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Finance Minister presents reports to House on oil account; says balance at June’s end was US$2.9B

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Dr. Ashni Singh, Senior Minister in the Office of the President with Responsibility for Finance and the Public Service

Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr Ashni Singh, presented the Natural Resource Fund (NRF) Annual Report for the fiscal year 2023 to the National Assembly on Monday.

Minister Singh acknowledged the work done by the NRF Board, the Public Accountability and Oversight Committee and the Investment Committee, and “commended, on behalf of the Government and the people of Guyana, the sterling work that is being done” by those groups.

Speaker of the House, Manzoor Nadir also circulated the Public Accountability and Oversight Committee’s Annual Report for the fiscal year 2023. The 9-member Public Accountability and Oversight Committee is responsible of providing non-governmental oversight of the operations of the Fund, replacing the cumbersome 22-member committee previously proposed in the NRF Act 2019.

The Senior Finance Minister also presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period March 2024 to June 2024.He said that at the end of June, the NRF balance stood at US$2.9 billion.

The NRF Act 2021 came into operation on January 1, 2022 and represents one of the most significant steps taken to bring greater accountability and transparency in the management of Guyana’s oil resources. The NRF Act 2021 contains several enhanced clauses, including the establishment of a Board of Directors which will be responsible for reviewing and approving the policies of the Fund and monitoring its performance, thereby separating the management of the Fund from the Minister responsible for Finance.

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