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Gov’t draws down second tranche of Budget 2024 oil money

May 21, 2024 News

Kaieteur News – The Government of Guyana (GoG) on May 14, 2024 made its second transfer from the Natural Resource Fund (NRF) to the Consolidated Fund.

In a statement on Monday, the Ministry of Finance announced that the transfer totalling US$300 million (equivalent to G$62.394 billion) was made.

This transfer brings the accumulated withdrawals to date in 2024 to US$550 million (equivalent to G$114.388 billion).

Parliamentary approval had been given for US$1,586,150,331 (equivalent to G$329,885,563,088) to be withdrawn from the NRF in 2024.

The government in February this year amended the NRF Act to increase withdrawals from the Fund, a move that was previously criticized by the Opposition.

In justifying the need for amendments to the NRF withdrawal rules, the Finance Minister, Dr. Ashni Singh said, “We (in) this PPP/C are in a hurry to improve the lives of every single Guyanese family and every single Guyanese individual.”

The Ministry of Finance said the NRF rule, while allowing for greater financial resources to be available to support intensified public investment and accelerated delivery of social services, the amended rule, as with the existing, will ensure that as production and revenue ramp up further, an increasing share of the inflows into the NRF will be saved relative to the share transferred to the Consolidated Fund to finance these national development priorities.

Under the revised proposals, a sliding scale is proposed for withdrawals from the first US$5 billion of deposits paid into the Fund in the immediately preceding fiscal year. Beyond the first US$5 billion, 90 percent of deposits in the immediately preceding fiscal year will be saved – a move that will benefit generations of Guyanese for years to come according to government.

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