Sums withdrawn from NRF to finance developmental projects

Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, recently confirmed government’s second withdrawal of $41.6 billion from the National Resource Fund (NRF), for the year 2023.

So far, $83.2 billion has been withdrawn from the NRF, to advance the country’s development.

The funds withdrawn have been transferred to the Consolidated Fund, in keeping with the NRF Act of 2021.

Minister Singh confirmed that the sum will aid in financing current developmental projects, to improve the lives of all Guyanese. Citizens are already experiencing the effects of development across various sectors.

The Ministry of Public Works has constructed a number of new roads, upgraded dilapidated streets, and improved the drainage systems.

In the education sector, schools have been built and upgraded, resources have been allocated for teachers to be trained, and access to learning has been increased.

Government has prioritised the health of citizens, by providing better access to primary healthcare. Funds will be used to train more healthcare professionals and improve the availability of essential medical supplies and equipment.

The administration has also been partnering with the private sector, to ensure more hospitals, clinics, and health centres are constructed across the country.

Investments from the NRF will aid in financing renewable energy initiatives, such as the expansion of solar farms. This is in keeping with the government’s vision of promoting sustainable development and reducing Guyana’s reliance on traditional energy sources.

The renewable energy programme will contribute to a greener, cleaner environment while providing a reliable source of electricity for commercial and domestic use.

The government is committed to diversifying the economy and the plans and projects implemented are all geared towards expanding the economic base, utilising proceeds from the lucrative oil and gas industry, to ensure there is no dependency on one sector.