The island nation is preparing for EITI candidature amidst oil exploration.
The Government of the Republic of Seychelles has formally committed to implementing the EITI Standard. The Government has appointed Hon. Pierre Laporte, Minister of Finance Trade and Investment as the government Champion. “[The] government recognizes that in the event of an oil discovery the wealth derived should be prudently managed, and the benefits evenly distributed to benefit all Seychellois”, said Minister Laporte in his speech on the budget in October 2013.
In preparation for a candidature application, the government with support from the World Bank is undertaking a scoping study that will provide an overview of the legal and regulatory framework, a mapping of actors, and a cost benefit analysis for EITI implementation. Ms Elizabeth Charles, Director General of External Finance Management at the Ministry of Finance and Mr Patrick Payet, National Coordinator are leading the preparation of a Candidature application. Consultations for the establishment of a multi-stakeholder group and the preparation of a work plan are underway, with the first meeting of the stakeholder group on Monday 21 April 2014. Civil society and companies operating in the country have welcomed the government’s commitment to the EITI.
The island nation of less than 100,000 inhabitants potentially has large off-shore oil and gas reserves. Several international companies are undertaking exploration activities in its waters.
Correction: The MSG met on 21 April, not 28 April as a previous version of the article stated.