The Georgetown Chamber of Commerce and Industry (GCCI) today said that more time should be given to the public to provide input on the Natural Resource Fund Bill which the government appears intent on passing today in Parliament despite severe criticisms.
A statement from the GCCI follows:
The Georgetown Chamber of Commerce and Industry (GCCI) views the Natural Resources Fund (NRF) Bill as being an instrument of exceptional importance in the development landscape of Guyana – for current and future generations. As such, the GCCI has been carefully following the developments associated with, and analyzing in detail, the Bill since its release to the public on December 15, 2021.
The Chamber of Commerce understands the need for the revision of the Natural Resources Fund as outlined by His Excellency, the President on December 28, 2021 and would like to commend the government for its effort at attempting to improve public accountability and transparency with respect to the management and operation of the Fund. Overall, the GCCI is pleased with the Bill’s general adherence with the international benchmark for Sovereign Wealth Funds, commonly referred to as the ‘Santiago Principles.’
The Chamber of Commerce will be transmitting to the Minister with responsibility for Finance, Dr. Ashni Singh, by way of letter, our detailed commentary on the Natural Resources Fund Bill. Additionally, given the paramount importance of this Bill, and its use as a tool for intergenerational wealth transfer of the citizens of Guyana, the GCCI is of the belief that more time should be provided to the public for its input and general commentary on the Bill. The Chamber wishes to reaffirm its stance as a partner in national development and anticipates continued steps to support inclusive growth for Guyanese.