–with successes registered because of PPP/C’s prudent, transparent management of natural resources, Natural Resources Fund, Minister says

THE People’s Progressive Party/Civic’s (PPP/C)’s prudent management of Guyana’s natural resources has resulted in much success for the nation and its citizens, Minister of Natural Resources Vickram Bharrat said in his firm contribution during day two of the budget debate in the National Assembly, on Tuesday.
Bharrat, while rejecting the opposition’s criticisms of the government’s management of the country’s resources, credited “sound, visionary leadership” and deliberate policy choices for what he described as one of the world’s fastest‑growing economies.
“There is no doubt that our country is moving forward. There is no doubt that Guyana is a hot spot globally for investment. There is no doubt that Guyana is certainly one of the fastest-growing economy [sic] in the world, and that is not by mistake. It is because of sound, visionary leadership,” he said, adding: “It is because of good policies and programmes designed to ensure that we put our Guyanese brothers and sisters first and foremost.”

Turning to the petroleum industry, Bharrat described oil and gas as the “catalyst” of Guyana’s wider economic expansion, boosting sectors such as tourism, manufacturing and construction
He insisted that Guyana’s framework is now held up internationally as an example of good practice.
“Guyana’s oil and gas sector… is regarded as one of the best managed oil and gas sectors in the world among new world‑producing countries. Every single new world‑producing country is looking at Guyana as an example when they are drafting their framework to manage the oil and gas sector,” he said.
On production, Bharrat underscored the speed and scale, reminding the National Assembly that output is now over 900,000 barrels per day; this is an expansion [that] is rare for a new producer roughly a decade after first discovery.

Bharrat strongly defended the administration against opposition criticism on transparency.
He recalled that within one year of taking office, the government piloted and passed a new Natural Resource Fund (NRF) legislation.
“One year in government we had a proper Natural Resources Fund in place, ensuring that the finance minister is not the one who dictates how funds should flow… the only way funds can flow from that Natural Resources Fund is that there must be approval from the National Assembly,” he stressed.
Bharrat reminded that the country’s finance minister would face dire consequences if he fails to declare revenues paid into the fund, saying: “That is where we place accountability. We place accountability on the front row.”
Bharrat credited the Local Content Act and the work of the Local Content Secretariat, established in January 2022, with ensuring that Guyanese businesses are not “bystanders” in the oil boom.
He reported that the framework has already channelled substantial sums into the local economy.

MINING, FORESTRY AND CARBON CREDITS
Beyond oil, Bharrat pointed to what he called a “resurrection of the gold-mining sector,” driven by improved access to land and major investments in hinterland roads.
“Since we took office in 2020 to date, over 1,000 small Guyanese miners have benefitted from access to land, and the accessibility to the land through the expenditure of over $10 billion on hinterland infrastructure,” he said, while defending stricter enforcement as necessary to tackle illegality.
In forestry, he said production has increased significantly since 2020, and he positioned Guyana as a global leader in sustainable forest management.
He reminded the House that Guyana is among the very few countries to have signed a jurisdictional carbon-credit deal, and is the only country in the world that has already earned revenue for legacy credits and is certified to sell credits to the airline industry.
Bharrat stressed that this success stems from prudent management of the forestry sector and commitments under the Low Carbon Development Strategy, and he assured indigenous communities that they will continue to receive revenue from the sale of carbon credits for the next seven years under the existing 10‑year agreement with Hess Corporation.