During his announcement earlier this evening that Guyana is now producing oil, President David Granger gave all assurances that his Government will not abuse the Natural Resource Fund.
In fact, the President reminded that the Natural Resource Fund Act, which was passed earlier this year, ensures that the country’s resource wealth “benefits both current and future generations.” He said, too, that it incorporates oversight, accounting, reporting, and auditing mechanisms to promote prudent, transparent and accountable management of oil revenues.
The Head of State said, “Guyanese, I assure you that your Government will manage petroleum revenues prudently to ensure fiscal discipline, financial sector stability, sustainable levels of public debt and low inflation.”
He added that withdrawals from the Fund’ will follow a balanced approach, prioritizing investment in public education, public health, public infrastructure, public security, social protection, and other social services while noting that it will support private sector development.
Furthermore, the President noted that petroleum production has brought the prospects of a higher quality of life closer to all households and neighbourhood while emphasizing that it is a momentous event that all Guyanese should commemorate for perpetuity.
The Head of State concluded, “Guyana’s future is brighter with the beginning of ‘first oil’. The ‘good life’ for everyone beckons. Let us work together to build a happy and prosperous country for the present and future generations.”
