Senior Finance Minister, Dr Ashni Singh announced this evening that another US$200M ($41.6B) withdrawal was made from the Natural Resource Fund (NRF) and transferred to the Consolidated Fund to finance national development priorities.
It would be recalled that in May of this year, the administration made its first withdrawal of $200 million equivalent to G$41.7 billion. This brings the accumulated withdrawals to US$400 million, equivalent to G$83.3 billion.
The minister was keen to note that this transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021.
The International Monetary Fund, which recently concluded the 2022 Article IV mission to Guyana in May-June of this year, commended the PPP Government on the amendments made to the NRF Act, particularly as it relates to provisions for greater governance.
The NRF Act 2021 came into operation on 1st January 2022, and as part of the Budget 2022 process, Parliamentary approval was granted for a total of US$607.6 million to be transferred during fiscal year 2022.
Dr. Singh assured that the government will continue to work aggressively through sound and transformative investments of oil resources from the NRF. He assured that these resources would be utilized in a clear and transparent manner to the benefit of present and future generations.