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Guyana makes first withdrawal from Natural Resources Fund

Last Updated on Tuesday, 10 May 2022, 21:50 by Denis Chabrol

The Guyana government on Tuesday announced that government has withdrawn US$200 million (GY$41.7 billion) from the Natural Resource Fund (NRF), the first such drawn down from the facility of oil revenues.

Finance Minister Dr. Ashni Singh was quoted in an official statement as saying that the money has been transferred from the NRF to the Consolidated Fund to “finance national development priorities.”

In keeping with Guyana’s 2022 National Budget, US$407.6 million would be transferred during this fiscal year.

“This transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021 and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period 1 January to 31 March 2022,” the Finance Ministry said.

Government reiterated that NRF Act 2021 which came into operation on the 1 January 2022, represents a significant improvement in transparency and accountability and the overall management of the natural resources wealth of Guyana for present and future generations.

Under the Chairmanship of Retired Major General Joseph Singh, the NRF Board is made up of parliamentary representative Dunstan Barrow, private sector representative Ramesh Dookhoo,  and President Irfaan Ali’s picks- Carolyn Rodrigues and British parliamentarian David Lammy who has Guyanese roots. Mr. Singh was also chosen by the President.

The parliamentary opposition is entitled to a representative on the NRF’s Oversight committee .