Government makes second withdrawal for 2023 from NRF fund

The Ministry of Finance yesterday announced that the Government has made its second withdrawal of the year to the tune of $41.6 billion from the Natural Resource Fund in accordance with the Natural Resource Fund (NRF) Act 2021.

“…a further US$200 million equivalent to G$41.6 billion has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities,” the ministry said in a release.

It recalled that in February a withdrawal of a similar amount was made. This brings the accumulated withdrawals to date in 2023 from the NRF to US$400 million, equivalent to G$83.2 billion.

The release said that in keeping with the NRF Act 2021, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023.

The NRF Act 2021, which came into operation on January 1, 2022, according to the release represents a significant improvement in transparency and accountability and overall management of Guyana’s natural resource wealth.

“The PPP/C Government will continue to work aggressively through sound and transformative investments of oil resources from the NRF, utilising these resources in a clear and transparent manner, to the benefit of present and future generations,” it added.

Last year the Government made three withdrawals from the fund. The third and final was made in December 2022 to the tune of US$207.6 million equivalent to $43 billion.

In May and July of 2022, the Government made withdrawals totalling $83 billion.