US$3.1 billion in ‘oil money’ fund

Last Updated on Friday, 17 January 2025, 22:25 by Writer

Guyana’s Natural Resources Fund (NRF) has a total of US$3.1 billion, after withdrawing a total of US$1.6 billiion last year, Finance Minister Ashni Singh announced in his 2025 National Budget speech.

From the sale of 28 of the 225 lifts of an estimated one million barrrels per lift, he said Guyana earned U$2.6 billion of which US$2.2 billion was profit oil and US$348 million was from royalties.

Giving a breakdown, Dr Singh said US$557.5 million was earned from the floating production, storage and offloading (FPSO) vessel, Destiny; US$869.2 million from Unity, and US$796.3 million.

Touching on overall economic performance, he said Guyana recorded a gross domestic product of 46.3% of which 13.1% was from non-oil sources such as crops, bauxite, other mining and quarrying, construction and the services sectors.

Notably, Dr Singh said sugar recorderd a 21.8% decline in 2024 with production at 47,103 metric tonnes due to El Niño and labour shortages.

The Finance Minister also reported a 2.9% inflation of which 5.6% was food inflation.