Mongolia becomes the second country to meet all requirements of EITI standard

Economy | Mining
2018-02-27 12:51:20
Ulaanbaatar /MONTSAME/ Mongolia was assessed as meeting all the requirements of the EITI Standard. The decision was made by the EITI Board, who praised the swift efforts in addressing gaps in EITI implementation identified in its first Validation.

On February 2018 Mongolia has become the second country to meet all the requirements of EITI standard among 51 resource-rich countries joined the EITI, announced today Mongolia EITI National Council. The Republic of the Philippines became the first country to meet all requirements of the EITI Standard in October 2017.
The EITI Board recognised Mongolia’s pioneering efforts in ensuring accessible, regular disclosure of information on the sector to its citizens, not least through the EITI Mongolia Data Portal / The second Validation confirmed Mongolia’s efforts to use EITI reporting as a diagnostic tool for what works and does not work in the management of extractives licenses, state participation in the mining sector, subnational transfers and social expenditures.
"Mongolia has made remarkable progress since their first Validation eighteen months ago, in particular bringing transparency on state participation in the extractive sector. Meeting all the requirements is a significant milestone and credit is due to all stakeholders that helped Mongolia achieve the highest level of transparency under the Standard. I urge them to continue to ensure progress in embedding transparency in government and company systems to further strengthen citizen oversight" said Fredrik Reinfeldt, Chair of the EITI.
The Board also recognised that, while some discrepancies between rules and practice in the governance of the extractive industries persist, the latest EITI Report is frank about the challenges in the sector.