The Ministry of Finance yesterday announced that the Government of Guyana has made its fourth transfer for 2024 from the Natural Resource Fund (NRF), totalling US$300 million (equivalent to $62.394 billion).
The transfer from the NRF was made on October 1, 2024, to the Consolidated Fund, a release from the Ministry of Finance said.
This transfer brings the accumulated withdrawals to date in 2024 to US$1.150 billion (equivalent to $239.176 billion) within the total of US$1.586 billion (equivalent to $329.9 billion) approved to be withdrawn in 2024.
Pursuant to the NRF Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamen-tary approval was granted this year for US$1,586,150,331 to be withdrawn from the NRF in 2024.
Critics have said that the withdrawal formula is too high and leaves very little for intergenerational equity.
It has also been argued that the withdrawal formula has transformed the Board of the NRF into a sinecure.
Critics have also complained that there is no way of tracing exactly which projects are being funded by oil proceeds. December this year will mark the 5th anniversary of oil production.
