Economist Tarron Khemraj has flayed the government for suggesting it may follow the Kazakh model for the still-to-be-created Natural Resource Fund (NRF) and he lamented the continued absence of oil production data in official statistical reports.
In his column in yesterday’s Sunday Stabroek, Khemraj said that it has been pointed out by several observers that the money from Guyana’s share of the oil profits in the Federal Reserve Bank of New York does not constitute a NRF but the account is merely holding the oil revenues at almost zero percent yield.
“Operationalisation of the Fund means, among other things, at minimum, the government hires qualified individuals to manage the monies and release funds consistent with its budget priorities subject to parliamentary approval. It also involves employing and housing at the Bank of Guyana (BoG) a skilled fund manager, macroeconomist and international corporate lawyer. Of course, there will also have to be a supporting team of individuals.