The Board of Directors of the Extractive Industry Transparency Initiative (EITI) has announced that Mozambique is entirely compliant with EITI standards, Mozambican newspaper Notícias reported.
According to the statement published at the end of a meeting held on 26 October in Lusaka, Zambia, the EITI board of directors said that Mozambique was the 16th EITI compliant country and that it would be assessed once again in five years, on 26 October 2017.
The validation process ensures the quality and protection of the EITI brand, which checks how the initiative is applied in a given country and classifies it as compliant, making significant progress, or non-compliant.
The EITI is a voluntary mechanism, launched in 2002, which aims to improve the governance of countries with a wealth of mining resources by checking what companies pay and what governments receive in the oil, gas and mining sectors.
Mozambique voluntarily joined the EITI in May 2009 in order to improve its good governance processes, and has so far published two reports to disclose payments and revenues in the extractive sector, the first of which was for the 2008 financial year and the second for 2009.
The third report for 2010 is now being put together and it is due to be published in December. (macauhub)