Guyana government makes first withdrawal from oil fund for 2024

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Guyana’s Ministry of Finance said the government has transferred US$250 million (approximately GY$52 billion) from the Natural Resource Fund (NRF) to its main bank account, the Consolidated Fund. 

The National Assembly had approved US$1.586 billion (approx. GY$330 billion) to be withdrawn from the Fund to support Guyana’s US$5.496 billion (GY$1.146 trillion) national budget.

The withdrawals are expected to be done in several tranches throughout the year. Oil revenues will support 29% of the budget this year.

The sum for withdrawal in 2024 was derived using a new formula legislated earlier this year. Replacing the initial formula, the new one allows for a greater sum of revenues from oil to be spent every year. The formula ties the calculation of withdrawals only to funds deposited in the Fund the previous year, guaranteeing savings.

Guyana among top 10% of countries with least debt – Ramkarran

The Fund currently holds over US$2 billion accumulated from oil sales, royalties, and interest.

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