Blog Post

23 Apr
By: MOF Communications Unit 0

Press Release – Natural Resource Fund

The Natural Resource Fund Act 2019, which was enacted by the Parliament of  the Cooperative Republic of Guyana, in January 2019, established our nation’s sovereign wealth fund (SWF), known as the Natural Resource Fund (NRF), for the purpose of managing the natural resource wealth of Guyana for the present and future benefit of the people and for the sustainable development of the country. On December 11, 2019, the Government entered into an operational agreement with the Bank of Guyana for the operational management of the NRF. On December 20, 2019, Guyana became an oil producing country, and, in February 2020, the Government’s first entitlement of crude oil was lifted from Liza Destiny, which amounted to just over 1 million barrels. On March 11, Shell Western Supply and Trading Limited, the company that was contracted to lift Guyana’s first three cargoes deposited US$54,927,994.80 into an account held by the Bank of Guyana, as payment for the first lift in February 2020

In establishing the NRF, the Government committed to managing the Fund according to the principles of good governance, including transparency, accountability and international best practices, including the Santiago Principles. The NRF Act 2019 requires several reports to be published, including, but not limited to:

1) Reports from the Public Accountability and Oversight Committee, Macroeconomic Committee and Investment Committee;

2) Reports on withdrawals from the NRF, to be included in the annual budget proposal and, if needed, in a Supplementary Appropriation Bill;

3) Annual reports of the NRF, including audited financial statements;

4) Quarterly reports and financial statements of the NRF; and

5) Monthly reports of the NRF.

On April 15, 2020, the Bank of Guyana, in accordance with section 38(1) of the NRF Act 2019, as well as the operational agreement with the Ministry of Finance, submitted the monthly report on the NRF for March 2020. On April 23, 2020, the Ministry of Finance, in accordance with section 42(c) of the NRF Act 2019, has published this report on its website for the public to access.

Download NRF Statement of Accounts:

Natural Resource Fund Statement of Accounts – March 2020

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