Tag Archives: oil revenues

By GHK Lall The PPP Government withdrawals from Guyana’s oil fund have an addiction. Like any chronic addiction, withdrawal can be a bad mother. This is the boat in which the government has put itself into, leading to the nation’s top oilman paddling about. Nonetheless, I have some good news for my best friend, the illustrious Vice President Bharrat Jagdeo. ...

A member of the Natural Resources Fund (NRF) Investment Committee believes that government should list how it intends to spend oil revenues before the money can be transferred to the consolidated fund, but Vice President Bharrat Jagdeo on Thursday resisted the idea and said accountability rests with the National Assembly. “What sense does it make?…So next year, should we start ...

Newly-elected Alliance For Change (AFC) leader, Nigel Hughes on Saturday said his party wants a law passed for all Guyanese to get direct cash transfers from oil revenues rather than cash grants that appear to be political handouts. “I’m proposing that we abolish immediately the liberty of giving government ministers or politicians, whether the opposition or government, the right to ...

The nominees by the Opposition Leader and the Bank of Guyana on the Investment Committee of the Natural Resources Fund into which oil revenues are deposited have been approved retroactively and could now sit on that decision-making body, according to the Official Gazette. The Opposition Leader’s nominee, city businessman Dr Terrence Campbell and Mr Ganesh Sugrim were nominated by the ...

The opposition People’s National Congress Reform (PNCR) on Friday recommended that government considers a raft of measures, including lower income tax, fatter pay packets and increased pensions in the 2022 national budget to cushion the impact of the 20-percent increase in the cost of basic items. Highlighting that Guyana’s economy was projected to record real growth of 49.7% plus US$607 ...

President David Granger has announced that Cabinet has agreed to dole out some of the oil money to get poor Guyanese children to school. He made the announcement Wednesday night at a 2020 general election campaign of his A Partnership for National Unity+Alliance For Change (APNU+AFC) at Anna Regina, a town on the Essequibo Coast. “We don’t want to put ...

Change Guyana (CG) political party on Tuesday made a number of promises to ensure a “fair share ” of the country’s oil and gas resources are provided to ordinary Guyanese, while at the same time taking back all idle oil blocks and holding annual auctions with significant signing bonuses. “All blocks for which investors’ commitments have not been delivered to ...

President David Granger Friday night said he expected increased jobs and assured that oil revenues would be spent wisely, shortly after ExxonMobil announced that it earlier in the day began commercial oil production from the Liza field offshore Guyana. “The petroleum sector will stimulate increased employment and expand services,” he said in an address to the nation. He announced that ...

Tourism executives are banking on Guyana’s listing by Condé Nast Traveler, a premier travel magazine, as one of the top 20 places to visit next year to further boost the sector which has so far raked in more than GYD$60 billion dollars annually. Director-General of Tourism, Donald Sinclair told a domestic Regional Tourism Committee Forum that many of the ecotourism ...

President David Granger promises that the bulk of Guyana’s oil revenues will trickle down to ordinary people and some will be used to revive the country’s village economies and social programmes. “We will put the benefit, we will put the profit, we will put the better part of that petroleum revenue to ensure that your children will never be poor ...