The EITI International Secretariat has undertaken an assessment of routine online disclosures in the extractive sector of the Kyrgyz Republic to examine the country’s readiness to mainstream EITI implementation.
In accordance with the Terms of Reference for a mainstreaming feasibility study, the assessment reviews the extent to which there is:
(1) routine disclosure of the data required by the EITI Standard in requisite detail, and
(2) whether the financial data is subject to credible, independent audit, applying international standards.
It is important to emphasize that this study is not a comprehensive assessment of all publicly available information about the sector in Kyrgyz Republic. Rather, the goal has been to identify any potential gaps that need to be addressed in order to ensure fully mainstreamed disclosures of the data that is required to be disclosed in accordance with the EITI Standard.
The key finding is most of the information required by the 2016 EITI Standard is routinely disclosed. Most of the “contextual information” is accessible via various government portals – specifically those of the Chamber of Accounts, Ministry of Economy, Ministry of Finance (including the Open budget portal), Ministry of Justice, National Statistics Committee, State Committee on Industry, Energy and Subsoil Use, State Property Management Fund, and the State Tax Service. Revenue transparency is swiftly increasing, with daily updated and reliable information available for all transactions to and from the Central Treasury, disaggregated per company, budget level (regional or local) and revenue stream.
In order to transition to mainstreamed EITI disclosures, we propose two phases.
Phase 1 will focus on short-term solutions, creating shorter reconciliation reports to cover financial reporting and moving contextual information online.
Phase 2, the longer-term solution, focuses on ensuring online and systematic disclosure of financial information. For a detailed list of recommendations, please refer to Annex B.
The study is available in English and Russian.