GEORGETOWN, Guyana, CMC – The Guyana government has withdrawn US$200 million from the Natural Resource Fund (NRF).
A statement issued by the Ministry of Finance quoted Senior Finance Minister Dr Ashni Singh as saying that the Irfaan Ali government has made it’s third and fourth draw down this year from the Fund by the Natural Resource Fund (NRF) Act.
It said that in August and September, US$100 million each, representing a further US$200 million, equivalent to GUY41.6 billion, has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities.
The statement said that in February and May this year, the government made withdrawals totaling US$400 million, equivalent to GUY$83.2 billion, bringing the accumulated leaves from the NRF for the year to US$600 million, equivalent to GU$124.8 billion.
“In keeping with the NRF Act 2021, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during the 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 clearly and transparently, to the benefit of present and future generations.”
The authorities have said that the purpose of the NRF is to ensure prudent 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 lead to volatile public spending.
The Fund also intends to ensure Guyana’s natural resource wealth is used to finance national development priorities, including any initiative to realize an inclusive green economy.
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