Government makes first withdrawal this year from the Natural Resource Fund

Senior Finance Minister Dr Ashni Singh announced today that the Government has made its first drawdown this year from the Natural Resource Fund in accordance with the Natural Resource Fund (NRF) Act 2021, following the passage of Budget 2023 in the National Assembly last week.

The Minister indicated that pursuant to Section 16 of the NRF Act 2021, US$200 million equivalent to G$41.6 billion has been transferred from the NRF to the Consolidated Fund to finance national development priorities.

It would be recalled that in keeping with the NRF Act 2021, US$607.6 million was withdrawn in 2022 to finance national development priorities and, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023.

The NRF Act 2021, which came into operation on January 1, 2022, represents a significant improvement in transparency and accountability and the overall management of Guyana’s natural resource wealth for present and future generations.