Govt makes 7th withdrawal from oil fund, amounting to US$100 million

Finance Minister Dr Ashni Singh

See full statement from the Ministry of Finance:

It would be recalled in 2021, Government amended the Natural Resource Fund (NRF) Act to bring greater transparency and accountability in the management of Guyana’s oil resources, including the requirement of Government to seek annual Parliamentary approval for withdrawals from the NRF as stated in Section 19 of the NRF Act 2021.

Pursuant to that provision, as part of its consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023.

In accordance with the NRF Act 2021 and the approved Budget 2023, the Government of Guyana has made its seventh transfer, totalling US$100 million (equivalent to G$20.8 billion) from the NRF on November 23, 2023, to the Consolidated Fund. This transfer brings the accumulated withdrawals to date in 2023 to US$850 million (equivalent to G$176.8 billion), within the total of US$1.002 billion (equivalent to G$208.9 billion) approved to be withdrawn in 2023.