The Government has withdrawn an additional $62.3 Billion from the Natural Resource Fund (NRF).

The Ministry of Finance said the withdrawal was done in accordance with the Natural Resource Fund Act and the approved 2024 Budget.

“In accordance with this approval, the Government of Guyana has made its second transfer for 2024, totaling US$300 million (equivalent to G$62.394 billion) from the NRF on May 14, 2024, to the Consolidated Fund. This transfer brings the accumulated withdrawals to date in 2024 to US$550 million (equivalent to G$114.388 billion) within the total of US$1.586 billion (equivalent to G$329.9 billion) approved to be withdrawn in 2024,” The Ministry of Finance said.

While considering the Budget earlier this year, the National Assembly approved the withdrawal of just over $329.8 Billion from the Natural Resource Fund for this year.

The Finance Ministry said this latest transfer brings the accumulated withdrawals to date in 2024 to $114.3 Billion.

In 2023, more than US$1 Billion was withdrawn from the fund.

The Government has repeatedly said that it has been using the money to finance “national development priorities” in accordance with the Natural Resource Fund (NRF) Act.

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