The Government of Guyana is boasting of its management of the nation’s oil- wealth as the Natural Resources Fund (NRF) has reached an impressive milestone, with a balance of US$1.465 billion as of March 2023. The notification of this balance was published in the Official Gazette on March 31, 2023, following the receipt of all petroleum revenues paid into the NRF from January to March 2023, according to Section 33 (2) of the NRF Act 2021.
Yesterday, Minister of Parliamentary Affairs and Governance, Gail Teixeira, tabled the Notification of Receipts on behalf of Senior Finance Minister Dr. Ashni Singh, in the National Assembly, where it was noted that the achievement reaffirms the current government’s commitment to the transparent and accountable management of Guyana’s oil resources. She said this commitment was central to the strengthening of the NRF Act in 2021.
In a recently published release, the Ministry of Finance noted that the NRF Act was strengthened in 2021 by the government replacing the old and “illegitimate” 2019 NRF Act passed by the then A Partnership for National Unity/Alliance For Change (APNU/AFC) administration.
It also boasted of the International Monetary Fund (IMF) commending the People’s Progressive Party/ Civic (PPP/C) Government’s amendments to the NRF Act during its Article IV mission to Guyana in May-June of 2022.
“The NRF Act was strengthened recently. After a thorough review, and while restraining the spending of the oil receipts, the authorities amended the NRF Act in December 2021. The recent amendments set clear ceilings on withdrawals from the Fund for budgetary spending,” it said.
It was also also noted that the IMF has recognized the government’s efforts to set clear ceilings on withdrawals from the Fund for budgetary spending, while also restraining the spending of the oil proceeds.
A withdrawal of US$607.6 million was made last year from the fund to finance national development priorities in 2022, and an additional US$1,002.1 million is slated to be withdrawn this year.
