IMF urges Guyana to strengthen oil and gas audit capacity

Aug 03, 2026 News

(Kaieteur News) – The International Monetary Fund (IMF) is urging Guyana to strengthen its oil and gas audit systems, noting that the country’s rapidly expanding petroleum sector increases the need for stronger financial oversight and accountability.

The advice was noted in the IMF’s staff concluding statement of the 2026 Article IV Mission. IMF staff team, led by Ms. Lusine Lusinyan, held discussions virtually and in Georgetown during July 20–31, 2026.

The team met with Finance Minister, Dr. Ashni Singh, Central Bank Governor Dr. Gobind Ganga, Minister of Parliamentary Affairs and Governance Gail Teixeira, Attorney General and Minister of Legal Affairs Mr. Mohabir Anil Nandlall SC, and other senior officials, representatives from the private sector, banks, labor unions, and other stakeholders.

In its concluding statement on the country’s governance, the IMF team noted ongoing efforts to further enhance public sector transparency and service delivery, supported by digitalisation.

The team noted government’s move to advance digital solutions across key public services, including interoperability of management information systems.

The IMF noted that Guyana has continued to conduct timely audits of available financial accounts while taking steps to strengthen internal audit practices. It also acknowledged the government’s efforts to resolve outstanding cost-oil audits, including through arbitration, but stressed that bringing those audits to a timely conclusion remains important given their fiscal and governance implications.

“Given their fiscal and governance implications, resolving these audits in a timely manner remains important. Improving timeliness of financial accounts of public enterprises and agencies also remains a priority. The authorities are encouraged to continue strengthening audit capacity, especially in oil and gas sector,” the team said.

Further, it noted that as public expenditure expands rapidly, ongoing efforts to further strengthen public procurement practices and ensure consistent compliance with the procurement framework will help safeguard spending quality, supported by the new centralised digital platform.

Further, the team welcomes governments strong commitment to strengthening AML/CFT and anti-corruption frameworks.

It outlined government’s effort pursuing a comprehensive approach to AML/CFT, including steps to address vulnerabilities identified in Guyana’s 2024 Mutual Evaluation Report by the Caribbean Financial Action Task Force and preparing new AML legislation along with modernising the relevant legislative frameworks.

The team commended government’s efforts to strengthen oversight and transparency of the gold mining sector, with the planned risk assessment of extractive industries expected to contribute to identifying remaining gaps and informing further reforms.

While acknowledging that some beneficial ownership information is already publicly accessible, the IMF team said making that information easier for the public to access, while strengthening the monitoring and enforcement of reporting requirements, would further improve transparency.

The fund also called for the continued strengthening of the integrity commission, saying stricter compliance with and enforcement of asset declaration requirements would reinforce Guyana’s broader anti-corruption framework.

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accountability, Ashni Singh, IMF, oil and gas audit

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