The Natural Resource Fund (NRF) has a balance of more than US$1.4 billion, the Ministry of Finance, has disclosed.
The disclosure came hours after the Minister of Parliamentary Affairs and Governance Gail Teixeira, tabled the notification of receipts of all petroleum revenues paid into the Natural Resource Fund during the period January 1 to March 31, 2023.
According to the Official Gazette, approximately US$377.140M was placed into the NRF during the first three months of the year.
The Finance Ministry said the notification of the money pumped into the NRF, reaffirms the Government’s commitment to accountability and transparency in the management of Guyana’s oil resources.
In 2022, the Government withdrew a total of US$607.6Million from the NRF to finance national development priorities.
The Finance Ministry said the move to strengthen the Natural Resource Fund Act in 2021 was necessary and has proven to be beneficial.
“The NRF Act was strengthened in 2021 by the PPP/C replacing the old and illegitimate NRF 2019 Act passed by the then A Partnership for National Unity/Alliance For Change (APNU/AFC) Caretaker administration,” it said.
The Government has pointed out that the International Monetary Fund (IMF), has commended the PPP/C Government on the amendments made to the NRF Act.
“After a thorough review, and while restraining the spending of the oil receipts, the authorities amended the NRF Act in December 2021. The recent amendments set clear ceilings on withdrawals from the Fund for budgetary spending,” the IMF had said.
The Finance Ministry said the Government has committed to the continuous management of Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations.
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