– as gov’t continues to demonstrate commitment to transparency, accountability in the management of oil resources

SENIOR Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh, on Monday presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st July 2024 to 30th September 2024, pursuant to Section 33 (2) of the NRF Act, 2021.

This notification was published in the Official Gazette on the 14th October, 2024, and demonstrates the PPP/C government’s continued commitment to the principles of transparency and accountability in the management of Guyana’s oil resources. At the end of October 2024, the balance in the NRF stood at US$3.1 billion.

It would be recalled that the NRF Act 2021 came into operation on January 1st, 2022, and represents one of the most significant steps taken to bring greater accountability and transparency in the management of Guyana’s oil resources, replacing the illegitimate APNU+AFC caretaker administration’s NRF Act 2019.

The International Monetary Fund (IMF) in its 2023 Article IV Consultation report commended the government on the progress made to strengthen the management of oil wealth and its fiscal transparency:
“The governance framework was strengthened, through the appointment of three critical entities for the NRF governance in 2022: the NRF Board of Directors, the Public Accountability and Oversight Committee, and the Investment Committee. Furthermore, to ensure full transparency and accountability, notifications of receipts of petroleum revenues have been published in the Official Gazette since April 2022.”

In July of this year, Minister Singh presented the NRF Annual Report for the fiscal year 2023 to the National Assembly, pursuant to Section 32(4) of the NRF Act 2021.

In addition, at that sitting of the National Assembly, the Speaker of the National Assembly also circulated the Public Accountability and Oversight Committee Annual Report for the fiscal year 2023, pursuant to Section 6(6) of the NRF Act 2021.

Another key improvement to the NRF Act, 2021, is that the minister could face up to 10 years imprisonment if he fails to disclose the receipt of any petroleum revenue received by government in the Official Gazette within three months of receipt of such monies.

The PPP/C government will continue to manage Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations. (MoF)