The PNG Extractive Industry Transparency Initiative (EITI) has released its 2016 Report.
This is the fourth report by the entity since joining the global EITI standards movement.
In his forward in the report, Treasurer Charles Abel said the 2016 Financial Year Report is the culmination of continued commitment, collaboration and efforts by the Government, extractive industries and civil society organisations to provide a comprehensive picture of the sector, its impact on the economy and our management of the revenues and benefits derived.
He said the 2016 Report is important in that it will form the basis of an external review and assessment for PNG’s EITI membership validation in 2018.
“The EITI process can also help improve current policy settings, the taxation and fiscal regime governing the extractives sector,” he stated.
“It demands Government to adhere to global best practices in the sector by increasing transparency and accountability of extractive revenues. It also demands the highest levels of transparency in the collection and distribution of revenues by the Government.
“I encourage the public to read the contents of the report and use it as a basis for stimulating further discussions on the management of the sector,” said Abel.
“Though PNG remains one of the most challenging countries to invest in geographically, it is amongst the most geologically attractive countries in the world.
“While global commodity prices have remained subdued in the last couple of years, developers of a number of proposed projects in PNG have remained committed and proceeded with several major mines set to come on stream in the near future.
“With promising signs of global commodity prices recovering, both developers, Government and our people stand to gain from the operation of these projects.
“The Government values the EITI process because it is playing a critical role in providing such reports to the public for them to better understand how we are managing the revenues and other benefits derived from the sector.”
Abel reassures investors that PNG is committed to transparency and accountability to achieve better outcomes for our development aspirations.
The PNG EITI aims to promote revenue transparency and accountability in the country’s mining and petroleum sectors.
This report covers the calendar year from 1 January 2016 to 31 December 2016.