Second notification in 2024 made to Parliament for petroleum revenues paid into the NRF

as Government continues to show commitment to transparency and accountability in the management of Guyana’s oil resources

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh today presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st January 2024 to 28th March 2024, pursuant to Section 33 (2) of the NRF Act 2021. This notification was published in the Official Gazette on the 28th March 2024 and demonstrates the PPP/C Government’s continued commitment to the principles of transparency and accountability in the management of Guyana’s oil resources. At the end of March 2024, the balance in the NRF stood at US$2.357 billion.

It would be recalled that the NRF Act 2021 was passed in the National Assembly on the 29th December 29, 2021, and represents one of the most significant steps taken to bring greater accountability and transparency in the management of Guyana’s oil resources, replacing the illegitimate APNU/AFC caretaker administration’s NRF Act 2019. The original NRF Act 2019, was rushed through the National Assembly after the APNU/AFC Government had already lost the no-confidence motion (NCM) and had therefore lost their mandate to govern.

The International Monetary Fund (IMF) in its 2023 Article IV Consultation report commended the Government on the progress made to strengthen the management of oil wealth and its fiscal transparency:

The governance framework was strengthened, through the appointment of three critical entities for the NRF governance in 2022: the NRF Board of Directors, the Public Accountability and Oversight Committee, and the Investment Committee. Furthermore, to ensure full transparency and accountability, notifications of receipts of petroleum revenues have been published in the Official Gazette since April 2022”.

Further, as part of the consideration of the Budget 2024 process, Parliament approved the Fiscal Enactments (Amendment) Act 2024, including amendments to Section 19 and the First Schedule of the NRF Act 2021, which allows for the amount previously approved for withdrawal from the Fund for the financial year shall be deemed amended based on the ceiling calculated in accordance with any amendment to the First Schedule.

The Natural Resources Fund (NRF) rule, while allowing for greater financial resources to be available to support intensified public investment and accelerated delivery of social services, the amended rule, as with the existing, will ensure that as production and revenue ramp up further, an increasing share of the inflows into the NRF will be saved relative to the share transferred to the Consolidated Fund to finance these national development priorities.

Pursuant to the Natural Resource Fund (NRF) Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamentary approval has been granted for US$1.586 billion (equivalent to G$329.885 billion) to be withdrawn from the NRF in 2024.

The PPP/C Government will continue to manage Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations.