Draft legislation to ensure Guyana has a Natural Resource Fund (NRF) with robust protections against wanton abuse by politicians will be in Parliament by December. This assurance was provided by President, Irfaan Ali during a virtual press conference yesterday.
In providing an update on this matter, Ali acknowledged the importance of this mechanism which helps to safeguard a portion of the oil money for future generations. He also reminded of his government’s intention to be transparent with the receipt and expenditure of the oil money as he noted that the public is always notified when money is transferred to the existing NRF which is held in the Federal Reserve Bank of New York.

The Head of State said, “We have even moved a step forward in creating a balance sheet that persons can examine online and be kept abreast of revenues and expenditure.”

Ali further noted that he intends to ensure any project to be financed from the oil proceeds is approved by the National Assembly hence work is ongoing to have a robust NRF law in place. Towards this end, he noted that technical suggestions are being transmitted to the Attorney General’s Chambers to finalize the legislation to be taken to the National Assembly.

Once the foregoing is completed, Ali said he is confident that the draft legislation will be laid in the National Assembly before the end of the year.


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