The Natural Resource Fund Bill, which was slated to see 21 speakers, was passed following the presentation of Finance Minister, Dr. Ashni Singh, even as he faced an outright protest from the opposition.
Members of the Parliamentary Opposition were extremely critical of the Bill as they noted several loopholes that would allow for rampant abuse of the oil money.
Among the concerns raised by the opposition was the fact that a Board of Directors, consisting of no more than five members, all of whom are appointed by the President, will solely be able to determine the investment mandate for the Fund; that any amount the Minister deems fit, can be withdrawn in the event that there is a natural disaster, and that money could be removed for green economy projects without explicit consequences if abuse is found.
The opposition was also critical of the government’s “diluted version” of a 22-member Public Accountability and Oversight Committee that is in the existing law which would be repealed once the President ascents to the new Bill.
According to the Bill, there will now be 13 members appointed by the President. Notably, there is no place for representatives from the media, Transparency International Guyana Institute, and other civil society groups.
Given its concerns, the political opposition called for there to be more than just a two weeks period of review since the Bill will affect the future of all Guyanese. It stressed that the Bill should be sent to a select committee.
Following the government’s failure to adhere to this request, the National Assembly erupted with loud protest with 18 members of the political opposition slamming their water bottles against their desks while shouting, “No thieving bill must pass.”
The commotion caused the Speaker of the House, Manzoor Nadir to call for a short suspension. When the House was convened minutes later, Finance Minister, Dr. Ashni Singh continued with his explanatory memorandum of the Bill in the midst of whistling and continuous howling and chanting from the Opposition parliamentarians.
Government members then formed a human shield around the Minister as he speedily finished up his presentation. The Bill was then read for a second time when the clauses were considered together and passed without debate.
