By Josiah Williams
November 28, 2024
Guyana has implemented robust systems to prevent future suspensions from the Extractive Industries Transparency Initiative (EITI), according to Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh.
The assurance was provided during financial debates in Parliament as the government defended a request for $125 million for the Natural Resources Ministry to advance compliance measures.
Dr. Singh emphasized the government’s commitment to maintaining transparency and accountability in the extractive sector, vowing never to allow Guyana to face international discredit again.
This pledge follows Guyana’s reinstatement by the EITI Board last year after being suspended due to a delayed 2020 report submission under the previous administration.
Of the requested $125 million, $102 million is earmarked for key initiatives, including enhancing legal frameworks related to health, safety, and the environment, conducting stakeholder consultations, and bolstering project management capabilities.
Dr. Singh highlighted the importance of these measures in ensuring the timely submission of future EITI reports.
Addressing criticism from Opposition Member of Parliament David Patterson, Dr. Singh accused the previous administration of neglecting Guyana’s international obligations, resulting in reputational damage.
The EITI, a global standard promoting transparency in resource-rich economies, plays a critical role in ensuring accountability in Guyana’s burgeoning oil and gas sector.
The government’s continued efforts aim to solidify the country’s standing in the initiative while fostering trust and credibility on the international stage.