Gov’t makes final 2023 withdrawal from oil fund

See below full release from the Ministry of Finance:

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its consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023.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 eighth and final transfer, totalling US$152.1 million (equivalent to G$31.6 billion) from the NRF on December 27, 2023, to the Consolidated Fund. This transfer brings the accumulated withdrawals for 2023 to US$1.002 billion (equivalent to G$208.4 billion), in line with the total of US$1.002 billion (equivalent to G$208.9 billion) approved to be withdrawn in 2023.