Fifth withdrawal this year from Guyana’s oil fund takes total to US$650 million 

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Guyana has made its fifth withdrawal from the Natural Resource Fund (NRF) for 2023, the Ministry of Finance announced on Sept. 29. 

According to the release, the government withdrew US$50 million (GY$10.4 billion) this month. 

Back in August and September, amounts totaling US$200 million (GY$41.7 billion) had been transferred from the NRF to the Consolidated Fund to finance national development priorities. In February and May of this year, the government also made withdrawals amounting to US$400 million (GY$83.4 billion). 

This brings the accumulated withdrawals from the NRF for the year 2023 to US$650 million (GY$135.5 billion). 

The progression of these funds into the Consolidated Fund (Guyana’s main bank account) is in accordance with approvals made during the Budget 2023 process. The Parliament approved a total transfer of US$1.002 billion for the fiscal year 2023. Approximately US$352 million remains to be transferred.

The withdrawal framework is established by the NRF Act 2021, operational since January 1, 2022. The Act’s first annual withdrawal had supported Budget 2022, a total of US$607.6 million last year.


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