Cabinet has approved the implementation of recommendations from the PNG Extractive Industries Transparency Initiative (PNGEITI) 2013 Report.
A media statement from the PNG EITI has announced that the National Executive Council (NEC) on April 6 directed, under NEC Decision 91/2017, Government agencies in the extractive industries to implement the report which was submitted to Cabinet.
The 2013 Report is the first report PNG published as a candidate country to this global initiative that seeks to promote transparency around the management of wealth derived from petroleum and mineral resource.
PNG EITI Head of National Secretariat, Lucas Alkan, commended the government for the decision, saying that the NEC has positively acted on the endorsement sought.
“We appreciate the gesture by the government that it is committed to ensuring that there is transparency in managing our petroleum and mineral resources-in fact this will boost investor confidence,” said Alkan.
“We hope to work hand in hand with the government for more work that is needed to promote transparency and accountability of revenues for the better management of the extractive sector.”
A total of 11 recommendations have been endorsed by the NEC. One of the key key recommendations include the directive to the Minister for Petroleum and Energy to immediately implement a reliable electronic registry system to supersede the current paper ledger system.
Other directions have been made to the Mineral Resources Development Company (MRDC), Kumul Consolidated Holdings, Kumul Minerals Holdings Limited, the Minister for Treasury, the National Economic and Fiscal Commission, the Minister responsible for the Mineral Resources Authority and government agencies to be fully engaged in the EITI Process.