Guyana has US$1.4B in its oil wealth fund

Minister of Parliamentary Affairs and Governance Gail Teixeira on behalf of Senior Finance Minister Dr. Ashni Singh on Monday tabled Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period January 1 to March 31, 2023, pursuant to Section 33 (2) of the NRF Act 2021.

This notification was published in the Official Gazette on March 31, 2023 and reaffirms the People’s Progressive Party/Civic (PPP/C) Government’s continued commitment to the accountability and transparency in the management of Guyana’s oil resources. At the end of March, 2023 the balance in the NRF stood at US$1.465 Billion.

The NRF Act was strengthened in 2021 by the PPP/C replacing the old and illegitimate NRF 2019 Act passed by the then A Partnership for National Unity/Alliance For Change (APNU/AFC) Caretaker administration. In 2022, a total of US$607.6 Million was withdrawn from the Fund to finance national development priorities, and a further US$1,002.1 Million is projected to be withdrawn this year.

The International Monetary Fund (IMF), in its 2022 Article IV mission to Guyana in May-June of 2022, commended the PPP/C Government on the amendments made to the NRF Act and pointed out that:

“The NRF Act was strengthened recently. After a thorough review, and while restraining the spending of the oil receipts, the authorities amended the NRF Act in December 2021. The recent amendments set clear ceilings on withdrawals from the Fund for budgetary spending,’

The PPP/C Government has committed to the continuous management of Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations. (Ministry of Finance release)