Month: June 2020

29 Jun
By: MOF Communications Unit 0

Public Advisory for Government Pensioners

Extension of moratorium for submission of life certificates for government pensioners 

The Ministry of Finance in its effort to safe guard its staff and the public against the spread of COVID-19, wishes to advise all government pensioners that it has placed a further three months moratorium on the submission and updating of the life certificates 

Submissions and updating of life certificates will therefore resume September 1, 2020.   

Life certificates can be emailed to: pensionsag@finance.gov.gy

For further enquiry, please call telephone numbers 227-3992 – 5 ext.  1035 & 1088 from 08:30hrs – 14:30hrs.

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27 Jun
By: MOF Communications Unit 1

About


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26 Jun
By: MOF Communications Unit 0

Natural Resource Fund Quarterly Report March 31, 2020

This report is produced in accordance with section 38 (2) of the Natural Resource Fund Act 2019 which requires the Bank of Guyana to report on the performance and activities of the Natural Resource Fund (referred to hereinafter as the “Fund”).

This is the inaugural report of the Fund and covers the first quarter of the year 2020. All monetary references in this report have been reported in Guyana dollars (G$) and are presented in thousands (G$’000). Foreign currency transactions have been translated to G$ at the rate of exchange prevailing at the dates of the transactions. Rate of exchange at March 31, 2020 was GYD 208.50 = USD 1.

Natural Resource Fund Quarterly Report March 31, 2020
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18 Jun
By: MOF Communications Unit 2

NRF Summary of Financial Position and Performance as at May 31, 2020

This report contains a Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income.

 

NRF Summary of Financial Position and Performance as at May 31, 2020
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11 Jun
By: MOF Communications Unit 0

Payment for second lift deposited into NRF account

(Georgetown, June 11, 2020) – The Natural Resource Fund was yesterday credited with US$35,063,582.06. This represents payment by Shell Western Supply and Trading Limited for Guyana’s second lift.

The total holdings of the NRF as at June 11, 2020 is US$94, 921,803.00

 

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  Contact: Wanita Huburn
Phone: 592 -655-9497
Email: whuburn@finance.gov.gy
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11 Jun
By: MOF Communications Unit 0

Press Statement on Guysuco’s Request for Bailout

Georgetown, June 10th, 2020

The Ministry of Finance notes Guysuco’s request to the Government for a bailout, and wishes to assure that it is actively seeking to assist Guysuco to access funds that are available to it, to mitigate its present challenges.

Notwithstanding however, the prevailing national circumstances, coupled with the challenges of COVID 19 and a reduced national income, render the Treasury incapable of providing a bailout to Guysuco.
In this regard, we wish to remind that a $30 Billion bond backed by NICIL’s assets and guaranteed by the Government of Guyana was secured through NICIL to retrofit and revitalise the 3 remaining sugar estates. During the period July 2018 to February 2020, $9,720,759,568 was disbursed to Guysuco to fund its Capital and Operational Expenditure – much of which was outside the terms of the bond.
Additionally, NICIL through the SPU, sold lands that were vested to it, and garnered deposits of $2.1 billion. The full sum was used to offset bond payments that became due in May, 2020. The balance of $1.5 billion for the lands will be paid over to NICIL when the vesting orders are signed and gazetted. It is expected that part of this sum will go towards a bond repayment which is due on July 4th, 2020, and the remainder to Guysuco. Guysuco also generates its own income.

Another disbursement is expected in the coming days; so we urge that NICIL, Guysuco and the syndicated lenders work assiduously to resolve any bottlenecks.

The Government of the Cooperative Republic of Guyana remains committed to making Guysuco a viable partner.

GUYSUCO – Guyana Sugar Corporation
NICIL – National Industrial and Commercial Investments Limited
SPU – Special Purpose Unit
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