GUYANA saw deposits totalling US$377.14 million (GUY$78.631 billion) from profit oil and royalty being placed into the National Resources Fund (NRF) from January to March of this year.
Royalties accounted for US$57.591 million (G$12.008 billion), while the remaining sum came from four profit-oil deposits from January 3 to March 20.

The first deposit from profit oil was $17.224 billion, while deposits of $15.653 billion, $17.149 billion and $15.599 billion were subsequently made on January 23, February 16, and March 20.
In keeping with the provisions of Section 33(2) of the NRF Act, the Ministry of Finance laid the details of the deposits before the National Assembly on Monday.

The profit-oil receipts are from Guyana’s lifts of crude oil earned as profit, while the royalties are paid on a quarterly basis.

This brought the NRF balance to US$1.447 billion after the NRF ended 2022 with a balance of US$1.27 billion. The government, earlier this year, transferred US$200 million (GY$41.6 billion) from the NRF to the Consolidated Fund to fund the national development agenda.

As part of the Budget 2023 process, parliamentary approval was granted for a total of US$1.002 billion to be transferred from the NRF during the fiscal year 2023.