.
Eleven countries are currently EITI compliant, including Azerbaijan, Kyrgyzstan, and Mongolia. Some 24 other countries have EITI candidate status, among them Iraq, Kazakhstan, and Afghanistan.
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27/06/2011 14:55
Erbil, June 27 (Aknews) – An international transparency organization will monitor Iraq’s oil revenues in a bid to curb corruption.
Eddie Rich, deputy head and regional director of the Extractive Industries Transparency Initiative (EITI), told Radio Free Iraq that the country "is in the process of undertaking the first reconciliation report which is planned to be completed by the end of October, and then the validation process will start soon after that."
He said the Iraqi government has until August 2012 to "complete a reconciliation report, disseminate the report, and have a validation, which is a quality assurance process to see how it has met EITI standards."
The report will provide accurate figures on the amount of money coming into the country from the sale of oil and gas. This will in turn make it easier to plan spending and detect the misappropriation of funds.
“These resources belong to all the Iraqi people, not just the government," said Rich.
Established in 2002, the Oslo-based EITI tries to strengthen governance in mineral-rich countries by improving transparency and accountability in the extraction of oil, gas, and other raw materials. It works for better governance by working to verify and publicize company payments and government revenues from raw materials.
Eleven countries are currently EITI compliant, including Azerbaijan, Kyrgyzstan, and Mongolia. Some 24 other countries have EITI candidate status, among them Iraq, Kazakhstan, and Afghanistan.
[You must be registered and logged in to see this link.]
