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International expert to help with Natural Resource Fund –Finance Minister
Finance Minister, Winston Jordan, has confirmed that as preparations for the implementation of the Natural Resource Fund get underway, an expert would be engaged during certain aspects with a view of having everything in place prior to first oil.
Finance Minister, Winston Jordan
The economist said, “We have started drafting the terms of reference for a number of the Committees and the Investment Advisor. We will begin, soon, drafting the request for proposals for the Fund manager, among others. We would need the dedicated support of an expert to assist us through this phase.”
Jordan recently assured that capacity is being developed in the Guyana Revenue Authority (GRA), Central Bank, and his Ministry, so that their respective functions can be executed in relation to the Natural Resource Fund.
In an exclusive interview with this newspaper, the Minister said, “The Ministry of Finance has worked to build capacity across key Government agencies with responsibility for collecting and managing revenues. We have put signal legislation in place – the Natural Resource Fund (NRF), which became law when the Bill was assented to by the President on January 23, 2019 – to ensure funds are collected and transferred to the national budget in a transparent manner, while nullifying the destabilizing effects of volatile oil prices; allowing for the frontloading of development expenditure; and saving for future generations.”
Minister Jordan added, “Capacity is being developed within the Ministry of Finance, the GRA, and the Bank of Guyana to execute their functions and responsibilities under the NRF Act. Moreover, the required institutional strengthening across the entire central government is being prioritized and championed by the Ministry of Finance.”
The Minister pointed to the strengthening of procurement planning and expenditure management, which are critical to effective spending of resources, whether they are from oil or non-oil sources.
He said that other examples include the Ministry of Finance updating the economic forecasting model to include oil resources, while the GRA is strengthening its cost oil audit capability.
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