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Thursday, February 25, 2021

MoF, MNR to form joint technical committee on oil

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Following a recommendation by the International Monetary Fund (IMF), the Government of Guyana is in the process of establishing an Inter-Ministerial Technical Committee (IMTC) on Petroleum. This committee was deemed necessary for the coordination and collaboration between the two key entities tasked with preparing the country for oil – those of the Ministry of Finance and Ministry of Natural Resources (MNR).

The functions of the IMTC are to assist in the development and monitoring of the various agencies’ work programme and capacity building needs; identify issues that require policy intervention; monitor, update and facilitate the implementation of the road map for the reform process to prepare for petroleum production; support the coordination of development partner engagement and facilitate information sharing to eliminate gaps.

The two ministries will now have to nominate persons to serve on this committee so it can begin its work.

While the MNR is responsible for drafting and revising a number of legislation such as the Petroleum Commission of Guyana Bill and the Petroleum (Exploration and Production) Act of 1986, the Ministry of Finance is tasked with the responsibility of drafting the Sovereign Wealth Fund legislation in addition to petroleum taxation and other fiscal legislation needed for oil production.

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