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

Must Read

OilNOW
OilNOW
OilNOW is an online-based Information and Resource Centre

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.

- ADVERTISEMENT -
spot_img

Partnered Events

Latest News

First pipe for Uaru development delivered to VEHSI base – Exxon official 

Exxon’s fifth Guyana development - Uaru - continues to progress with the first pipe being delivered to the Vreed-en-Hoop...

More Articles Like This