November 24th, 2009
Posting at their website, Paul Collier praises the Extractive Industries Transparency Initiative (EITI) as ‘the right point’ in the chain of decisions about natural resources to ‘break the cycle of plunder’. He explains how the Natural Resource Charter is ‘intended to complement EITI in spelling out the entire decision chain by which natural assets can become a blessing instead of a curse’.
‘Harnessing natural resources for the sustained benefit of ordinary citizens requires that an entire chain of decisions, from the discovery process through to the use of revenues, be got right not just once but repeatedly…Both citizens and governments in resource-rich countries need better to understand the sometimes complex issues involved in natural resources’
The hard-won and ongoing success of the EITI provides both a model and an opportunity for complementary efforts at spreading best practice and accountability throughout the natural resource sector.