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Guyana’s oil fund

Mar 18, 2022 Editorial

Kaieteur News – The more we think of Guyana’s oil fund, the more it becomes obvious that the devil is at work. This national oil fund that means so much to Guyanese, none more than the poorer and hopeful ones, is being layered with darkness and handled in deeper darkness. What started out as a jumbie that frightened Guyanese is now a jumble of uncertainty, anxiety, and is nothing but ‘stink and dutty’. From all appearances, the outlook is that is what it is going to be with all things associated with this national oil fund in the hands of a clever PPP/C Government and its twisted leaders.
From the inception, Government leaders were consumed by a drive to operate in the dark, as if the business of Guyana’s oil monies was a personal matter, and something to be handled with stealth and slickness. The Natural Resource Fund (NRF) bill that was placed in parliament was rushed, with debate limited. There was steamrolling of objections from all corners, and artful dismissal of calls to slow down and involve more Guyanese in the deliberation of this most pivotal of revenue and profit streams. Of all the times in Guyana’s calendar, PPP/C Government leaders selected for ramming home the NRF bill into law, it had to be in the heart of the national Christmas holiday season. In terms of cunning that can’t be bettered, regarding likely corrupt leadership intentions, those are now coming to light.
The law’s provisions for a Board of Directors, an Investment Committee, and a Public Accountability and Oversight Committee are all still in the preparatory and formative stages, but money from the nation’s oil fund held in a New York bank is identified as part of this country’s 2022 budget billions. In the first instance, this is the equivalent of jumping the gun, and in the second, comes the question as to why this inordinate hurry is necessary. We would think that it makes for much better sense to erect the proper structure, people it appropriately, and then allow for the systems in place to conduct all deliberating that makes for prudent management of this nationally sensitive fund/bank account.
In a time and culture where most matters under this PPP/C Government control are now characterized by haste and laying waste to those who speak out in protest, this is not surprising at all. There can be no explanation, no justification, no leadership position that eases the concerns and alarms of a growing number of citizens about the way the Government is going about managing this national oil fund. The law itself is clear, in that Article 13 of it states: “withdrawal from the Fund can only be used for national developmental priorities and essential projects related to natural disaster.” This was what was pointed out by the civil society group of the same name. “National development priorities” and “essential projects related to national disaster” certainly have a certain level of specificity about them.
In other words, whenever withdrawals occur, or are slated to take place, by whatever allocative mechanism or prearrangement that is publicly tabled and finalized, those withdrawals cannot be for the general, or the vague, or what is lumped under the broad umbrella of an annual national budget. It is too open-ended, and comes across as purposeful premeditation and preparation on the part of PPP/C Government leaders to play fast and loose with oil fund dollars. It is as if they are equipping themselves to do wrong with those billions.
Even the kindest bow to this budgetary development involving the nation’s precious oil fund leaves an acute sense of Government leaders starting out with the worst motivations and ambitions. It is so that they can continue to wage the same corrupting and draining leadership wars on the hopes of the Guyanese people. When this kind of groundwork is laid by leaders, then only the devastating will follow. This is what has occurred with numerous billion-dollar projects before. The systems of controls mean nothing, the law itself is made to look lacking in relevance and teeth, and the dreams and prospects of the nation’s population are now open to the most dangerous manipulations and exploitations at the hands of criminal leaders.

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