VARIOUS sections of society, including organisations representing a wide cross-section of the private sector, have come out in support of the government forging ahead to pass two critical pieces of legislation: the Local Content Bill and the Natural Resources Fund (NRF) Bill.

One such grouping is the reputable Private Sector Commission (PSC), which said that it was able to examine and analyse the merits and demerits of the Natural Resources Fund Act of 2019 as against the repeal, which was passed on Wednesday by the People’s Progressive Party/Civic (PPP/C) government

“We note the removal of the unbridled authority that was entrusted in the Minister of Finance in the Act of 2019, and the disaggregation of some of these responsibilities to other authorities and oversight bodies,” the PSC said in a press statement on Wednesday.

The body also acknowledged the new provisions which require that all monies intended to be used from the fund be transferred to the Consolidated Fund, thereby allowing space for parliamentary oversight on the spending of the oil revenue. This, the PSC recognised, is a move that “fosters greater accountability and transparency.”

“It is evident that the bill in its current form subscribes in large part to the Santiago Principles and thus we hereby support the tabling and passage of the legislation,” the PSC said.

The Guyana Oil and Gas Energy Chamber (GOGEC) in a similar statement also welcomed the repeal of the “inadequate” NRF 2019 Act. “We believe this bill is necessary and GOGEC fully supports the Natural Resource Fund Bill 2021. Guyanese stands [sic] to be better off with the enactment of this bill, especially the poor and vulnerable,” the chamber noted.

It also went further to point out each major component of the bill, which essentially ensures greater accountability, transparency and prudent governance of the fund in the interest of the people of Guyana.

“The Natural Resource Fund Bill 2021 did not propose the removal of any component from the 2019 Act per se, rather, the bill seeks to replace certain components in the current act that conforms [sic] to international best practices – following the Santiago Principles,” the GOGEC recognised.

It also appreciated the fact that the bill mandates monthly, quarterly, and annual reporting, coupled with several layers of internal and external audits.

“The Bill is inclusionary of all key stakeholders in national development, particularly, civil society groups, women representation, the private sector, the political opposition, professional associations, and labour representation,” the chamber noted.

It was also pleased by the fact that the membership of the independent oversight committee will be drawn from the private sector, labour movement, religious groups, from the professions, and the National Assembly.

“The formula for the transfer of funds into the Consolidated Fund is simplified and included in the bill. Everyone will be able conduct an analysis of the transfers into the Consolidated Fund. The Central Bank will be pivotal in the management of the funds,” the GOGEC noted.

The body was also in favour of the provision which stipulates that all withdrawals be tied to the development needs of the country and the development agenda of the government of the day.

Also adding its voice to the passage of both pieces of legislation was the Guyana Manufacturing & Services Association (GMSA), which did not hesitate to commend the concerted efforts of the government to finalise and pass the Local Content and NRF Bill.

“These legislations are critical to having sound and effective management of the extractive sectors for Guyana’s economic growth and stability. The association therefore extends full support of the passage of the “Local Content Policy for development of Guyana’s petroleum economy” and the Natural Resource Fund Bill 2021 legislation, with precedented anticipation that each bill will provide avenues for rapid progression of the manufacturing and services value chain,” the GMSA said in its statement.