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Thursday, November 26, 2020

Cabinet approves Natural Resources Fund Green Paper for Legislative Body

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Guyana’s Cabinet Council of Ministers has granted approval for the Natural Resources Fund Green Paper to be laid in the National Assembly for consideration.

This was announced by the country’s Chief Government Spokesman and Minister of State Joseph Harmon on Monday, August 6, 2018, during a post-Cabinet media briefing. 

He explained that the Green Paper was designed to “stimulate discussion and to put forward key issues for consideration with regard to legislation to be enacted in relation to our national patrimony,” and “included information on why a Natural resources Fund was necessary and proposed short and long term plans to deal with fiscal and financial issues related to oil and gas revenues.” 

Mr. Harmon further indicated that the paper explored Guyana’s options for resource allocation, investment and savings to be considered in relation to the disbursement of the expected oil and gas revenue, and the management and regulation of the fund.

Finance Minister Winston Jordan has said the Green Paper will be presented to Guyana’s Parliament in August before the National Assembly goes into recess.  

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