Bank, Fund moves on extractives transparency

21 July 2003

The World Bank and the IMF pledged their support to the Extractive Industries Transparency Initiative in statements made at a high-level conference in London on 17 June. Both institutions have pledged to provide technical advice on the design of templates for reporting extractive industry revenue payments. They have not said they will make such disclosure a condition of their project or programme finance, but Peter Heller from the IMF said: “transparent reporting of natural resource revenues will help establish credibility, ensure accountability, and inform the political debate”.