Guyana’s Ministry of Finance has announced the third and fourth drawdowns from the Natural Resource Fund (NRF) for the year 2023. As per the official press release from the Ministry of Finance, a total of US$200 million has been transferred from the NRF to the Consolidated Fund in 2023, channelling resources to further national development objectives.
In August and September, the government drew US$100 million each, totaling GY$41.7 billion, which adds to the US$400 million withdrawals, or GY$83.4 billion, conducted earlier this year. Cumulatively, the total drawdowns for this year have reached US$600 million, which translates to a whopping GY$125.1 billion.
The progression of these funds into the Consolidated Fund 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. US$402 million remains to be transferred.
All of these moves trace back to the NRF Act 2021, operational since 1st January 2022, which sets out of the framework for the handling of Guyana’s oil revenues. The Act solidified its influence in the Budget 2022 process when a total of US$607.6 million was approved for transfer during that fiscal year.
