This paper summarizes the implications for Uganda of the new international transparency requirements for the extractive industries agreed in the US and EU, and by the EITI, and provides policy recommendations for Government.
The introduction of the Dodd-Frank Act (Section 1504) in the U.S.; the new Accounting and Transparency Directives in the EU; government commitments to introduce similar mandatory rules in Canada and Norway; and a new implementing requirement for the Extractive Industries Transparency Initiative, have brought a new global transparency standard for oil, gas and mining revenues into being.
The purpose of these changes is to tackle corruption in the natural resource sector, boosting development and creating more stable investment climates. In practice they mean that more companies and governments will publish detailed information about payments and receipts for the extractive sector, allowing greater scrutiny of extractives related revenues and allow citizens to 'follow the money'.
The briefing provides an overview of these developments, brings to attention the type of information which will become available and how it might be useful for government, parliamentarians and civil society going forward. It also suggests some reasons why decision-makers in Uganda might consider introducing a similar measure in the Public Finance Bill.