The Ministry of Finance has announced that the Government has withdrawn another G$41.6B from the Natural Resource Fund, pushing the total withdrawal for this year to G$124.8B.
The Minister responsible for Finance said the money was transferred from the Natural Resource Fund to the Consolidated Fund to finance “national development priorities” in accordance with the Natural Resource Fund (NRF) Act.
It was explained that the transfer was done in two tranches, starting with US$100M in August, and another US$100M in September, representing the third and fourth “drawdowns” for the year.
In February and May, the Government made withdrawals totaling G$83.2B.
“In keeping with the NRF Act 2021, 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 Finance Ministry said.
The Government said it will continue to work aggressively through transformative investments to advance development in the country to the benefit of the people.