by Publish What You Pay
June 10, 2004

A coalition of NGOs have called on the Group of Eight leaders to fulfil their commitment to revenue transparency. Lack of transparency has allowed resource revenues to be mismanaged and embezzled by corrupt governments in more than 50 developing countries around the world, says Publish What You Pay (PWYP) – an NGO appeal for full transparency of oil, gas and mining companies’ payments to national governments. Of the eight G8 countries, only the U.K. has fulfilled one core element of the 2003 G8 Action Plan for “Fighting Corruption and Improving Transparency,” said PWYP in a statement released following the recent G8 summit. PWYP calls on the G8 to broaden its policy dialogue by involving lending institutions and regulators responsible for accounting and stock market listing standards.