Latest update April 24th, 2024 12:59 AM
May 09, 2023 News
Kaieteur News – The Government of Guyana on Monday announced that it has made its second withdrawal from the Natural Resource Fund (NRF) this year. Some US$200 million equivalent to G$41.6 billion was withdrawn bringing the total withdrawn so far for 2023 to US$400million or G$83.2 billion.
Senior Finance Minister Dr. Ashni Singh in making the announcement said that pursuant to Section 16 of the NRF Act 2021, the US$200 million equivalent to G$41.6 billion has been transferred from the NRF to the Consolidated Fund to finance national development priorities.
In February, Government made its first withdrawal for the year, amounting to US$200 million equivalent to G$41.6 billion.
According to the Ministry of Finance, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023, in accordance with the NRF Act 2021.
The NRF Act 2021, which came into operation on January 1, 2022, represents a significant improvement in transparency and accountability and overall management of Guyana’s natural resource wealth.
“The PPP/C Government will continue to work aggressively through sound and transformative investments of oil resources from the NRF, utilising these resources in a clear and transparent manner, to the benefit of present and future generations,” a statement from the Ministry of Finance said Monday.
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