To date, a total of US$1.150 billion (GY$239.176 billion) has been withdrawn from Guyana’s Natural Resource Fund (NRF), the Ministry of Finance said in a recent update.
Guyana transferred US$300 million (GY$62.394 billion) to the Consolidated Fund on Oct. 1, its fourth withdrawal for the year.
Parliament approved US$1.586 billion (G$329.9 billion) to be withdrawn in 2024.
The sum for withdrawal in 2024 was derived using a new formula legislated earlier this year. Replacing the initial formula, the new one allows for a greater sum of revenues from oil to be spent every year. The formula ties the calculation of withdrawals only to funds deposited in the Fund the previous year, guaranteeing savings.
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