Wednesday, September 6 2017 15:23
Naira Badalian

UK expert to assist Armenia in implementing standards of Extractive Industries Transparency Initiatives (EITI)

UK expert to assist Armenia in implementing standards of  Extractive  Industries Transparency Initiatives (EITI)

ArmInfo. British mining law  expert, Mr.  Christopher H. Nurse, will support Armenia in reviewing  and analyzing country's legislative and institutional framework  ensuring its compliance with Extractive Industries Transparency  Initiative (EITI) Standard for producing Armenia's first EITI report  .

Mr. Nurse, within the framework of the project funded by the British  Embassy Yerevan, met with members of Armenia's EITI Secretariat and  multi-stakeholder group (MSG) that comprises government, industry,  and civil-society representatives on September 4 and 5. The aim of  the meetings was to receive consultative input from MSG members and  other stakeholders on all relevant aspects of the Armenian  legislation to identify gaps and inconsistencies hindering  implementation of the EITI standards in Armenia and to prepare a  report with recommendations on legislative and institutional reforms  and the action plan.

Legislative and institutional framework analysis is one of the key  steps in the EITI report preparation process. The EITI is an  international financial transparency and accountability standard for  the mining, oil, and gas sectors. To date 52 countries are members of  EITI. Armenia was accepted as a candidate country in March 2017, to  become a full member, over the next 18 months after this the country  would have to present the first EITI Report, afterwards the  validation against the Standard will commence.

Mr. Nurse, Founder and Director of Hart Group, has over 40 years of  experience in the mining sector. He has worked in a variety of  studies and projects supporting implementation of EITI over past 13  years in countries like Kazakhstan, Mongolia, Albania, Nigeria. He  has undertaken both EITI reconciliations and validations as well as  written EITI reports.

Mr. Nurse is visiting Armenia within the framework of the project  funded by the British Embassy Yerevan.  The implementing partner for  the project is American University of Armenia (AUA) Center for  Responsible Mining. The project called "Support to Enhance Armenia's  Capacity to Implement Extractive Industries Transparency Initiative  (EITI) and to Increase Transparency and Accountability in Mining  Licenses and Contracts" was launched in July 18, 2017. 

The EITI is a global standard to promote the open and accountable  management of extractive resources. The EITI Standard is implemented  by 52 countries including Armenia, which became the 52nd candidate  country on March 9, 2017 with the EITI Board's approval of Armenia's  EITI candidature application.  According to the mandate of the EITI  International Secretariat, Armenia's first EITI Report should be  published in 2018, covering information on permits issued by the  state, extraction volumes, collected taxes, royalties and other  payments, revenue allocations, and social contributions in the mining  sector from 2016 to 2017. By January 1, 2018, Armenia should have an  approved roadmap for beneficial ownership disclosure.

