Natural Resources Fund accumulates GY$266 billion at end-2022

Recently, the Notification of Receipts to Parliament of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period dated October 1 to December 31, 2022, pursuant to Section 33 (2) of the NRF Act 2021, was submitted. Published in the Official Gazette on January 5, 2023 it was revealed that the management processes of Guyana’s oil resources remain transparent, having further reflected a balance of US$1.27 billion equivalent to GY$266 billion as at end-2022. The Government of Guyana, particularly the Ministry of Finance is dedicated towards the promotion of anti-corruption, security, and development. In addition, the NRF Act 2021 stipulates the establishment of a Board of Directors whose role overarches reviewing and approval of policies of the Fund, and monitoring of its performance. This provides a distinction between the management of the Fund from the Minister responsible for Finance. The Minister of Finance is further guided by law which reads that failing to disclose the receipt of any petroleum revenue received by Government in the Official Gazette within three months of receipt of such monies may result in 10 years’ imprisonment. In this regard, transparency and accountability are key principles of the NRF Act 2021, where clear regulations detail how withdrawals from the fund are to be accounted for in budgetary spending, and how this necessitates parliamentary approval.

Source(Ministry of Finance Press Release , Image: iStock)

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9 Jan 2023 15:45 | by anaraine

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