Tuesday, January 31, 2023

Over GY$32 billion deposited into Guyana oil fund for October

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For October 2022, Guyana’s Natural Resource Fund (NRF) account received almost GY$33 billion (US$155.943 million) in deposits. This was noted by the Central Bank in its monthly summary of the Fund’s financial position and performance.

Central Bank said royalties received for that period totalled GY$13,958,467,000 while profit oil was GY$18,555,781,000.

Coupled with the opening balance of GY$219,178,291, as well as GY$621,043,000 in interest income, the balance of the fund was GY$252,313,582,000 (US$1.2 billion) at October 31, 2022.

There were no withdrawals recorded for that month.

Almost US$1 billion in oil revenue could be plugged into Guyana’s 2023 budget | OilNOW

The purpose of Guyana’s NRF is to ensure there is prudent management of the nation’s oil earnings. The Fund is also intended to ensure Guyana’s natural resource wealth is used to finance national development priorities including any initiative aimed at realising an inclusive green economy.

US$400 million has been withdrawn so far, and just over US$200 million more is expected to be withdrawn before the year ends to support the government’s budget.

The revised Natural Resource Fund Act assigns the responsibility for the preparation of the investment mandate to the Board of Directors. To date, there has been no investment mandate for the Fund.

However, all necessary committees have been appointed.

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