A motion is set to be moved at Monday’s sitting of Parliament calling on the Committee on Appointments to recommend a candidate for the Natural Resource Fund.
The motion in the name of Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh was received on January 17th.
The motion is part of the government’s rapid mobilisation to access oil revenues. Some US$624m will be available this year but the architecture of the NRF must be in place first. The NRF is to be governed by a Board of Directors comprising not less than three and not more than five directors. One person is to be selected by the private sector and this process has already begun. Parliament will then have to consider the nominee put forward by the Committee on Appointments.
The NRF legislation has proved controversial and the opposition made a raucous, failed attempt on December 29 to prevent its consideration and passage. It is unclear if opposition members of Parliament on the Committee on Appointments will take part in the deliberations. Even if they did, the PPP/C has a majority on the committee and will be able to decide the candidate.
President Irfaan Ali can appoint up to three members of the NRF in his own deliberate judgement and this has sparked consternation. The President has not said how he will determine who his nominee is. The view has also been expressed that the nominees from the private sector and parliament will be persons that the government is comfortable with.
The members of the board have to be selected from among persons who have wide experience and ability in legal, financial, business, or administrative matters.
