The Government of Guyana has made its fourth withdrawal from the Natural Resource Fund (NRF) for the year 2024.
On October 1, the government transferred US$300 million (equivalent to G$62.394 billion) from the NRF to the Consolidated Fund.
This latest transfer brings the total withdrawals for the year so far to US$1.150 billion (G$239.176 billion), out of a total approved amount of US$1.586 billion (G$329.9 billion) for 2024.
The withdrawal, sanctioned under the Natural Resource Fund (NRF) Act of 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, follows parliamentary approval. T
the NRF Act, which governs the management of revenues generated from Guyana’s natural resources, allows for annual withdrawals based on pre-approved budgets and fiscal needs.
The most recent release of funds, the fourth of the year, aligns with the government’s fiscal strategy to support public expenditure and development projects.
The total amount allocated for withdrawal in 2024, US$1.586 billion, remains unchanged, with approximately US$436 million (G$90.7 billion) still available for the remainder of the year.
The NRF, which is designed to manage revenue from Guyana’s burgeoning oil industry, aims to ensure that natural resource wealth is used sustainably and in a manner that benefits future generations.
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