Cabinet to further review proposed spending of O&G revenue; Parliament to get document by August

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Winston Jordan, Guyana's Minister of Finance

Guyana’s Cabinet has reviewed the proposal by the Ministry of Finance for the spending of revenues garnered from the country’s emerging petroleum industry but will be further scrutinizing the proposal on Tuesday, July 31.

Addressing medial operatives at his Main Street, Georgetown office on Friday, July 27, Guyana’s Minister of Finance Winston Jordan said, “I could indicate that our green paper on the management of our anticipated revenues has been put to the Cabinet. Cabinet has had a review of it. Another review will take place this Tuesday.”

Minister Jordan further indicated that whatever additional comments are made will be collated and the paper will be revised “in time for presentation to the last Parliament which is sometime in August.”

He shared that the National Assembly goes into recess on August 10th, and as such, the paper will be laid before this date.

Updating the media on preparation of the country’s Natural Resources Fund Bill, which is Guyana’s Sovereign Wealth Fund legislation, he explained that the Bill “is with the Attorney General’s chambers to be put in legal language. It is there, they are working assiduously on it given all of the other bills they are expected to put in place.”

However, Mr. Jordan had earlier lamented the hindrances being experienced at the AG’s chambers due to a shortage of human resources.

Attorney General, Basil Williams, told OilNOW on Friday, in response to queries regarding work on moving through the Bill that it “is being looked at.”

Minister Jordan also said that as it relates to the Bill, “Our timetable is to be able to have it in the National Assembly before the end of 2018. Once the Attorney General is finished with that Bill, it will get its review in the Cabinet and then we’ll put it out for consultation. We’ll take back whatever comments by the press, revise the bill, and make it ready for Parliament before the end of the year.”