Iraq Joins Global Transparency Effort

With EITI announcement, Iraqi leaders make historic investment in national and regional stability

NEW YORK, January 11 - The Revenue Watch Institute today congratulated the Government of Iraq as
it joined the Extractive Industries Transparency Initiative, taking a
historic step toward the efficient and open management of its oil industry.

Prime Minister Nuri Kamal al-Maliki announced Iraq's EITI participation
Sunday at a formal launch event in Baghdad attended by government leaders,
members of Iraqi civil society and international groups, including the
Revenue Watch Institute and the World Bank.

Iraq controls the world's second largest oil reserves and relies on oil
for 90 percent of government revenue. By joining the voluntary global
initiative it has established itself as the Middle East's most important
champion of the principles of transparency and accountability in the
management of oil and gas resources.

Karin Lissakers, director of Revenue Watch, said that Iraq's decision
will have a direct impact on the country's economy and on national and
regional stability.

"A successful EITI process will bolster a prosperous and unified Iraq,"
said Lissakers. "Oil minister Hussain al-Shahristani and his colleagues
deserve warm congratulations for this investment in the future of Iraq, its
citizens and the entire region."

Lissakers added that the EITI standard of government partnership with
citizens in revenue management will be a powerful tool in Iraq's struggle for
political stability. "This commitment to the EITI is a commitment to
government collaboration with an independent civil society, which in turn
builds public trust in government," she said. "Iraq's history of conflict,
regional division and corruption makes civil society's involvement in the
EITI process especially important."

The Revenue Watch Institute (www.revenuewatch.org) is a non-profit policy
institute and grantmaking organization that promotes the responsible
management of oil, gas and mineral resources for the public good. With
effective revenue management, citizen engagement and real government
accountability, natural resource wealth can drive development and national
growth. RWI provides the expertise, funding and technical assistance to help
countries realize these benefits.

Jed Miller of Revenue Watch Institute, +1-917-257-0670, jmiller at revenuewatch.org