Guyana’s Natural Resource Fund (NRF) has accumulated enough money to pay off the country’s external debt in full, Senior Minister with responsibility for Finance in the Office of the President, Dr. Ashni Singh, announced on Day three of the Energy Conference and Supply Chain Expo.
“Our external debt, in nominal terms, is just over US$2.2 billion dollars today,” Singh stated.
He said the NRF had reached US $3.1 billion by the end of 2024 and continues to grow. “…and it is being managed prudently and being overseen by a very responsible Board of Directors,” he said. “What that means, essentially, is that we have enough money in the Natural Resource Fund to pay off our country’s entire external debt and still have more than half” of the fund remaining.
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He framed the achievement as part of the government’s long-term vision for economic stability. “I wanted to share this with you, because I want you to understand what’s going on in Guyana over a long term, and I want you to understand the kind of government that you’re dealing with—[a] responsible government with a strong track record over an extended period of time, over decades.”
Guyana’s oil fund is held by the New York Federal Reserve Bank.
According to the Stabroek Block production sharing agreement (PSA) which currently governs the offshore projects producing crude, the ExxonMobil-led consortium managing the projects takes 75% of all crude produced annually to repay its expenses. The government receives 50% of the remainder (called profit oil), which it then sells. The government’s share of the crude is expected to increase after the consortium has substantially recovered its costs. The consortium also pays the government 2% of all crude oil produced and sold, as royalty.
