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Finance Ministry defends new Natural Resource Fund bill

The Treasury Department said last night that the 2021 Natural Resource Fund (NRF) bill, introduced in parliament on Thursday, will allow for greater accountability and transparency in the management of Guyana’s oil resources, and it rejected criticisms of it. a Page One Comment in yesterday’s article. edition of Stabroek News.

In the statement, the ministry said: “The spirit and letter of NRF Bill 2021 promotes sensible management of our natural resources, for the benefit of both present and future generations. The proposed bill sets maximum withdrawals from the fund in each year, except the first, in particular to secure savings going forward.However, the immediate need for solid and transformative investments to favorably position our economy to ensure that the benefits of the oil and gas sector flow back to the wider economy and all Guyanese The only exception of the fund’s first year of life takes into account the urgent development needs to be financed, and instead of turning to the more expensive option of borrowing from creditors, we can use our own resources to improve our people”.

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