Govt. examining new rules for spending oil money

Mar 25, 2021 News

– all transfers, spending to be reflected in Budget — Dr. Singh

Senior Minster, Dr. Ashni Singh.

Kaieteur News – Despite having an enacted Natural Resource Fund (NRF), with in excess of US$267M deposited in the New York Federal Reserve, the Guyana Government does not intend to utilize any expenditure under the current protocols, but is instead currently examining new rules under which the fund would operate.
This is according to Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh. He, during a live Globespan 24X7 broadcast on Monday last, disclosed that the administration is currently examining the matter and is studying it closely and considering the options.
He used the occasion to impress that “we are going to be looking at ways in which we can strengthen the Act, both in terms of management and governance of fund.”
According to Dr. Singh, the People’s Progressive Party/Civic (PPP/C) administration is looking to promulgate a strong and robust arrangement that would guide the transfers of the money from the NRF to the Treasury.
Dr. Singh lamented that the existing NRF legislation was enacted by the coalition, A Partnership for National Unity + Alliance For Change (APNU+AFC), after it had been defeated by a No Confidence Vote in the National Assembly.
This, he reiterated, was also done in the absence of an Opposition and a mandate by the constituents of the country.
He told the Globespan24X7 Moderators—Charles Sugrim and Dr. Asquith Rose— that the administration will approach the House for enactment of its proposed legislation when it has been deemed optimal.
The Minister with responsibility for the sector was adamant that his administration would, in pursuit of transparency, publish details surrounding the transactions involving the oil revenues.
Adamant that none of the resources earned thus far have been spent, the Minister with responsibility for Finance said, “we have been accumulating resources in the fund and have been extremely transparent.”
According to Dr. Singh too, the monies will not be transferred to the Consolidated Fund until there is a reform of the legislation.
He did seek to assure that any transfer of funds from the NRF will be processed through and reflected in the National Budget annually and that the resources will be used in pursuit of a national agenda.
The Ministry of Natural Resources in its most recent update on oil revenues collected had said it “recommits to transparency and accountability within the Petroleum Sector…”
Inclusive of Royalties, and sales from five, one million barrels entitlements, the total in the Natural Resources Fund Account now stands at US$267,668,709.12.”

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