G8 Finance Ministers affirmed the importance of EITI

[img_assist|nid=387|title=undefined|desc=|link=none|align=right|width=110|height=150]The G8 Finance Ministers reaffirmed the G8's backing of the EITI, and called for broader implementation when they met 14 June in Osaka, Japan. In the Statement from their meeting, they said:

We affirm the importance of good financial governance, including long-term fiscal discipline for resource rich countries, and of broader implementation of the Extractive Industries Transparency Initiative.

Following this, the Finance Ministers also recognised the EITI in the G8 Action Plan for Private Sector Led Growth in Africa. In the Action Plan, they called on candidate countries to complete the validation process, and urged the Secretariat to assist countries and companies in implementing the EITI. They said:

It is crucial to transform resource revenues into productive investments, including in education and infrastructure. We recognize the usefulness of EITI (Extractive Industries Transparency Initiative) as a framework for improving the accountability and transparency of revenues from extractive industries. In order to fully realize EITI’s potential, we call on candidate countries to complete the validation process in a timely manner. We urge its Secretariat to focus on assisting countries to that end and to support the international extractive industries in implementing this initiative.