Dili. August 26, 2011. World Bank managing Director, Sri Mulyani Inndrawati yestaerday, congratulated the Government of Timor-Leste for improving transparency and accountability in the management of its natural resources. Timor-Leste has secured compliance with the Extractive Industries Transparancy Initiative (EITI) which commits governments to disclosing the revenues They earn from oil, gas and mining, and his holding the first regional Conference for the Asua-Pacific.
'This import initiave gives Timor-Leste the opportunity to manage its precious oil revenues for the future security and propsperity of its people, and it is a mark of the progress Timor-Leste has achieved that it was admitted to the EITI", said Sri Mulyani.
In 2010 Timor-Leste become only the thiird country in the world to be granted compliance status to the EITI and the first in the Asia-Pacific, which Sri Mulyani noted was a remarkabel achievemet and showed that Timor-Leste could be a global leader and example for other developing countries.
"Timor-Leste as a nation, is building strengt and economic resilience and has demostrated how much can be won i a short space of time. Here as elswhere the EITI standard can be stepping stone in building sustainable and more inclusive growt in member countries: Growth that provides opportunity and propsperity for whole population".
The EITI is in place to help ensure that revenues from oil resources are managed sustainably and can benefit the whole population today as well as in geneterations to come. The initiative is a globally developed standard that suppots transparancy and accountable managemenet of petroleum revenues by verifying and publishing all company and goverment accounts from oil, gas and mining.
Delegates from more than 30 countries are participating in the two day conference which is being held in Dili and They will hear from the Goverment of Timor-Leste about how it is using EITI to ensure sustainble income management for the nation trough is Tranaparancy Model.
Sri Mulyani Indrawati spoke of the importance of transparancy and accountable management of public finaces to ensure satability and security for people living in resource-rich nations.
The World Bank has supported Timor-Leste admission to the EITI throgh a US$ 230,00 grant form a Multi-Donor trust Fund.
The World Bank will continue to suport Timor-Leste's effort to manage its oil revenue transparaently and wissly, so that this income can be used to support more inclusive growth and create opportunities across the country!