US Ambassador optimistic about Guyana’s candidacy to EITI this year

Jul 15, 2017 News

The United States of America Ambassador to Guyana, Perry Holloway, is feeling optimistic about Guyana’s candidacy for the Extractive Industries Transparency Initiative (EITI).

President David Granger and Ambassador to Guyana, Mr. Perry Holloway toast to continued good relations between their respective countries at the reception to mark the 241st Independence Anniversary of the United States (Ministry of the Presidency Photo)

Holloway said this on Thursday during his address at his Embassy’s Commemoration of the 241st Independence Anniversary of the U.S.
According to the Ambassador, the U.S government has provided assistance through the Carter Centre to help Guyana prepare for its candidacy for the EITI. He said, “I am optimistic that Guyana’s candidacy will be approved this year and this will help ensure sound management of resources, as well as transparency.”
Holloway went on to explain that his government on the oil front, would have used the State Department’s Energy Governance and Capacity Initiative to provide assistance to the Ministry of Natural Resources in supporting the development of a strong regulatory framework and oil spill prevention strategies in preparation for oil production in mid-2020.
Moreover, the Ambassador said that support was given to increase fiscal transparency and capacity in tax administration by bringing in advisors from Treasury’s Office of Technical Assistance to work with the Guyana Revenue Authority (GRA).
This, he said, was to improve capacity, support retention of talent, provide tools to curb potential corruption and help develop the Oil and Gas Office within the Large Taxpayer’s Department.
Assistance did not end there for additional support was given in the form of the U.S Government starting a donor coordination working group on petroleum to ensure that there is no duplication of efforts. He said this is to ensure that synergies are sought that will allow his government to provide maximum assistance to the government of Guyana.
The optimism by the U.S Ambassador comes after the Guyana Government would have set two dates for the final submission of the country’s application to EITI but have not managed to meet any.
Last year June it was announced that the application would have been made by November 2016. Further, last March, National Coordinator of the Guyana Extractive Industries Transparency Initiative (G-EITI), Rudy Jadoopat, said that a Multi-Stakeholder Group (MSG) hopes to submit its initial candidate application by June/July 2017.
He said, “Barring any unforeseen obstacles, the Cooperative Republic of Guyana can become an EITI candidate before the end of 2017.”
In February, Jadoopat said that Guyana would have already satisfied a number of requirements. However, he said that there are still a few steps which need to be completed. These include but are not limited to the adaptation of the terms of reference of the MSG, determining the materiality and scope, review and finalise a draft work plan, prepare a communication strategy and plan for it and review and ensure the finalisation of the scoping study which would have been commissioned and prepared by a consulting firm.
The EITI was established in 2003. It aimed at making it tougher for governments and companies to conceal the truth about earnings made from extractive industries. It is important for Guyana to be a part of this body particularly since it intends to establish an oil and gas sector.
President David Granger, during his address at the Independence Commemoration event, said that the U.S government has provided cooperation in a number of areas including US$30M on bilateral and foreign assistance, provision of technical assistance to the Ministry of Natural Resources towards the development of a strong regulatory framework in preparation for oil, support for Guyana’s candidacy for the EITI, support for efforts to improve fiscal transparency and capacity building in tax administration and assistance for the telecommunications and civil aviation sectors.
Granger said that over the past 51 years, Guyana has been able to form a strong, reliable and strategic partnership with the U.S that paved the way for bilateral cooperation in areas such as defence, culture, economic development, education, governance, health, justice improvement and security cooperation.

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