Private Sector supports passage of Natural Resource Fund Bill

The Private Sector Commission (PSC) on Wednesday backed amendments proposed to the Natural Resource Fund Bill which when passed will guide the way the country’s oil revenues are spent.

“We note the removal of the unbridled authority that was entrusted in the Minister of Finance in the Act of 2019, and the disaggregation of some of these responsibilities to other authorities and oversight bodies.

“Additionally, the fact that all monies to be used from the Fund must be transferred to the Consolidated fund will provide for parliamentary oversight on the spending of these resources which fosters greater accountability and transparency,” the PSC said in a statement.

The PSC’s Subcommittee on Economic and Finance said the operationalization of the NRF will provide the much-needed resources which Guyana needs at this critical juncture for its development of National Infrastructure, Healthcare, Education and to mitigate the impending effects of Climate Change.

The PSC said that while it believes that wider consultation should have been pursued for feedback and finalization of the legislation, “it is evident that the Bill in its current form subscribes in large part to the Santiago Principles and thus we hereby support the passage of the legislation.”

The PSC concluded that the Natural Resource Fund Legislation, when operationalized will provide the resources that will serve as a major catalyst for Guyana’s national development in all sectors leading to unparalleled economic growth.