Leader of the Opposition, Aubrey Norton on Friday rapped the government for its plan to hike the withdrawal of oil money which he said would put Guyana’s economy at great risk and would likely rob the country’s future generations of their safety net and the possibility of creating opportunities.
The PPP/C government on Friday tabled a bill in the National Assembly for a huge increase in the annual extraction of oil revenues from the Natural Resource Fund (NRF), a move which was announced by Finance Minister Dr Ashni Singh in his budget presentation on January 15th.
The bill is titled the Fis-cal Enactments (Amendment) Bill 2024, and under the new proposed extraction formula, the government is proposing to draw down 100% of the first US$1b of deposits paid into the fund in the immediately preceding fiscal year.