Call for oil revenues to improve living standards in Congo
Call for oil revenues to improve living standards in Congo IRIN
IRIN on Friday, June 7, 2013
reviews [0]
Business [9]

Congo, which is heavily dependent on revenue from the oil industry, has been declared as “conforming to” a global standard that aims to ensure transparency of payments for natural resources; NGOs hope the announcement will improve the lives of the poor.

More than half the country’s 3.6 million people live below the poverty line.

The Initiative for Transparency in the Extractive Industries (EITI), adopted by G8 countries in 2003, aims to improve the transparency of the management of mineral resources. It brings together, in a single structure, governments, oil companies, international financial institutions and NGOs.

"Being validated and found to comply with the EITI means Congo ticked 21 boxes, including membership of EITI, implying a commitment to publish all necessary information relating to the management of our industries, especially oil, our primary export resource," Florent Michel Okoko, coordinator of EITI in Congo, told IRIN.

Oil accounts for 80 to 90 percent of Congo’s exports and budget revenues.

EITI covers both solid and liquid mines. However "at this stage, we are focusing on the oil industry because, in terms of solid mines [iron ore mining in the southwest], we are still at the stage of prospecting. In the relatively near future, we will also integrate solid mines," said Okoko.

Congo’s achievement of compliance has not come overnight: The country became associated with EITI in 2004, but oil has remained a sticking point.

“However, since 2011 the government seems to have made an effort because from then on, there is an 80 to 90 percent overlap between revenues that were reported by oil companies and those said to have been seen by the Treasury,” Christian Mounzéo, of the Congolese organization Publish What You Pay (PWYP), told IRIN.

» Not yet reviewed by any member. You can be the first one to write a review.

» You must be logged in to post a comment.
Related Articles
Nineteen international NGOs have sent a joint letter to UN Secretary-General Ban Ki-moon to express concern over the peace process in the Democratic Republic of Congo (DRC) and.... (NewsUSA) - Most 10- to 12-year-olds in developing nations say that, if they were president of their country, their first order of business would be to provide education to all.... (NewsUSA) - Aches, nausea, fever, headache, fatigue, cough, sore throat and a runny or stuffy nose reveal the unwelcome truth -- you've gotten the flu again this year..... International neglect of the crisis in the Central African Republic (CAR) is partly to blame for the dire humanitarian and security situation there, say officials. The crisis.... Altys Group announced the launch of the ForaCare Suisse AG FORA Diamond MINI blood glucose monitor in South Africa. An exclusive distributor of ForaCare since 2013, Altys Group....