The first Asia Pacific Regional Meeting on the Extractive Industries Transparency Initiative (EITI) welcomed Timor-Leste's compliance status achievement and the commitment by the Solomon Islands to implement EITI.
25 August 2011: The Extractive Industries Transparency Initiative (EITI) held its first regional conference in the Asia Pacific to showcase Timor-Leste’s achievement as the first country in the Asia-Pacific region to achieve EITI compliance status, an important milestone for a country where 95% of the budget originates in the oil and gas sector.
Having achieved EITI Compliance, Timor-Leste is now extending its transparency model to other aspects of public financial management, an effort that has been supported by a US$230,000 grant from the EITI Multi-Donor Trust Fund managed by the World Bank. Over 200 participants predominantly from South East Asia and Africa participated at the meeting and exchanged lesson learned with other EITI implementing countries. They also welcomed the new commitment by Solomon Islands to implement EITI [Extractive Industries Transparency Initiative (EITI)] [World Bank Press Release] [IISD RS Sources].