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The Government of Guyana has received Parliamentary approval to withdraw a substantial sum from the Natural Resource Fund (NRF) in 2024. Pursuant to the Natural Resource Fund (NRF) Act 2021, amended by the Fiscal Enactments (Amendment) Act 2024, the approved amount stands at US$1,586,150,331, which is equivalent to G$329,885,563,088. This decision marks a significant step in utilizing the nation’s resources for development and economic growth.
The approval facilitated the Government of Guyana to execute its third transfer for the year 2024, amounting to US$300 million (equivalent to G$62.394 billion) from the NRF to the Consolidated Fund on July 22, 2024. This transfer is part of the broader strategy to efficiently manage and deploy the country’s natural resource wealth. The accumulated withdrawals to date in 2024 now total US$850 million (equivalent to G$176.782 billion).
The Ministry of Finance, in a press release, highlighted that these withdrawals are within the total approved limit of US$1.586 billion (equivalent to G$329.9 billion) for 2024. The People’s Progressive Party government aims to use the funds to stimulate economic growth, improve infrastructure, and enhance public services, ultimately contributing to the nation’s sustainable development, the release stated.
