In yet another fiscal move, the Government of Guyana has made a significant withdrawal from its Natural Resource Fund (NRF), a press release from the Ministry of Finance has revealed. Following parliamentary approval and consistent with the amendments under the Fiscal Enactments (Amendment) Act 2024, a sum of US$1,586,150,331 (equivalent to GY$329,885,563,088) has been authorized for withdrawal in 2024. This substantial amount builds on the momentum from the previous year, with US$850 million (GYD$176.8 billion) already withdrawn from the US$1.002 billion (GYD$208.9 billion) approved by parliament for 2023.

The recent release dated March 13, 2024, specifies that the government commenced this year’s NRF disbursement with an initial US$250 million (equivalent to GY$51.994 billion) allocation to the Consolidated Fund on March 5. This financial strategy is a continuation of the government’s actions from November 23, 2023, when US$100 million (GYD$20.8 billion), the seventh transfer for that year, was allocated to the Consolidated Fund.

The Ministry of Finance outlines that these withdrawals are geared towards funding several government projects and recurrent expenditures, aiming to bolster the nation’s development and infrastructure. This strategic deployment of the NRF highlights concerns about what will be left for future generations of Guyanese.

As Guyana forges ahead with its economic plans, the use of NRF funds remains a focal point for observers and stakeholders, both domestically and abroad.