Kyrgyzstan may be excluded from the EITI

On January 29 the EITI Secretariat discussed the position of the Accounts Chamber of the Kyrgyz Republic in terms of reconciliation of data for the EITI Report for 2015-2017.

The IBC Executive Director is an EITI Secretariat member.

The Chamber of Accounts informs that, according to the law, it is responsible for conducting independent reconciliation of data between reports on the financial flows of mining companies of the Kyrgyz Republic and state bodies.

According to Altynai Sydykova, head of the EITI Secretariat in the Kyrgyz Republic, if the reports of the 15 largest companies for 2015-2017 are not published, Kyrgyzstan can become the first country excluded from the EITI due to preparations for validation expected in June 2019.

The Secretariat members also considered the definition of the term “project” in the mining industry of the Kyrgyz Republic and familiarized themselves with international experience in implementing beneficial ownership by the NGO Open Ownership.

The Extractive Industries Transparency Initiative (EITI) is the global standard to promote the open and accountable management of oil, gas and mineral resources.

Guided by the belief that a country’s natural resources belong to its citizens, the EITI has established a global standard to promote the open and accountable management of oil, gas and mineral resources. The EITI Standard requires the disclosure of information along the extractive industry value chain from the point of extraction, to how revenues make their way through the government, and how they benefit the public. By doing so, the EITI seeks to strengthen public and corporate governance, promote understanding of natural resource management, and provide the data to inform reforms for greater transparency and accountability in the extractives sector. In each of the 51 implementing countries, the EITI is supported by a coalition of government, companies, and civil society.