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Jagdeo opposed to Central Bank managing Natural Resource Fund …Says Finance Minister could exert influence to access moneys

Jul 26, 2018 News

By Kiana Wilburg
The Ministry of Finance recently revealed that the Natural Resource Fund, which will hold the nation’s oil money will be managed by Bank of Guyana. The Fund will also be overseen by a committee that encompasses several independent interest groups, including a representative nominated by the Leader of the Opposition.
But Opposition Leader, Bharrat Jagdeo revealed yesterday that he is completely against this arrangement.
The former President said, “We don’t want politicians to manage this money. This fund has to be independently (and) technically managed not by politicians and stored by Central Bank. We have a problem with that model and it departs radically from best practices such as (those observed by nations like) Norway and others where they have an independent group that manages this.”
Jagdeo added, “So even the model for this will present a lot of problems. [Finance Minister, Winston] Jordan can call the Central Bank and get moneys whenever he wants it or bully people…”
The Opposition Leader reiterated that the Finance Ministry’s model for the management of the Fund leaves him and his party concerned.
PROPOSED
LEGISLATION
It was on Monday, last, that a letter from the Finance Ministry’s Public Relations Officer, Wanita Huburn, appeared in the press speaking about the Fund.
Huburn said that the Government has sought the help of several international organizations for the National Resource Fund Act (NRFA). She said that these include the International Monetary Fund, the World Bank and the Commonwealth Secretariat.
Huburn noted that the proposed legislation specifically addresses two main issues: the stability of the economy to absorb increased government spending and economic activity; and the balance between spending on critical development projects and the long-term goal of saving for future generations. She stated that this is laid out in a Green Paper, which will be presented to the National Assembly.
Huburn said, “The NRFA, which will be laid in Parliament before the end of the year as indicated in Budget 2018, is the culmination of many lessons learnt around the world by resource-rich countries over the past 100 years.
“Crucially, it directly addresses the transparent handling of, and accounting for, the oil-related funds from depositing in the NRF to their spending, which can only be done via the Annual Budget approved by the National Assembly.”
She added, “The fund itself is to be managed by the Bank of Guyana and overseen by a committee that encompasses several independent interest groups including a representative nominated by the Leader of the Opposition. Quarterly reports on its activity will be presented to Parliament. We are confident that the NRFA will fully address these legitimate concerns.”
The Public Relations Officer assured that the National Resource Fund will be in place before 2020 (See link to view Huburn’s full letter: https://www.kaieteurnewsonline.com/2018/07/23/exposing-another-untruth-in-the-new-york-times-article/).

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