August 9, 2007

Publish What You Pay

Posted in Malaysia at 3:10 pm by egalitaria

I’m in Bali learning a whole lot about the “Resource Curse”, where resource rich countries are cursed with minerals, oil and gas but unfortunately are amongst the poorest in the world, mainly due to corruption and mismanagement of funds. Right now Mr. Basir is presenting, from Afghanistan. It’s a great time of learning about technical details such as IFIs (International Financial Institutions) like World Bank etc, EITI (Extractive Industry Transparency Initiative), PWYP (Publish What You Pay) – a coalition of world wide NGOs etc. This conference is to get an Asia-Pacific Regional Coalition going.

I presented yesterday on the Case on Malaysia, mainly investigating the transparency of accounting of oil and gas companies. This includes Petronas, Shell and others. Malaysia has done a whole lot better than some of the other countries being represented here, (Myanmar, Timor Leste etc), but at the same time, there are loopholes that need to be looked into further.

Mainly it is about “publishing how funds are actually being USED”. Watch this space for more interesting news! There’s so much that can be done. And this might just be the answer to many of our woes, Malaysia being OIL and gas rich.

These are some of the issues I highlighted in the presentation on Malaysia yesterday.

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