Zimbabwe Environmental Law Association has commended the government’s proposal to adopt the Extractive Industries Transparency Initiative (EITI) in the 2019 National Budget.
EITI is global standard for the good governance of mineral resources.
“This is one of the National budget’s great call in unleashing the potential of the natural resources sector to contribute to economic development while strengthening mineral resources governance in the country,” the organization said.
“The EITI is one of the well-known mineral resources governance frameworks globally and Civil Society Organisations like ZELA and the Publish What You Pay Coalition Zimbabwe Chapter have been calling for the Zimbabwe Government to adopt it.”
ZELA said that the move to adopt EITI resonate well with the aim of the Africa Mining Vision (AVM) that seeks to promote transparent, equitable and optimal exploitation of mineral resource.
African governments must mainstream EITI principles in national policies, laws and regulations, in promoting natural resources according to AVM. The Africa Mining Vision (AMV) is a policy framework that was created by the African Union in 2009 to ensure that Africa utilizes its mineral resources strategically for broad-based, inclusive development.
“ZELA is of the view that, if properly managed natural resources in the country can be beneficial to its citizens,” the alliance said.
“Mineral resources are an important source of state revenues and a valuable asset for sustaining growth, reducing poverty and achieving Sustainable Development Goals (SDGs).”
“Mineral resource revenue can also facilitate the realisation of Zimbabwe’s 2030 Vision of achieving an Upper Middle Income Economy status.”
ZELA says announcement in the National Budget Statement on EITI was the first step and now awaits the next concrete steps to help operationalise EITI.
EITI Standard requires countries and companies to disclose information on the key steps in the governance of oil, gas and mining revenues.