POST A COMMENT
Input digits     


News
Central Bank of Armenia: Net inflow of private transfers from Russia  increased 5.5-fold in 8 months of 2022Central Bank of Armenia: Net inflow of private transfers from Russia  increased 5.5-fold in 8 months of 2022
"C-Quadrat" is interested in further participation in the development  of Armenian pension system
Nikol Pashinyan: Armenia values cooperation with IAEANikol Pashinyan: Armenia values cooperation with IAEA
EDB: The service sector continues to be the main driver of Armenia`s  economic growth EDB: The service sector continues to be the main driver of Armenia`s  economic growth 
Armenia takes an intersectoral approach to solving problems of water  sector managementArmenia takes an intersectoral approach to solving problems of water  sector management
Government discusses investment program for construction of  new bus  station in Yerevan Government discusses investment program for construction of  new bus  station in Yerevan 
IMF will continue to support development of Armenian economyIMF will continue to support development of Armenian economy
Net inflow of remittances to Armenia continues to grow at very high  pace due to remittances from RussiaNet inflow of remittances to Armenia continues to grow at very high  pace due to remittances from Russia
Yerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  CommissionYerevan hosts 16th meeting of Armenian-Belarusian Intergovernmental  Commission
Armenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertificationArmenia Securities Exchange, Central Depository of Armenia completed  ISO 27001 and ISO 9001 recertification
CBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previouslyCBA significantly improves its forecast for projected export and  import growth in 2022 to 28-24%, from 5.1-8.3% previously
The share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budgetThe share of exports, imports and transfers in Armenia`s GDP in 2023  will decrease compared to 2022:  Macroeconomic project of state  budget
13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan13th regional exhibition PANARMENIAN EXPO 2022 opened in Yerevan
IFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in ArmeniaIFC’s New Loan to Evocabank to Help Smaller Businesses Grow and Create Jobs in Armenia
SRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities informationSRC chairman, IMF representatives discuss issues of ensuring access  to bank information for tax authorities information
High-voltage power line to Iran damaged due to Azerbaijani shelling:  MinisterHigh-voltage power line to Iran damaged due to Azerbaijani shelling:  Minister
Governor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percentGovernor: Due to the enemy`s actions, the Sotk gold mine is operated at 40 percent
CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022CBA further improves its forecast of unemployment rate: It is  expected to decrease to 14.1% in 2022
FLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flightsFLYONE ARMENIA to start operating Yerevan-Milan-Yerevan flights
Armenian tax authorities exceeded program tax collection target by  about $180 millionArmenian tax authorities exceeded program tax collection target by  about $180 million
Armenia to significantly increase capex for infrastructure projects  in 2023Armenia to significantly increase capex for infrastructure projects  in 2023
Yerevan becomes one of most popular destinations for Red Wings  passengersYerevan becomes one of most popular destinations for Red Wings  passengers
In 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of ArmeniaIn 2023, government debt will be reduced to 50% of GDP, from expected  53% by the end of 2022: Draft state budget of Armenia
11%-12% GDP growth expected in Armenia in 202211%-12% GDP growth expected in Armenia in 2022
Yerevan Municipality, Asian Development Bank discuss new areas of  cooperationYerevan Municipality, Asian Development Bank discuss new areas of  cooperation
Tenders for construction of Kajaran-Agarak section of North-South  project to be invited Tenders for construction of Kajaran-Agarak section of North-South  project to be invited 
Armenian government discuss draft budget for 2023Armenian government discuss draft budget for 2023
With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%With its new forecast for 2022, CBA further reduces decline in net  inflow of transfers from previous 13% to 7%
CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%CB new forecast for 2022-2023: Armenian GDP growth will slow down  from 12.9% to 4.4%, and inflation will decrease from 10.3% to the  target 4%
The first snail breeding farm was established in ArmeniaThe first snail breeding farm was established in Armenia
EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%EBRD improves its 2022 GDP growth forecast for Armenia from previous  4.5% to updated 8%
Armenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expertArmenian authorities` intention to construct a new, 1,200 MW, nuclear  power unit is erroneous- expert
Wizz Air starts operating Rome-Yerevan-Rome flightsWizz Air starts operating Rome-Yerevan-Rome flights
3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place3rd session of Geographical Indications sub-committee under CEPA  between Armenia and EU took place
Armenia`s GDP growth to be double-digit in 2022 - EconomistArmenia`s GDP growth to be double-digit in 2022 - Economist
 USD 25 million to support the private sector USD 25 million to support the private sector
Armenia`s economic activity increased by 13.9% in 8 months of 2022Armenia`s economic activity increased by 13.9% in 8 months of 2022
Armenia-Italy Textile Alliance Forum started in MilanArmenia-Italy Textile Alliance Forum started in Milan
Dmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow ExchangeDmitry Volvach: Trading volumes of the ruble-dram currency pair  increased more than 1000-fold on the Moscow Exchange
Armenia`s minister of economy hosts WB Country Manager for ArmeniaArmenia`s minister of economy hosts WB Country Manager for Armenia
EBRD launches climate governance platform for business leaders in  Ukraine, Georgia and ArmeniaEBRD launches climate governance platform for business leaders in  Ukraine, Georgia and Armenia
Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum Another step in promoting the Armenian-Russian decentralized  cooperation: Pashinyan`s address to participants of Armenian-Russian Interregional Forum 
Iran Khodro Company starts supplying cars to ArmeniaIran Khodro Company starts supplying cars to Armenia
Armenia, China are considering  possibility of organizing direct  flights between  countriesArmenia, China are considering  possibility of organizing direct  flights between  countries
Expert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilizeExpert: With the stabilization of the military-political situation,  the exchange rate in Armenia will also stabilize
Gradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economyGradual softening of the global inflationary environment will weaken  the inflationary impact from the external sector on the Armenian  economy
CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%CBA significantly improves its forecast for GDP growth for 2022 to  12.9%, but expects inflation at 10.3%
Central Bank of Armenia raised refinancing rate from 9.5% to 10%Central Bank of Armenia raised refinancing rate from 9.5% to 10%
TOTAL opens training center in Etchmiadzin for training specialistsTOTAL opens training center in Etchmiadzin for training specialists
WB stands ready to continue to assist Armenian government in  implementation of priority programsWB stands ready to continue to assist Armenian government in  implementation of priority programs
Armenia`s producers to get 1% tax reduction for recalling spoiled  productsArmenia`s producers to get 1% tax reduction for recalling spoiled  products
FLY ONE Armenia transported over 200.000 passengers in its first year  in marketFLY ONE Armenia transported over 200.000 passengers in its first year  in market
Armenia`s minister of economy visits ski resort construction project  in Aragatsotn Armenia`s minister of economy visits ski resort construction project  in Aragatsotn 
Pashinyan instructs to find new investors for mines that are  currently not being developedPashinyan instructs to find new investors for mines that are  currently not being developed
AMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 FoundationAMD 4.676.836 to the “Rehabilitation City of Heroes” psychological center: the next beneficiary of “The Power of One Dram” is the 4090 Foundation
ACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefersACBA Bank fourth bank to join government-sponsored 10% cashback  programme for pensioners and reliefers
Presentation of Jobbit instrument held in Yerevan Presentation of Jobbit instrument held in Yerevan 
New power unit under construction at Kursk NPP could be serve as  standard for Armenia - ministerNew power unit under construction at Kursk NPP could be serve as  standard for Armenia - minister
Diaspora factor in Armenia`s investment portfolio is decliningDiaspora factor in Armenia`s investment portfolio is declining
Foreign investors present existing problems to Deputy Prime Minister  of ArmeniaForeign investors present existing problems to Deputy Prime Minister  of Armenia
Read more


Exchange rates
05.10.2022
RUB6.80-0.10
USD405.70-0.79
EUR402.620.40
GBP461.32-0.01
CAD298.860.67
JPY28.110.02
CNY57.14-0.11
CHF412.761.21