GY$290B in Guyana’s oil fund

Guyana’s Natural Resource Fund (NRF), which is the country’s oil wealth fund, has GY$290.1 billion (or US$1.39 billion) saved at the end of November, according to financial statements published by the Bank of Guyana.

Further, it was noted that Guyana earned GY$36.9 billion in profit oil- that is, from the sale of oil produced offshore. Additionally, the country earned GY$860 million in interest.

As per the Natural Resource Fund law, oil and gas revenues that are paid into the Fund must be publicised.

Based on the provisions of the NRF law, in any given year, US$500 million can be withdrawn and then a reducing percentage of what remains, starting with 75% from the second five hundred million; 50% on the third five hundred million; 25% on the fourth five hundred million; 5% on the fifth five hundred million, and then 3% of any amounts in excess of US$2.5 B.

Earlier this year, the government transferred GY$83.3 billion (US$400 million) from the NRF to the Consolidated Fund to finance national development priorities.