US$550 million withdrawn from Guyana’s oil fund for the year

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Guyana’s Ministry of Finance announced a withdrawal of US$300 million (approximately GY$63 billion) from the country’s Natural Resource Fund (NRF) in a May 20 release. Added to the US$250 million (approx. GY$52 million) withdrawn in March, withdrawals for the year total US$550 million (GY$115 billion). 

The country’s National Assembly had approved a request by government to withdraw US$1.586 billion (approx. GY$331 billion) in 2024 to support the national budget. The other withdrawals are expected to be made throughout the remainder of the year in tranches. 

The NRF had closed April with US$2.634 billion (GY$549 billion). The withdrawal is expected to be reflected in the May report, along with potential oil sales receipts. 

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