Africa-Press – Angola. The third report of the Extractive Industries Transparency Initiative (EITI) in Angola, approved on Monday in Luanda, recommended the inclusion of emerging revenues, such as those from the Lobito Corridor, with a view to their systematic incorporation into its reports.
The report, referring to the fiscal year 2023, was unanimously approved by the EITI National Coordination Committee.
According to the report, it was also recommended to identify a mechanism to mitigate the identified limitations, aiming at the complete disclosure of material financial flows.
The recommendations also include the consolidation and disclosure of all relevant agreements, including complete terms (rates, maturities, parties involved, collateralized resources, shipment volumes and reimbursement), ensuring publication on official platforms and in EITI reports in an open manner.
The elimination of confidentiality barriers, to ensure that information is proportional to other material flows and comparable to conventional agreements, is another suggestion in the report.
The document states that, in 2023, the percentage of the State’s total revenue coming from direct oil revenues (CN Sales, IRP, ITP, IPP), stood at 7,250,142 million kwanzas.
As for the percentage of the State’s total revenue coming from diamonds (Royalties and Industrial Tax), it points to 77,257 million kwanzas, during the year in question.
The extractive industry’s contribution represented around 21% of Angola’s Gross Domestic Product (GDP) at current prices and around 85.7% of the country’s total exports.
The EITI National Coordination Committee (CNC) is made up of representatives from the Government, extractive companies and civil society. It has thirty members in its composition, of which fifteen are effective and fifteen substitutes.
The EITI is a voluntary global standard that promotes transparency and good governance in the management of revenue from sectors such as oil, gas and mining, disclosing data and involving government, business and civil society, to ensure that natural resources benefit citizens and combat corruption.
Source: ANGOP
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