The Government has made a second withdrawal from the Natural Resource Fund, the Ministry of Finance has announced.
According to a statement from the Senior Minister of Finance, Dr. Ashni Singh, a total of G$41.6 Billion has been withdrawn from the oil fund in keeping with the Natural Resource Fund Act.
The Ministry said that a total of $83.3 Billion has now been withdrawn from the fund. The first withdrawal was in the month of May.
The Government did not indicate what specific projects the money will fund, but it is expected that a number of government projects that appeared in the budget are to be funded through the withdrawals. As part of this year’s budget, a total of US$607 million was approved to be transferred from the oil fund this year.
According to the Ministry of Finance, the Government will continue to work aggressively through sound and transformative investments of oil resources from the NRF, and will utilise the resources “in a clear and transparent manner, to the benefit of present and future generations”.