EITI Research Begins This Month

Myanmar’s Extractive Industries Transparency Initiative (EITI) evaluation will begin this month, according to officials.

“The research will commence at the beginning of June under the guidance of Myanmar EITI regarding technical matters of the study and detailed research on respective sectors and handling financial statements,” U Win Aung from EITI committee said.

According to a source from Myanmar regional EITI group, Moore Stephens, a British audit firm, was selected to provide necessary technical support for the preliminary report on the transparency of business regarding natural resources. The company was selected out of 10 multinational companies because of experience and price.

Moore Stephens will work with the Ministry of Finance in Naypyitaw and receive $100,000 after the preliminary report is finished. The report has to be submitted by January 2016.

The EITI initiative has prioritised mining, oil and gas exploration and forestry sectors in Myanmar.

Source: Myanmar Business Today

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