Green Paper on oil revenue fund for Parliament by mid-August

DPI, Guyana, Friday, July 27, 2018

The Green Paper on the prudent management of anticipated oil revenues starting in 2020 will be laid in the National Assembly before the August recess.

Minister of Finance, Winston Jordan told reporters today that the Green Paper – a report on government proposals – was presented to Cabinet for review, and a second review will be done at the next Cabinet meeting on July 31, before it is finalized.

“We will revise the paper in time for presentation to the last Parliament which is on or before August 10, 2018.”

He said the draft legislation on the Natural Resource Fund (NRF), Guyana’s Sovereign Wealth Fund (SWF), is with the Attorney General Chambers.

“Once the AG Chambers is finished with that bill, it will get its review at Cabinet and then we will put it out for consultations, we will take back whatever comments and then we will revise the bill and make it ready for Parliament.”

Minister Jordan anticipates that the bill be will be laid in the National Assembly by the end of 2018. The three main objectives of the NRF legislation is to advance critical development and investment needs within the country; to address issues of stabilisation of the economy; and to ensure savings are made to guarantee inter-generational benefits from the extraction of this finite natural resource.

Those objectives reflect a comprehensive framework that will guide the prudent management of future oil revenues for the benefit of current and future generations, in keeping with the government’s agenda.

Synieka Thorne

Image: Kawise Wishart