Guyana’s Minister of Finance, Dr. Ashni Singh announced the country’s third and final withdrawal from its Natural Resource Fund (NRF) for 2022, of US$207.6 million (GY$43 billion).
The funds were transferred to the Consolidated Fund and will be used to finance national development priorities.
Back in May and July this year, the government withdrew a total of US$400 million (GY$83 billion) respectively. The accumulated withdrawals from the NRF for 2022 add up to US$607.6 million (GY$126 billion), in line with the approved amount in the 2022 National Budget.
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The NRF is supported by revenues from royalties and sale of Guyana’s share of crude from ExxonMobil’s Liza operations. The government projected that revenues for 2022 will add up to US$1.247 billion.
The amended NRF Act of 2021 was operationalised on January 1, 2022. It 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, the Board of Directors and Public Accountability and Oversight Committee (PAOC) have been appointed.
