A 10-year boom in the prices of many commodities drew to a close last year. During previous booms, governments in developing countries have often squandered wealth accumulated through oil, gas and minerals, directing little of the proceeds toward effective investment or saving. When boom turned to bust, resource-rich countries were caught out, forced into debt spirals.
NRGI president and CEO Daniel Kaufmann delivered the keynote presentation at “Transparencia: Open Data and Anticorruption in Latin America,” an April 4 symposium at Harvard University. Kaufmann offered a framework to rethink and redefine the conventional view of corruption. Showing global evidence, he addressed various governance dimensions that matter and their impact on growth and development.
The evidence is mounting: contract transparency in extractive industries is becoming the norm. This was clear during two contract-focused events at the recent EITI conference—an informal learning and sharing side event and an official conference panel event.
Last week, the EITI International Board met in Lima, Peru. Regrettably, the main headlines coming out of these meetings related to transgressions of EITI’s founding principles and procedures. Receiving less attention were six promising elements of the new EITI standard.