Guyana’s Senior Finance Minister, Dr. Ashni Singh, confirmed on Thursday that government has completed its third and fourth withdrawals from the Natural Resource Fund (NRF) this year, in line with provisions under the NRF Act 2021.
Dr. Singh detailed that transfers of US$100 million were made in both August and September, summing up to US$200 million or an equivalent of G$41.6 billion. These funds have been channeled into the Consolidated Fund to back national development initiatives.
Previously, in February and May, the government accessed funds totaling US$400 million, or G$83.2 billion. Cumulatively, 2023 has seen the NRF drawdowns reach US$600 million, which is equivalent to G$124.8 billion.
The 2023 budgetary framework, based on the NRF Act 2021, had received the green light from Parliament for a transfer of up to US$1.002 billion within the fiscal year.
The PPP/C Government said it remains committed to harnessing oil resources from the NRF judiciously. It assured as well that it is focused on making sound, transformative investments, with a vision of transparently serving the interests of both the current and forthcoming generations.