Transparency-Dec 15

Myanmar’s president has instructed the government, state-owned enterprises and private companies involved in the country’s extractive sector to publicly disclose any contracts from Jan. 1. The President’s Office stated that all parties must follow “contract transparency”, starting on New Year’s Day, in collaboration with Myanmar Extractive Industries Transparency Initiative (MEITI). The sector includes the extraction of oil, gas, timber and minerals. According to the latest EITI report for 2017-18, the extractive sector accounted for 4.8 percent of the country’s GDP, 5.2 percent of state revenue and 35 percent of exports in that financial year. Myanmar EITI in 2016 estimated that 60-80 percent of gemstones in Myanmar were not declared and bypass the formal system.

Read more at: https://www.irrawaddy.com/specials/myanmar-covid-19/myanmar-president-orders-mining-firms-publish-contracts-boosting-transparency.html