Latest update April 20th, 2024 12:52 AM
Jan 22, 2020 News
Chairman of the Private Sector Commission (PSC) Gerry Gouveia has informed Kaieteur News that the PSC is closing in on a nominee for an oversight committee of Guyana’s Natural Resource Fund.
Finance Minister Winston Jordan told Reuters that the Opposition and the Private Sector Commission (PSC) have not yet named their nominees to the oversight committees. Hence, the committees have not been formed.
Jordan had told Kaieteur News last year that the fact that those entities have not named their nominees would hamper the operationalisation of the fund.
In a telephone interview yesterday, Gouveia said that the PSC understands the importance of having the Natural Resource Fund monitored properly. For that reason, the PSC has narrowed down its search.
He had told Kaieteur News previously that the Commission was having difficulty finding a suitable nominee, and that it would be looking to the diaspora.
Gouveia said yesterday that the PSC already has someone in mind, and that that decision is expected to be sorted out within a month.
Opposition Leader Bharrat Jagdeo, on the other hand, has expressed his opposition to the Natural Resource Fund Act as it is currently structured. He has argued on several occasions that the Act allows too much power to be focused in the Minister’s hands.
The People’s Progressive Party (PPP) is dead set on replacing the Natural Resource Fund Act if it wins the general election of March 2, 2020.
Meanwhile, ExxonMobil has already started production on the Stabroek Block, and Guyana is set to collect its share soon. Shell Western Supply and Trading Limited (SWSTL), the Royal Dutch Shell’s Barbados affiliate, will be selling Guyana’s first three crude cargos.
The Central Bank of Guyana is responsible for the operational management of the Fund, but the first set of oil revenues could be placed into the account with no oversight committees.
Where is the BETTER MANAGEMENT/RENEGOTIATION OF THE OIL CONTRACTS you promised Jagdeo?
Apr 20, 2024
– Elton Dharry and Dexter Marques to headline tonight’s card Kaieteur Sports – The Everest Cricket Club pavilion crackled with tension yesterday as the Guyana Boxing Board hosted its...Kaieteur News – Once a habit has been drilled into you, it returns almost automatically when you return to the setting... more
By Sir Ronald Sanders Waterfalls Magazine – On April 10, the Permanent Council of the Organization of American States... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]