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NRF earned US$86M in interest in 2023 – Annual Report
Chairman of the NRF Board, Major General Ret’d, Joseph Singh
Kaieteur News – The Natural Resource Fund (NRF) in 2023 generated an interest of US$86.8M, a substantial increase when compared with the returns earned in 2022.
This information is contained in the 2023 NRF Annual Report, tabled in the National Assembly on Monday by the Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Dr. Ashni Singh.
According to the document seen by this newspaper, “Net return generated by the Fund totaled G$18,105.25 million (US$86.84 million) for the year 2023, a substantial increase of 396% (G$14,455.17 / US$69.33 million) over the previous year’s level on account of higher interest rates on overnight deposits during 2023.”
An annual portfolio return of 4.824% was achieved by the Fund in 2023 compared with 1.581% in 2022.
The 2023 NRF Annual Report states that Brent crude oil prices fell by 10.32% during 2023 moving from US$85.91 per barrel at the start of the year to US$77.04 per barrel as at the end of December 2023. Further, total barrels of oil produced by Guyana’s three Floating Production Storage and Offloading (FPSO) vessels totaled 142 million barrels during 2023 in comparison with 101.41 million barrels for 2022.
Notably, as at December 31, 2023, the Fund accounted for inflows of US$1.6B during the reporting period, and represented an increase of 13.90% when compared with the inflows of US$1.4B for 2022.
These inflows were deposited into the Natural Resource Fund account held at the Federal Reserve Bank of New York, with the exception of two profit oil payments for two lifts which occurred in December 2023, totaling US$148.91 million. These payments were received in January and February, 2024.
Meanwhile, the report outlines that outflows in the form of withdrawals from the Fund totaled US$1,002.13 million in 2023, which reflected an increase of 64.92% (US$394.48 million) over the previous year’s level of U$607.65 million.
Investment Mandate
The Board of Directors of the Natural Resource Fund on June 26, 2023 approved the Investment Mandate of the Fund. It was determined that the funds would remain in the deposit account held at the Federal Reserve Bank of New York earning overnight deposits interest at the prevailing federal funds rate of 5.30%.
The Board also agreed that the Bank will continue to monitor the overnight interest rate and inform the Chairman of any changes by the Federal Reserve Bank to consider redeploying cash. As at the financial year end, however, there were no changes to the Investment Mandate as the federal funds rate remained within the range of 5.25% – 5.50%.
The Board of Directors of the NRF was appointed by President Irfaan Ali in August 2022. It is chaired by Major General Ret’d, Joseph Singh and has four Directors, Mr. Dunstan Barrow, Mr. Ramesh Dookhoo, Ms. Carolyn Rodrigues-Birkett, and Professor Compton Bourne.
During Monday’s Sitting of the National Assembly, Dr. Ashni Singh also tabled the Public Accountability and Oversight Committee Annual Report for the fiscal year 2023.
The 9-member Public Accountability and Oversight Committee is responsible for providing non-governmental oversight of the operations of the Fund. Its members include Clement Sealey, Chairperson (Nominee of the National Assembly); Pastor Wendell Jeffrey, Member (Representative of the Religious Community); Savitri Balbahadur, Member (Representative of the Religious Community); Abu Zaman, Member (Representative of the Religious Community); Desmond Sears, Member (Representative of the Private Sector); Ryan Alexander, Member (Representative of the Private Sector); Aslim Singh, Member (Representative of Organised Labour); Dawn Gardener, Member (Representative of Organised Labour) and Teni Housty, Member (Representative of the Professions).
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