US$200M transferred from NRF to Consolidated Fund to finance national development priorities
Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, on Tuesday announced that the government has made its first drawdown from the Natural Resource Fund (NRF) in accordance with the Natural Resource Fund (NRF) Act 2021.
The Minister indicated that according to Section 16 of the NRF Act 2021, US$200 million, equivalent to G$41.7 billion, has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities.
“This transfer was made in accordance with the strengthened legal architecture of the NRF Act 2021 and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period 1 January to 31 March 2022,” a statement from the Finance Ministry said.
The NRF Act 2021, which came into operation on January 1, 2022, represents a significant improvement in transparency and accountability and the overall management of the natural resources wealth of Guyana for present and future generations.
During the Budget 2022 process, Parliamentary approval was granted for a total of US$607.6 million to be transferred during the fiscal year 2022.
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