THE Government of Guyana has withdrawn a further US$300 million (equivalent to G$62.3 billion) from the Natural Resource Fund (NRF) to finance crucial developmental initiatives this year.

According to a press release from the Ministry of Finance, those funds constitute the second transfer for 2024 to the Consolidated Fund.
“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Act 2024, Parliamentary approval has been granted for US$1,586,150,331 (equivalent to G$329,885,563,088) to be withdrawn from the NRF in 2024,” the ministry said.

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 press conference at the Office of the President, Vice-President Dr. Bharrat Jagdeo had said that $70 billion out of the budgeted $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.
“Under APNU, a scheme [was launched] where ministers had a private healthcare arrangement where the government paid not 50 per cent but 100 per cent of the premium for them to take themselves and their families abroad for health care,” Dr. Jagdeo said.

Within the PPP’s Manifesto, the upgrading of health facilities across the country, including the expansion of diagnostic services at key regional hospitals as well as improved ambulance services, were among the several promises delivered.

Following through on their commitments, there are 12 new regional hospitals being constructed nationwide, along with the upgrading of health centres to further enhance healthcare for all Guyanese.

Further, regarding affordable homeownership, the Vice-President emphasised that over 30,000 house lots were distributed within three years under the PPP/C government. This is a drastic increase when compared to the 7,534 that were allocated under the previous APNU+AFC coalition during its entire five-year tenure.

“We are saying if you have applied before 2019; even if you applied under APNU, you’re eligible for distribution. It is not like you have to go there with like a party card, or you have to be connected,” Dr. Jagdeo said, while adding that the government is not discriminating against anyone.

Dr. Jagdeo also reflected on the education sector, and the limited number of opportunities for citizens under the previous APNU+AFC government. However, under the PPP/C government, thousands of Guyanese from different walks of life are able to access GOAL scholarships.

“If you go around the country, there are tens of thousands of Guyanese who are making progress; they’re getting more jobs. They’re getting more income; they now own a house lot; they are building a home. Many have started a business. A lot more people are in the oil-and-gas industry, working directly or indirectly for that sector,” the Vice-President remarked.