Finance Minister Dr Ashni Singh says the government has made its first withdrawal from the Natural Resource Fund (NRF), the facility set up to manage the country’s oil revenues.
He announced in a statement from his ministry on Tuesday that US$200 million had been transferred 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,” the statement said, stressing that the NRF Act, which came into operation at the start of this year, “represents a significant improvement in transparency and accountability and the overall management of the natural resources wealth of Guyana for present and future generations”.
