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The Guyanese government takes millions out of the NRF

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The Natural Resource Fund (NRF) has reportedly seen withdrawals totaling $200 million from the Guyana government. Senior Finance Minister Dr. Ashni Singh was quoted by the Ministry of Finance as saying that the Irfaan Ali government has taken its third and fourth withdrawals from the Fund this year in compliance with the Natural Resource Fund (NRF) Act.

It stated that US$100 million each, totaling US$200 million, or GUY41.6 billion, was transferred from the Natural Resource Fund to the Consolidated Fund in August and September to finance national development initiatives.

The statement said that in February and May this year, the government made withdrawals totalling US$400 million equivalent to GUY$83.2 billion, bringing the accumulated withdrawals from the NRF for the year so far to US$600 million, equivalent to GU$124.8 billion.

“In keeping with the NRF Act 2021, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023,” the statement said, adding that the government will continue to work “aggressively through sound and transformative investments of oil resources from the NRF, utilizing these resources in a clear and transparent manner, to the benefit of present and future generations”.

The authorities have said that the purpose of the NRF is to ensure there is prudent management of the nation’s oil earnings for the present and future benefit of the people by ensuring that volatility in natural resource revenues does not lead to volatile public spending.

The Fund is also intended to ensure Guyana’s natural resource wealth is used to finance national development priorities including any initiative aimed at realizing an inclusive green economy.

 

 

 

 

 

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