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Sunday, February 28, 2021

Public consultations to be held on oil revenue in Guyana

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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.

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