Trinidad and Tobago ranks 15th out of 40 countries in the Revenue Watch Index launched today in Washington DC by the Revenue Watch Institute and Transparency International.
The Revenue Watch Index marks the first attempt to measure and compare the information governments disclose about the oil, gas and mining industries, including payments received by governments for exploitation of their reserves, production data and the terms of contracts. The benchmarks established will promote the accountable, transparent and effective management of oil, gas and mineral revenues where they play a major role as drivers in the economy.
In addition, the information published will be a key tool for citizens, elected officials, civil society and media seeking greater access to resource information.
The ranking is based on the assessment of disclosed information, and does not test the accuracy of the information.
Trinidad and Tobago’s ranking places it near the top of the second tier of countries that are classified as having partial revenue transparency. Though the country scored highly in several areas, it fell down in the area of financial reporting on oil and gas revenues and the implementation of the Extractive Industries Transparency Initiative (EITI).
Richard Joseph, Chair of TTTI said that this report was encouraging as it indicated that Trinidad and Tobago is well positioned for further progress in this area. It is to be noted that the People’s Partnership government has committed itself, in its Election Manifesto, to join the EITI, and, when that is done, we can expect to see an improvement in the country’s ranking.
The detailed reports are attached. For clarification or more information, please contact TTTI chair, Richard Joseph at 663-6377.
TTTI encourages members of the public to support its bid for greater transparency and accountability. Membership forms are available on http://www.transparency.org.tt/; by ringing 663-6377; or find us on Facebook.