$126.7B in oil revenues to be spent this year

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The Guyana Government is aiming to spend a significant $126.7B in oil revenues this year.

“Pursuant to the provisions to the newly enhanced legal framework set out in the new [Natural Resource Fund] Act, Budget 2022 projects a withdrawal from the NRF and transfer to the Consolidated Fund of $126.7 billion,” Finance Minister Dr Ashni Singh explained.

“This ensures that the accelerated development agenda outlined in this budget, the critical investments proposed, as well as the measures still to be announced, can be financed without excessive borrowing or the introduction of any new taxes,” he added.

The Natural Resources Fund currently has a balance of US$607.6M.

The withdrawals, the Finance Minister noted, will be in keeping with the strengthened legislative framework governing the NRF.