While there are several explicit penalties outlined in the Natural Resource Fund (NRF) 2021 Bill for the nondisclosure of oil receipts, there is a noticeable absence of the same for potential instances of misappropriation. As a result, the PPP/C Government came under heavy criticism from sections of the public for this supposed shortcoming of the Bill.
During a press conference held earlier today, Senior Minister with Responsibility for Finance, Dr. Ashni Singh said he was pleased to address this matter as he believes that it has been the victim of much misrepresentation.
The Minister essentially claims that a suite or list of penalties are not necessary to be included in the NRF Bill since that piece of legislation does not exist in isolation. He said that the bill relies upon, and acknowledges the existence of known and applicable offences including those outlined in the Fiscal Management and Accountability Act (FMAA).
The politician explained that any money that has to be used from the NRF must first be transferred to the Consolidated Fund. This means that there must be parliamentary approval before a cent can be spent. He further noted that the FMAA outlines penalties that would be meted out to public officials for any inappropriate use of money from the Consolidated Fund.
Dr. Singh said that even in the event of expenditure that is needed for a natural disaster or to support the investment agenda of the government, the House must give its blessings.
Furthermore, while Part 8 of the Bill speaks mostly about penalties for nondisclosure of information relating to deposits into the fund, Clause 40 of that section states, “The provisions included in this Part are without prejudice to criminal and civil liability under applicable law.”
Dr. Singh said that it therefore means that all other applicable existing laws, including laws that speak to theft, can be used to penalize any misappropriation.
Taking the foregoing into account, Dr. Singh said it is inaccurate to say that there are no penalties in place for the misuse of Guyana’s oil revenue. He said that there was need to note penalties for nondisclosure as those are not listed anywhere else.
