The Private Sector Commission today threw its weight behind the passage of the Natural Resource Fund legislation in its current form even though its sister private sector body the Georgetown Chamber of Commerce and Industry called for the passage of the legislation to be delayed.

In a statement, the PSC said the new Bill which will see monies to be used from the NRF be transferred to the consolidated fund will provide for parliamentary oversight on the spending of the oil resources and will provide greater accountability and transparency.

“While the PSC believes that wider consultation should have been pursued for feedback and finalization of the legislation, it is evident that the Bill in its current form subscribes in large part to the Santiago Principles and thus we hereby support the passage of the legislation,” the PSC said.

The PSC is of the view that the Natural Resources Fund legislation, when operationalized will provide the resources that will serve as a major catalyst for Guyana’s national development in all sectors.

The body said its sub-committee on Finance noted that the operationalization of the NRF will provide the much-needed resources which Guyana needs at this critical juncture for its development of National Infrastructure, Healthcare, Education and to mitigate the impending effects of Climate Change.

The PSC has not objected to any of the proposals in the legislation even though it said that it has examined and analyzed the merits and demerits of the Bill.

Under the new Bill, the PSC will be nominating a member to the board that will hold oversight of the fund. 

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