The Ministry of Finance last night said that the Natural Resource Fund (NRF) Bill 2021 tabled in Parliament on Thursday will allow for greater accountability and transparency in the management of Guyana’s oil resources and it rejected criticisms of it contained in a Page One Comment in yesterday’s edition of Stabroek News.
In the statement, the ministry said that “The spirit and letter of NRF Bill 2021 promotes prudent management of our natural resource wealth for the benefit of both present and future generations. The proposed bill sets ceilings on withdrawals from the fund in every year except the first, specifically to secure savings for the future. However, the immediate need for sound and transformative investments in order to advantageously position our economy to ensure that the benefits from the oil and gas sector redounds towards the wider economy and all Guyanese. The solitary exception of the first year of the life of the fund takes into account the pressing development needs which must be financed, and instead of turning to the more costly option of borrowing from creditors, we can utilize our own resources for the betterment of our people”.