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Wednesday, January 20, 2021

PSC ‘working overtime’ to identify representative for Guyana’s wealth fund

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Chairman of Guyana’s Private Sector Commission (PSC), Gerry Gouveia, says the business group is working overtime to identify a suitable person to sit on the oversight committee of the country’s Natural Resource Fund (NRF) which will be the primary mechanism by which oil revenues are managed.

His comments came following concerns raised by Minister of Finance, Winston Jordan that both the PSC and opposition-People’s Progressive Party are yet to submit nominees to sit on the committee.

Gouveia explained, “The NRF outlines very stringent guidelines for persons who are expected to sit on the committees and the PSC don’t want to make any mistakes where that is concerned. We are searching for a person, both locally and overseas.”

According to the Natural Resource Fund Act, the committee must be established to monitor and evaluate the compliance of the Government and to monitor and evaluate whether the fund has been managed in accordance with the best practices of transparency and good governance.

“So, it is not a regular person and the PSC is working hard and we have communicated this to the Finance Ministry. We have a team in the PSC, headed by Ramesh Dookhoo, that is actively searching. We are hoping to get someone very soon.”

Mr. Jordan, who was speaking to reporters on the sidelines of an event at the Marriott Hotel on Monday evening, reminded that the Act is very strict about the withdrawal of funds and accountability.

In the meantime, he disclosed that a team from the International Monetary Fund (IMF) is currently in Guyana to assist the Government in setting up its own internal unit that specifically focuses on oil and gas management in the country.

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