In September 2023, Guyana’s natural resource fund (NRF) saw a revenue inflow of US$85 million (approximately GY$17.78 billion) from the sale of a single lift of profit oil from ExxonMobil’s Stabroek block production.
According to the Bank of Guyana, the NRF opened the month with a balance of US$1.93 billion (GY$403.25 billion), and after accounting for an outflow of US$150 million (GY$31.28 billion) which was withdrawn by the Finance Ministry to support the 2023 national budget, the closing balance stood at US$1.88 billion (GY$391.43 billion).
Additionally, the NRF has interest income of US$8.02 million (GY$1.67 billion).
The Funds are kept by the New York Federal Reserve Bank.
The NRF Act mandates that withdrawals support national development priorities like inclusive green economic initiatives and crucial projects related to mitigating the impacts of major natural disasters. Guyana is expected to withdraw approximately US$1.16 billion from the Fund next year to support the 2024 budget.
