Public consultations to be held on oil revenue in Guyana

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Member of the public in Guyana attend a public presentation on oil and gas

The Government of Guyana will be holding public consultations on how oil revenues will be invested and spent.

During a Press Conference on Monday, August 6, 2018, at the Ministry of the Presidency in Georgetown, Minister of State Joseph Harmon said that no decisions have been taken as yet, in regards to the investment of revenues earned from the country’s emerging oil and gas industry which will be placed in the Natural resources Fund. 

He added that they “haven’t made any decisions as to the entity that will be managing that process, but the investment basically is intended to be safe investments so that the money does not just remain there but it is invested in safe investments that will allow for the country to benefit in the long run by having this fund.” 

He went on to say that there are several options which have been proposed, “which of course will be dealt with in the public consultations as to what amount will go to the investments and what amount will go to development.” 

Minister Harmon revealed that the recently completed Green Paper on the Natural resources Fund provides three options in this regard and a decision will be taken so as to arrive at “something in the best interest of Guyana.” 

He also divulged that the revenues will also be used to fund developmental projects, and will be accessed through budgetary allocations. “Projects which are identified for budgetary support will get that support through the Fund.  The proposal is that the oil revenue will not go directly to any particular sector, but it will go through the Fund and then the Ministry of Finance in the preparation of the budget will call upon the Fund for resources to fund projects that are being identified,” the Guyanese Minister stated.

1 COMMENT

  1. I read earlier in an article where the oil revenues would first go. It stated that Guyana’s infrastructure will be the first to be upgraded, as well as the social and economic situation will be given attention. No harm for the fund. However do not back track on statements Mr. Harmon. Guyanese as far as China are reading this statement. Remember we are in the age of technology.

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