Extractive Industries Transparency Initiative (EITI)

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Extractive Industries Transparency Initiative (EITI) Empty Extractive Industries Transparency Initiative (EITI)

Post  Sirop14 on Fri Feb 09, 2018 8:21 pm

Extractive Industries Transparency Initiative (EITI)


Seychelles undergoes evaluation process

Seychelles is being assessed as to whether it meets the basic requirements to be validated for the Extractive Industries Transparency Initiative (EITI).
EITI sets a global standard for transparency and accountability in the extractive sector and Seychelles expressed its interest to be part of EITI in June 2014.
Seychelles was approved as a candidate country by EITI in August 2014 where then a national multi stakeholder group (MSG) was formed to decide how the EITI process should work and to oversee it.
Two EITI representatives met members of the MSG, chaired by the principal secretary (PS) for finance Patrick Payet, earlier this week at the Liberty House conference room.
The MSG is made up of representatives from the government, civil society as well as the private sector.
There was a presentation led by the EITI international representative on the opportunities for EITI in Seychelles and the validation process.
The validation procedure in a four-step process where prior to the commencement of the validation, the MSG undertakes a self-assessment of adherence to the EITI standard and the national secretariat and stakeholders prepare documents, followed by the second step where the international secretariat collects data and hosts stakeholder consultations.
For the third part, an independent validation is required by an independent consultant before finally there is a review by the EITI board to assess how compliant Seychelles is to the minimum standards.
PS Payet said Seychelles decided to join EITI as preparations for if oil is found in our ocean.
“If oil is discovered in our seas at least we will have the laws and disclosure requirement in place so that there is transparency and accountability in the revenue and expenses from the capital collected. This will also boost people’s trust in the government and the public sector,” he said.
He said Seychelles is currently still at step 2 where the international secretariat are collecting data to draft a report and present to the MSG.
“As required Seychelles produced its first report in 18 months, then the second one has been produced in 2018 and it is in the process of being submitted to the cabinet before it is publicised. We also intend to host a workshop for members of the public to know that the report is available,” he said.
PS Payet said they are trying to set up a framework in such a way that the future generation can also benefit from the revenue so discussions are ongoing with the Central Bank of Seychelles to create a fund where the money can be saved.
He pointed out that EITI does not have any environmental requirement as part of its validation but as Seychelles advocates for Blue Economy they felt it was necessary to have a representative of the environment department on the committee.
As there is a serious lack of people specialised in the particular procedure, PS Payet said it was a challenge as this process is new to Seychelles and they had to build a capacity within the government and the civil society.
“We had to attend many overseas workshops and invite members from other small island states who have been through this process to share their experience with us,” he said.
He said hopefully in June 2018 the board will give a decision.

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