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Calgary University to help set up Sovereign Wealth Fund—Trotman
A team from the University of Calgary in Canada is expected in Guyana shortly to assist the coalition A Partnership for National Unity, Alliance for Change (APNU+AFC) Government with the setting up of a Sovereign Wealth Fund.
Minister of Governance Raphael Trotman
This is according to Minister of Governance, Raphael Trotman, who yesterday provided an update on the APNU+AFC Government’s drive to set up the fund, as announced by President David Granger.
The Canadian government, he said, has in fact used its good offices “to allow us to benefit from the processes and expertise available at the University of Calgary.” According to Trotman, the Canadian team is expected in Guyana in November.
This team, he said, will be travelling to Guyana with the specific responsibility of commencing the putting together of the mechanisms for the Sovereign Wealth Fund.
The fund, he said, seeks to retain a percentage of all the resources in Guyana, “not just the oil resources, but also gold, diamond, sand, stone…”
Trotman said, too, that there are even suggestions of including agricultural, sea food and even water proceeds.
The Minister of Governance said water will soon become a scarce resource in the world, and it is a resource that needs to be harnessed and managed properly.
Trotman did say that at this point, it would be too early to speculate on specifically what percentage of the revenues from any of the resources would be identified for the fund.
This, he said, is a fiscal arrangement that will ultimately have to be decided on by the Cabinet Council of Ministers on the advice of the Finance Minister.
He explained that Government is currently looking to have the Fund operated akin to a three in one fund.
One aspect of the fund, he said, will be used to secure the wealth of the nation for future generations. Another aspect of the fund will be used as budget support in the case of shortfalls, and the final aspect of the proposed fund would be to cater to “the developmental thrust.”
According to Trotman, there will be three funds, “which comprise the Sovereign Wealth Fund but each will have a different rate at which it is supplied and different reasons and mechanisms on which you can draw down.”
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