Government makes first withdrawal from the Natural Resource Fund

Georgetown, Ministry of Finance, May 10, 2022: Senior Finance Minister Dr Ashni Singh announced today that Government has made its first draw down from the Natural Resource Fund (NRF) in accordance with the Natural Resource Fund (NRF) Act 2021.

The Minister indicated that pursuant to Section 16 of the NRF Act 2021, US$200 million equivalent to G$41.7 billion has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities.

This transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021 and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period 1 January to 31 March 2022. The NRF Act 2021 which came into operation on the 1 January 2022, represents a significant improvement in transparency and accountability and the overall management of the natural resoures wealth of Guyana for present and future generations.

It would be recalled, that as part of the Budget 2022 process, Parliamentary approval was granted for a total of US$607.6 million to be transferred during the fiscal year 2022.

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