With another withdrawal of $31.6 billion in December from the country’s Natural Resource Fund, the government has taken its total withdrawal from the oil fund to $208.4 Billion for 2023, the Ministry of Finance has said.

The Finance Ministry said the withdrawals are in keeping with the Parliamentary approval given to access the fund last year and were also in keeping with the Section 19 of the NRF Act. 

“In accordance with the NRF Act 2021 and the approved Budget 2023, the Government of Guyana has made its eighth and final transfer, totalling US$152.1 million (equivalent to G$31.6 billion) from the NRF on December 27, 2023, to the Consolidated Fund. This transfer brings the accumulated withdrawals for 2023 to US$1.002 billion (equivalent to G$208.4 billion), in line with the total of US$1.002 billion (equivalent to G$208.9 billion) approved to be withdrawn in 2023,” the Ministry of Finance said.

The Finance Ministry reminded that as part as part of the consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023. 

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

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