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Amended wealth fund law “promotes transparency”- IMF

Last Updated on Saturday, 4 June 2022, 0:05 by Denis Chabrol

The International Monetary Fund (IMF) is praising the Guyana government’s amendments to the law governing the oil wealth fund.

“The recent amendments to the 2019 Natural Resource Fund (NRF) Act set clear ceilings on withdrawals from the Fund for budgetary spending and promote transparency in the management and use of oil resources,” the IMF said.

According to that financial institution, the government scored high marks for changes to the Natural Resources Fund Act. ” Staff praise the authorities’ thorough review of the 2019 NRF Act before making amendments, and the restraint in using any oil revenues before the passage of the amendments,” the IMF said,

The opposition coalition of A Partnership for National Unity+Alliance For Change had vehemently resisted amendments to the version of the oil fund law that it had passed while in government.

Amendments by the People’s Progressive Party Civic-led administration provide for a board of directors. The parliamentary oversight committee has been reduced from 22 members to nine.

The coalition has challenged the passage of the government’s version of the NRF Bill was not properly passed by the National Assembly because the Speaker’s Mace was not in place and the majority of government parliamentarians were standing.