IMF and World Bank need to bolster transparency measures in the extractive industries
The International Monetary Fund (IMF) and World Bank are falling short in fostering fundamental measures of transparency in the oil, gas, and mining industries, a report released today by the Bank Information Center and Global Witness.
Increasing transparency in the extractive industries of oil, gas, and mining is a fundamental step towards more responsible and equitable management of natural resources.
The IMF and World Bank Group provide support for various transparency measures in the extractive industries, including the Extractive Industries Transparency Initiative (EITI), a voluntary program involving the public reporting of revenues from the extractive industries.
Extractive industries transparency is crucial for ensuring the effectiveness of IMF and World Bank interventions in resource-rich countries.
This report is an assessment of how the IMF and World Bank implemented EI transparency in their operations in 57 resource-rich countries from June 2003, when the World Bank endorsed EITI, to April 2008.
It revealed that while the institutions have made numerous commitments to strengthen transparency in the extractive industries in order to combat corruption, their application of these measures has been highly inconsistent and not comprehensive.
Full report: Assessment of International Monetary Fund and World Bank Group Extractive Industries Transparency Implementation
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