The Government of Guyana has made a second withdrawal of some US$200 million from the Natural Resource Fund (NRF) in accordance with the Natural Resource Fund (NRF) Act 2021.
This announcement was made by Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh in a Ministry of Finance release yesterday. He informed that pursuant to Section 16 of the NRF Act 2021, a further US$200 million equivalent to $41.6 billion has been transferred from the NRF to the Consolidated Fund “to finance national development priorities.” This transfer, the Ministry noted, was made in accordance with the strengthened legal architecture of the NRF Act 2021.
The release reminded that in May of this year, government made its first withdrawal of US$200 million (equivalent to $41.7 billion). This brings the accumulated withdrawals to date from the NRF to US$400 million (equivalent to $83.3 billion).
The NRF Act 2021 came into operation on 1st January, 2022, and as part of the Budget 2022 process, Parliamentary approval was granted for a total of US$607.6 million to be transferred during fiscal year 2022, the release added.
