The government has made its third and final withdrawal from the Natural Resource Fund (NRF) for 2022, according to an announcement by Finance Minister Dr Ashni Singh.
“Pursuant to Section 16 of the NRF Act 2021, US$207.6 million equivalent to $43 billion has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities,” a statement by the Ministry of Finance said on Wednesday.
In May and July, the Government made withdrawals totalling $83 billion. Approximately $126 billion has now been withdrawn from the fund.
The NRF Act 2021 came into effect 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 transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021.
“The PPP/C Government will continue to work aggressively through sound and transformative investments of oil resources from the NRF, utilising these resources in a clear and transparent manner, to the benefit of present and future generations,” the statement added.
