The legality of the use of the funds in the NRF needs to be addressed

Jan 30, 2025 Letters

Dear Editor,

According to the U.S. Department of State Guyana’s Natural Resource Fund (NRF) is projected to exceed $3 Billion USD at the end of 2024. Previously reported in Guyana, was approximately $2.4 Billion USD in earnings from the oil and gas sector during 2024. The current 2025 budget plans to withdraw an amount from the NRF that is of similar magnitude.

Per the NRF Act’s First Schedule, the maximum that can be withdrawn is significantly less than what is currently planned. An exception may be made in the event of major natural disasters and when emergency financing is needed. Based on the First Schedule of the NRF Act, the maximum contribution that may be made from the oil and gas sector to this year’s budget is $1.29 Billion USD. In lieu of an emergency financing need and a major natural disaster, the NRF would have had to earn approximately an additional $40 Billion USD in the “immediately preceding fiscal year” to allow for the desired budgetary withdrawal.

The current discussion in the press between the Senior Minister Office of the President with responsibility for Finance and an Investment Committee Member of the NRF does create substantial concern. It is important that the Auditor General review the management of the NRF to determine if the NRF Act has been violated and any wrong doing has occurred in support of the budgets since the establishment of the fund. The numbers are indicative of a serious issue that the current administration must clearly address. There has been no major natural disaster and no need for emergency financing, which is also linked to “ameliorating major natural disasters”, of such a magnitude that justifies the aggressive level of withdrawal of funds from the Nation’s Fund.

If wrongdoing is found to have occurred in the surpassing of the withdrawal ceiling as established in the NRF Act, then the full course of the law should also be applied in this potentially very serious matter. The Natural Resource Fund was established for the people of Guyana and the “sustainable development of the country”. Depletion of the fund that breaches the NRF Act in a political environment where bipartisanship exists alongside the perception of widespread corruption will create public alarm and concern over a major government scandal. The Auditor General’s Office and the Judiciary must investigate!

With concern,

Mr. Jamil Changlee

(The legality of the use of the funds in the NRF needs to be addressed)

(The legality)

Guyana's Natural Resource Fund, NRF Act, Office of the President, Oil and Gas Sector, Senior Minister

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The legality of the use of the funds in the NRF needs to be addressed

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