Gov’t withdraws $41.6 billion more from oil fund

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Senior Finance Minister Dr Ashni Singh has announced that the Government has made its third and fourth drawdown this year from the Natural Resource Fund in accordance with the Natural Resource Fund (NRF) Act 2021.

The Minister indicated that pursuant to Section 16 of the NRF Act 2021, in August and September US$100 million each, representing a further US$200 million, equivalent to G$41.6 billion has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities. It would be recalled that in February and May of this year, the Government made withdrawals totalling US$400 million equivalent to G$83.2 billion. This brings the accumulated withdrawals from the NRF for the year 2023 to US$600 million, equivalent to G$124.8 billion.

In keeping with the NRF Act 2021, as part of the Budget 2023 process, Parliamentary approval was granted for a total of US$1.002 billion to be transferred during fiscal year 2023.

The PPP/C Government will continue to work aggressively through sound and transformative investments of oil resources from the NRF, utilising these resources in a clear and transparent manner, to the benefit of present and future generations.

Source: News Room