While commending the government for its effort to improve accountability and the management of Guyana’s earnings from oil resources, the Georgetown Chamber of Commerce believes more time should be provided to get the public’s input and comments on the bill.

“Given the paramount importance of this Bill, and its use as a tool for intergenerational wealth transfer of the citizens of Guyana, the GCCI is of the belief that more time should be provided to the public for its input and general commentary on the Bill”, the Chamber said in a statement.

The controversial Bill which replaces an existing Bill was laid in the National Assembly last week and the government is moving for it to be passed today, despite concerns raised by the Opposition and some civil society groups.

In a statement this morning, the Georgetown Chamber of Commerce and Industry said it has been carefully following the developments associated with the Bill and analyzing its detail since it was released to the public a week ago.

The Chamber of Commerce said it understands the need for the revision of the Natural Resources Fund as outlined by the President and would like to commend the government for its effort at attempting to improve public accountability and transparency with respect to the management and operation of the Fund.

“The Chamber of Commerce will be transmitting to the Minister with responsibility for Finance, Dr. Ashni Singh, by way of letter, our detailed commentary on the Natural Resources Fund Bill”, the statement said.

The Chamber said it remains committed to being a partner in national development and anticipates continued steps to support inclusive growth for Guyanese.

On Tuesday, President Irfaan Ali defended the contents of the Bill, which many political and economic observers believe has resulted in many of the safeguards for the oil revenue, being gutted.

Related posts:

Chamber of Commerce wants MPs who disrupted Parliamentary sitting to be “dealt with condignly” Private Sector Commission throws full support behind Natural Resource Fund Bill New Natural Resources Fund Bill tabled in the National Assembly Georgetown Chamber of Commerce forges alliance with Ghana Chamber