Guyana withdrew US$1 billion from oil fund for 2023

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Guyana’s Ministry of Finance said it completed withdrawals from the Natural Resource Fund for the fiscal year 2023. 

The National Assembly had approved US$1.002 billion (approximately GY$208.4 billion) to be withdrawn in support of the 2023 national budget. The funds were withdrawn in several tranches, commencing after the approval of the budget in February 2023. 

The Fund was projected to receive approximately US$1.6 billion in 2023, allowing for US$1.16 billion to be available for withdrawal in support of the 2024 budget. It is in preparation and will be presented early this year for debate.

The Fund is expected to have closed 2023 with approximately US$2 billion.

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