Guyana government makes first 2023 withdrawal of US$200 million from oil fund

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Already well into its massive 2023 development plan, the Guyana government has withdrawn US$200 million from the Natural Resource Fund (NRF).

Senior Finance Minister, Dr. Ashni Singh made the announcement Thursday afternoon.

The Minister said that pursuant to Section 16 of the NRF Act 2021, the equivalent to GY$41.6 billion has been transferred from the NRF to the Consolidated Fund, Guyana’s main bank account.

Guyana is expected to make four more such withdrawals from the oil fund to utilise the US$1.002 billion the Parliament recently approved to support the country’s 2023 budget. Oil revenues will fund nearly 30% of Guyana’s GY$781.9 billion (US$3.75 billion). This is the second year the government has withdrawn from the Fund, after US$607.6 million was spent last year.

The NRF Act 2021 came into operation on January 1, 2022.

The petroleum sector is poised for more growth in 2023 onward, with corresponding steep increases in government revenues expected. Government expects to receive more than US$1.6 billion into the national oil fund in 2023.

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