Oversight committees will safeguard Natural Resource Fund

Dear Editor,

I pen this missive to commend the Minister of Finance for always bringing clarity on matters or issues relating to his ministry that the wider public may not understand.

Despite those many occurrences to bring a greater degree of simplicity, I’ve read with some amusement, the continued engagement of the Finance Minister, Winston Jordan and Sasenarine Singh. The Minister has shown commendable patience in explaining at great length the various safeguards that surround the management of the Natural Resource Fund, including the establishment of three oversight committees - the Macroeconomic Committee, the Investment Committee and the Public Accountability and Oversight Committee.

Editor, as a young politician and Guyanese I’m personally elated that the Ministry of Finance has ensured that this mechanism is put in place before first oil to prevent any unscrupulous person or entity from getting an opportunity to dip into these revenues outside of a legal framework, which is provided for by the Natural Resource Fund (NRF) Act.

Editor, it is important to remind readers once again, by restating the point, that the NRF legislation meets the major “Santiago Principles” regarding sovereign wealth funds as they relate to “transparency, good governance, accountability and prudent investment practices”.

The NRF Act has been lauded by Guyanese here and abroad and also garnered praise from our development partners including the IMF.

Editor, the question for Singh is, if the individuals on these three committees are nominated by various civil society and private sector organisations as well as the Leader of the Opposition, how on earth, will they do the bidding of the Minister or the President?

Is he suggesting that Guyana’s Bar Association, the Private Sector Commission, Guyana Press Association, the Institute of Chartered Accountants of Guyana or the many other reputable organisations named in the NRF Act, will nominate friends, family members and cronies of the Minister or President? Is this man for real?

Editor, it’s difficult to discern if Singh really has an issue with the NRF Act or whether he has an issue with the APNU+AFC Coalition Government. Yours faithfully,

Jermaine Figueira APNU+AFC

Member of Parliament Region Ten