Seventh notification made to Parliament of petroleum revenues paid into the NRF

–as Government continues to show commitment to transparency and accountability in the management of Guyana’s oil resources

Senior Finance Minister Dr Ashni Singh on Monday presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st July 2023 to 30th September 2023, pursuant to Section 33 (2) of the NRF Act 2021. This notification was published in the Official Gazette on the 17th October 2023 and demonstrates the PPP/C Government’s continued commitment to the principles of transparency and accountability in the management of Guyana’s oil resources. At the end of November 2023, the balance in the NRF stood at US$2 billion.

It would be recalled that the NRF Act 2021, came into operation on January 1, 2022, replacing the illegitimate NRF Act 2019 passed by the APNU/AFC caretaker administration. One of the key amendments in the new legislation is that the Minister of Finance could face up to ten years imprisonment if he fails to disclose the receipt of any petroleum revenue received by Government in the Official Gazette within three months of receipt of such monies. In 2022, a total of US$607.6 million was withdrawn from the Fund and a further US$1,002.1 million is projected to be withdrawn this year. Government will continue to work aggressively through sound and transformational investments of oil resources from the NRF.

The International Monetary Fund (IMF) in its 2023 Article IV Consultation report published last week, commended the Government on the progress made to strengthen the management of oil wealth and its fiscal transparency.

“The governance framework was strengthened, through the appointment of three critical entities for the NRF governance in 2022: the NRF Board of Directors, the Public Accountability and Oversight Committee, and the Investment Committee. Furthermore, to ensure full transparency and accountability, notifications of receipts of petroleum revenues have been published in the Official Gazette since April 2022”.

The PPP/C Government will continue to manage Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations.