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Govt. withdraws G$41.6B from NRF

Feb 10, 2023 News

Kaieteur News – The Government of Guyana on Thursday announced that it has withdrawn G$41.6B from the Natural Resource Fund (NRF) and transferred it to the Consolidated Fund to finance national development priorities.

In a statement, the Ministry of Finance said that the withdrawal represents the first for the year and was done in accordance with the Natural Resource Fund (NRF) Act 2021, following the passage of Budget 2023 in the National Assembly last week.

“The Minister [Senior Minister of Finance Dr. Ashni Singh] indicated that pursuant to Section 16 of the NRF Act 2021, US$200M equivalent to G$41.6B has been transferred from the NRF to the Consolidated Fund to.”

The ministry said that US$607.6 million was withdrawn in 2022, in keeping with the NRF Act 2021, to finance national development priorities and, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023. The Ministry of Finance said that the NRF Act 2021, which came into operation on January 1, 2022, “represents a significant improvement in transparency and accountability and the overall management of Guyana’s natural resource wealth for present and future generations”.

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