Gov’t withdraws another $41.6B from oil fund

The government made a second withdrawal of US$200 million (or about GY$41.6 billion) from the Natural Resource Fund (NRF), Guyana’s oil wealth fund, according to a press release from the Ministry of Finance.

The release noted that the sum was transferred from the oil fund to Guyana’s Consolidated Fund to “finance national development priorities”.

The first withdrawal from the sum in 2023 totalled the same amount. That means a total of US$400 million has been withdrawn for the year so far.

The release reminded the public that Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023.

Last year, US$607.6 million was withdrawn.

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

As per this Act, the Minister of Finance is tasked with informing the public of payments to and withdrawals from the fund.

According to a notification of receipts tabled in the National Assembly last month, Guyana has US$1.4 billion in the fund up to March 31, 2023.