Guyana oil fund withdrawals approaching US$1 billion to date for 2023

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Guyana has made its seventh withdrawal from the Natural Resource Fund (NRF) according to the Ministry of Finance. 

In a release, it was said that the government withdrew US$100 million (GY$20.8 billion) on November 23. Total withdrawals now stand at US$850 million (GY$176.8 billion) for the year.  

The progression of these funds into the Consolidated Fund – the main bank account of the government – 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.

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.

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