The Guyana government says it has removed US$200 million from the Natural Resource Fund (NRF).
According to a statement issued by the Ministry of Finance, Senior Finance Minister Dr. Ashni Singh stated that the Irfaan Ali government has taken its third and fourth withdrawals from the Fund this year in compliance with the Natural Resource Fund (NRF) Act.
It stated that in August and September, US$100 million each were transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities, totaling GUY41.6 billion.
According to the announcement, the government made withdrawals totaling US$400 million, equivalent to GUY$83.2 billion, in February and May of this year, bringing the total withdrawals from the NRF for the year to US$600 million, equivalent to GUY$124.8 billion.
“In accordance with the NRF Act 2021, Parliamentary approval was granted as part of the Budget 2023 process for a total of US$1.002 billion to be transferred during fiscal year 2023,” the statement said, adding that the government will continue to work “aggressively through sound and transformative investments of oil resources from the NRF, utilizing these resources in a clear and transparent manner, to the benefit of present and future generations.”
According to the authorities, the NRF’s aim is to ensure wise management of the nation’s oil earnings for the present and future benefit of the people by ensuring that volatility in natural resource revenues does not translate to volatile public spending.
The Fund is also meant to ensure that Guyana’s natural resource riches is utilised to fund national development initiatives, such as any project aimed at establishing an inclusive green economy.
