Peru has made substantial progress in implementing the Extractive Industries Transparency Initiative (EITI) standard, thus securing its place at the forefront of Latin America, the Energy and Mines Ministry reported.
The Extractive Industries Transparency Initiative (EITI) is a global standard to promote the open and accountable management of oil, gas and mineral resources.
The international EITI Board reached this decision following a Validation process that commenced on 1 July 2016.
In this process, Peru proved its relevant experience in the extractive field (mining, oil and gas) through progress and innovation in preparing transparency studies on public resources management.
Validation is EITI's independent evaluation mechanism. Having been compliant with EITI Rules since 2012, this is the first time Peru is assessed against the more demanding 2016 EITI Standard.
EITI Chair Fredrik Reinfeldt noted the Inca nation has led the way in EITI implementation in Latin America for the last decade.
In this respect, said work is a tangible demonstration of the government's commitment to greater transparency and accountability, working in partnership with industry and civil society.
"The Validation process has highlighted the progress made on revenue transparency, contract transparency, production data, distribution of revenues and transfers from the national to subnational governments. The recent efforts to extend this work to the region is exemplary," he stressed.
It is worth noting the Energy and Mines Ministry's General Office of Social Management (OGGS), Peru's representative at EITI, obtained a "compliant country" certification in transparency in 2012. The Inca nation thus became the first Latin American nation to earn the distinction.
To date, Peru has five national conciliation studies covering 12 fiscal years (from 2004 to 2015). Likewise, it has two recent regional transparency studies in Moquegua and Piura regions. These enhance transparency among extractive activities' resource transfers and use.
(END) NDP/DHT/MVB