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Govt. makes third withdrawal of US$207M from oil account

Dec 15, 2022 News

Kaieteur News – Senior Finance Minister, Dr. Ashni Singh disclosed yesterday that the Administration has made its third withdrawal from the Natural Resource Fund (NRF) totalling US$207.6M or G$43B. The Minister said in a statement to the Press that this will be the final withdrawal for 2022. He also noted that the funds were transferred to the Consolidated Fund to finance national development priorities.

It would be recalled that in May and July of this year, the Government made withdrawals totallingUS$400 million equivalent to G$83 billion. This brings the accumulated withdrawals from the NRF for the year 2022to US$607.6 million, equivalent to G$126 billion, and in line with approved amount in the 2022 Budget.

Guyana’s Central Bank is responsible for the operational management of the Fund which includes establishing risk management arrangements, and all necessary internal management systems for the fund.

The NRF Act states that petroleum revenues shall be directly paid into a bank account denominated in United States Dollars and held by the US Federal Reserve Bank in New York.

With respect to withdrawals, the law states that the maximum amount that may be withdrawn from the Fund in a fiscal year shall not exceed the total withdrawal from the Fund approved by the National Assembly for that fiscal year.  It categorically states that all withdrawals shall be deposited into the Consolidated Fund and shall be used only to finance national development priorities including any initiative aimed at realising green economy and essential projects that are related to ameliorating the effect of a major natural disaster. Furthermore, the amount that may be withdrawn from the Fund in a fiscal year shall be subject to a ceiling calculated in accordance with the First Schedule in the Act.

Additionally, the Legislation empowers the Auditor General of Guyana to audit the accounts of the Fund. He can also engage an internationally recognised auditing firm to assist in the discharge of this function.

The Board of Directors is also required to prepare and submit to the Minister, an annual report of the Fund.

Furthermore, the Minister is required to provide Guyana’s Parliament with an Annual Report on the Fund.

The Ministry of Finance is also mandated to publish on its website for public perusal: annual reports on the fund, audited financial statements, and the external auditor’s report, quarterly reports, and financial statements submitted to the Minister by the bank, monthly reports, and the Fund’s investment mandate.

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