Resolve ExxonMobil cost-oil audits quickly IMF instructs Guyana gov’t

Last Updated on Sunday, 2 August 2026, 21:57 by Writer

The International Monetary Fund (IMF) has told the Guyana government to fast-track settlement of disputes over ExxonMobil’s cost-oil audits, including possibly resorting to arbitration.

“Given their fiscal and governance implications, resolving these audits in a timely manner remains important,” the IMF said in its Staff Concluding Statement of the 2026 Article IV Mission issued on July 31, 2026.

Issued after virtual and face-to-face meetings by a senior economist in the IMF’s Western Hemisphere Department, Lusine Lusinyan, with several top government, private sector, banks, labour unions and other stakeholders, the statement acknowledges the authorities’ efforts to resolve outstanding cost-oil audits, including through arbitration.

The audits are for US$214.4 million, deemed ineligible or lacking sufficient supporting documents, in the 1999–2017 audit that was conducted by IHS Markit.

The second audit, which has been conducted by SGS, Martindale Consultants in association with the Guyanese joint venture, Ramdihal and Haynes, Eclisar Financial, and Vitality Accounting and Consultancy, is the subject of reviews and evaluations.

“The authorities are encouraged to continue strengthening audit capacity, especially in (the) oil and gas sector,” states the IMF which works to achieve sustainable growth and prosperity for all of its 191 member countries.

Turning its attention to procurement, the IMF says Guyana must upgrade its procurement system and ensure public funds are spent wisely.

“As public expenditure expands rapidly, ongoing efforts to further strengthen public procurement practices and ensure consistent compliance with the procurement framework will help safeguard spending quality, supported by the new centralized digital platform,” the IMF says.

Ms. Lusinyan and her team met with finance minister Dr. Ashni Singh, central bank governor Dr. Gobind Ganga, Minister of Parliamentary Affairs and Governance Gail Teixeira, Attorney General and Minister of Legal Affairs Mohabir Anil Nandlall, and other senior officials, representatives from the private sector, banks, labor unions, and other stakeholders.