Monday, March 27, 2023

Guyana Central Bank signs pact with oil fund board for its operational management

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Guyana’s Finance Minister Dr. Ashni Singh on Wednesday oversaw the signing of the Operational Agreement for the Management of the Natural Resource Fund (NRF) of Guyana between the Board of Directors of the Fund and the Bank of Guyana at the Ministry of Finance office, Georgetown.

The Agreement was signed by Chairman of the Board of Directors, Major General (retired) Joseph Singh and Governor of the Bank of Guyana, Dr. Gobind Ganga. The agreement is in keeping with Section 5 (6) (d) of the Natural Resource Fund Act, which states the Board is required to enter into an Operational Agreement with the Bank for the operational management of the NRF. 

Oil to fund almost 30% of Guyana’s 2023 budget | OilNOW

Prior to the signing of the Operational Agreement, Dr. Singh provided policy guidance to the Board of Directors of the NRF with Guyana’s Budget for the fiscal year 2023, which he tabled in Parliament on Monday.

Also witnessing the signing of the Operational Agreement were Board of Directors Ambassador Carolyn Rodrigues-Birkett, Professor Compton Bourne, and Dunstan Barrow, along with Chief Accountant of the Bank of Guyana Mr. Maurice Munro.  

The Board of Directors of the Fund was appointed in August 2022.

The Fund closed 2022 with US$1.27 billion. It is expected to receive multiple profit oil payments and royalties in January.

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