Govt. withdraws US$100 million from oil account

Nov 30, 2023 ExxonMobil, News, Oil & Gas

Kaieteur News – The Government of Guyana (GoG) on Wednesday announced that it has made its seventh withdrawal from the Natural Resources Fund (NRF).

The Ministry of Finance in a press release said that the seventh withdrawal totals US$100 million (equivalent to G$20.8 billion). The money was transferred from the NRF on November 23, 2023, to the Consolidated Fund.

Senior Minister, Office of the President with responsibility for Finance, Dr. Ashni Singh, was reported in the media saying that the Government has been using the oil money to finance “national development priorities” in accordance with the NRF Act.

Senior Minister, Office of the President with responsibility for Finance, Dr. Ashni Singh

The Finance Ministry in its statement said, “It would be recalled in 2021, Government amended the Natural Resource Fund (NRF) Act to bring greater transparency and accountability in the management of Guyana’s oil resources, including the requirement of Government to seek annual Parliamentary approval for withdrawals from the NRF as stated in Section 19 of the NRF Act 2021.”

Pursuant to that provision, as part of its consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023.

The ministry stated that the seventh transfer brings the accumulated withdrawals to date in 2023 to US$850 million (equivalent to G$176.8 billion), within the total of US$1.002 billion (equivalent to G$208.9 billion) approved to be withdrawn this year.

Notably, the Government’s previous withdrawal from the oil fund was on October 24, 2023, in the sum of US$100 million.

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Consolidated Fund, Dr. Ashni Singh, Government, NRF Act, oil

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