With 6th withdrawal, Gov’t transfers $156B from oil fund this year

See below the full statement issued by the Government of Guyana:

It would be recalled in 2021, Government amended the Natural Resource Fund (NRF) Act to bring greater transparency and accountability in the management of Guyana’s oil resources, including the requirement of Government to seek annual Parliamentary approval for withdrawals from the NRF as stated in Section 19 of the NRF Act 2021.

Pursuant to that provision, as part of its consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023.

In accordance with the NRF Act 2021 and the approved Budget 2023, the Government of Guyana has made its sixth transfer, totalling US$100 million (equivalent to G$20.8 billion) from the NRF on October 24, 2023, to the Consolidated Fund. This transfer brings the accumulated withdrawals to date in 2023 to US$750 million (equivalent to G$156 billion), within the total of US$1.002 billion (equivalent to G$208.9 billion) approved to be withdrawn in 2023.