Kazakhstan joins Extractive Industries Transparency Initiative
Azerbaijan, Baku, Oct. 24 / Trend E. Kosolapova/
The International Board of the Extractive Industries Transparency Initiative (EITI) designated Kazakhstan "EITI Compliant", Kazakh Foreign Ministry reported.
"This decision is the result of a positive evaluation of Kazakhstan's progress in implementing the EITI. "EITI compliant" means that Kazakhstan has the mechanisms in place to ensure regular disclosure of natural resource revenues," the Ministry said.
Kazakhstan accepted the obligations of EITI standards in 2005. Since then, considerable work has been undertaken to increase transparency in reporting corporate earnings and government-led activities in the extraction of natural resources.
As part of its obligations to the EITI, Kazakhstan has established a National Council of stakeholders in the extractive industries that acts as the coordinating body responsible for implementing EITI in Kazakhstan.
According to the Ministry, membership in the EITI provides Kazakhstan with an effective, up-to-date framework for managing its extractive industries in line with the best available international practice.