PURSUANT to the Natural Resource Fund (NRF) Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamentary approval has been granted for US$1,586,150,331 (equivalent to G$329,885,563,088) to be withdrawn from the NRF in 2024.

According to the Ministry of Finance, in accordance with this approval, the Government of Guyana has made its first transfer for 2024, totalling US$250 million (equivalent to G$51.994 billion) from the NRF on March 5, 2024, to the Consolidated Fund, within the total of US$1.586 billion (equivalent to G$329.9 billion) approved to be withdrawn in 2024.

Recently, the government amended the National Resource Fund (NRF) Act as part of a strategic move towards leveraging Guyana’s economic growth for accelerated national development.

This pivotal legislation, as expounded by Attorney-General and Minister of Legal Affairs, Mohabir Anil Nandlall, S.C., marks a critical juncture in the country’s journey towards leveraging its oil wealth for the benefit of its infrastructure and social services.