Central Bank prepared to manage oil funds thanks to IDB, World Bank

GUYANA - With Guyana being relatively unfamiliar with all the aspects of the oil and gas industry, Guyana’s Central Bank has noted that it is “totally prepared” to monitor all anticipated revenue emanating from the country’s emerging oil and gas sector.

This is credited to assistance received from the InterAmerican Development Bank (IDB) and the World Bank. Governor of the Bank of Guyana, Dr Gobin Ganga,

made the announcement to this publication when questioned on the bank’s preparedness to efficiently manage oil funds within the petroleum industry. According to Dr Ganga, the Bank continues to collaborate and receive support from other key stakeholders within the oil sector.

Asked about whether the Bank has been receiving any assistance from international organisations such as IDB and the World Bank, the BoG Governor indicated that IDB has been supportive in providing technical assistance as it relates to the of drafting policies and the collection and analysing of data within the sector. In addition, the World Bank has been making recommendations and providing training to the relevant staff members needed for the effective management of the Natural Resource Fund (NRF).

Earlier, Director of Energy, Dr Mark Bynoe, had indicated that the government has already earmarked monies secured from the World Bank and the IDB to fund projects for the strengthening and management of Guyana’s oil sector. Concurrently, in December 2018, Guyana signed an agreement with the IDB for a US$11.64 million policy-based loan designed to support the strengthening and the sustainability of the Energy Sector.

(Kaieteur News)