Seychelles fully committed to improve transparency


21-June-2013

It has done so through the announcement that it will adopt the principles of the Extractive Industry Transparency Initiative (EITI) in its endeavour to strengthen transparency in financial reporting in the extractive sector.

The EITI is a voluntary initiative, supported by a coalition of companies, governments, investors and civil society organisations, that encourages greater transparency and accountability in countries dependent on the revenues from oil, gas and mining.

Alongside other efforts to improve transparency in government budget practice, the EITI begins a process whereby citizens can hold their governments to account for the use of such revenues.

According to a press release from the Ministry of Finance, Trade and Investment, the government of Seychelles recognises that in the event of a discovery of natural resourses, including oil, those resources would belong to the Seychellois people and the wealth derived from such resources should be prudently managed for the benefit of the people and make this sector an important engine for sustainable economic growth that would contribute to sustainable development.

To embark in the process of becoming EITI compliant, the government will shortly establish a multi-stakeholder group to oversee the process of adherence to the EITI and implementation of its requirements.

As a first task, the multi-stakeholder group will be called to work with relevant partners and publish a fully costed work plan, containing measurable targets and a timetable for implementation of EITI.

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