Guyana is expected to be accepted as a candidate country into the Extractive Industries Transparency Initiative (EITI) in October.
According to a government release, National Coordinator for the Guyana EITI Secretariat (GYEITI), Dr. Rudy Jadoopat, at a public outreach in Linden on Saturday, said that the Multi Stakeholder Group (MSG) is expected to finalise the application by August.
The MSG will meet later this month, where the application will be “changed or adjusted,” before its finalisation in August.
Guyana has already fulfilled four of the five step application process. Those include the government’s commitment to the standards and the establishment of the MSG. The remaining step is the completion of a work plan, the DPI release added.
“That work plan must be published and after that is done…we will be eligible to submit our candidature application to the EITI,” Dr Jadoopat explained.
Guyana’s acceptance as a candidate country is expected to be announced at the International EITI Secretariat conference in Manila, Spain in October, DPI said.
Guyana’s application process began seven years ago when the previous administration gave its commitment to signing onto the standards. The application process was only fast tracked over the last two years.
Membership of EITI means that Guyana will have to voluntarily adhere to the 12 principals of the EITI standards. These standards endorse corporate social responsibility, encourages sharing of information, revealing beneficial ownership and promoting revenue transparency.
The EITI is a global standard that promotes transparency and accountability in the management of a country’s extractive resources, by addressing key governance issues. There are 52 countries with membership that adhere to the standard.