THE Government of Guyana has withdrawn a further US$ 1.5 million from the Natural Resource Fund (NRF) following parliamentary approval.
According to a press release from the Ministry of Finance, those funds constitute the third transfer for 2024 to the Consolidated Fund.
The ministry noted that Pursuant to the Natural Resource Fund (NRF) Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamentary approval was granted for US$1,586,150,331 (equivalent to G$329,885,563,088) to be withdrawn from the NRF in 2024.

“The Government of Guyana has made its third transfer for 2024, totalling US$300 million (equivalent to G$62.394 billion) from the NRF on July 22, 2024, to the Consolidated Fund. This transfer brings the accumulated withdrawals to date in 2024 to US$850 million (equivalent to G$176.782 billion) within the total of US$1.586 billion (equivalent to G$329.9 billion) approved to be withdrawn in 2024,” the release further stated.
Back in January, the People’s Progressive Party/Civic (PPP/C) government, in a move emblematic of its commitment to transparent and accountable governance, tabled the Fiscal Enactments (Amendment) Bill 2024 in the National Assembly. This Bill, consistent with promises outlined in Budget 2024, saw updated withdrawal rules and debt ceilings reflecting the government’s dynamic approach to economic management.

Last year alone, over 350,000 Guyanese benefitted from almost $70 billion in oil revenues, and 1,500 oil-and-gas companies benefitted significantly from the Local Content Act (LCA).
During a recent press conference at the Office of the President, Vice-President Dr. Bharrat Jagdeo had said that $70 billion out of the budgetted $200 billion in oil revenues was spent on public servants, children, pensioners, those receiving public assistance, and part-time workers.

Additionally, Dr. Jagdeo highlighted that it was over 200,000 children, 74,000 pensioners, and 54,000 public servants who benefitted from those funds. Also, roughly 15,000 persons benefitted from the part-time jobs.
He expounded on a number of initiatives that the government has been pursuing, noting that thousands of Guyanese are briskly pursuing a rapid developmental path in all avenues.