[www.inewsguyana.com] – The coalition Government remains committed to the establishment of the Sovereign Wealth Fund as it believes that this is crucial for sustaining the economic growth and development of Guyana and securing the future of its people.
Minister of Governance Raphael Trotman on Wednesday informed the media that the Government is still working to establish this fund and the Canadian Government has offered assistance in this process.
“The Canadian Government has used its good offices to allow us to benefit from the processes and expertise available at the University of Calgary so later in the month of November; a team is coming from the University of Calgary with the specific responsibility of commencing the preparatory mechanism for the sovereign wealth fund.”
The Minister stated that the intention is to attract a percentage of all the resources of Guyana, “not just oil resources, but all the resources, gold, diamond, sand, stone and some are even saying we have to include agricultural- fish, seafood and water.”
The Sovereign Wealth Fund will comprise three components and according to the Minister, each will have a different rate at which it is supplied and different reasons and mechanisms, which accommodate/facilitate withdrawal.
He explained that the fund will be “one that secures the wealth of the nation for future generations for hundreds of years, one that allows Government to tap into an aspect of the fund for budget support…to ensure that your budgetary allocations are still met, and part of the fund used for the developmental thrust, developing ports, highways, aerodromes and opening up of the hinterland etc.”
The establishment of the Sovereign Wealth Fund is an initiative of the Coalition Government and a manifesto promise to the people of Guyana.