Minister of Natural Resources, Vickram Bharrat, has responded to opposition accusations regarding the alleged reckless use of the Natural Resources Sovereign Wealth Fund, emphasizing that the government has strengthened its functionality.
Bharrat made these remarks during his budget debate presentation in the National Assembly, countering concerns raised by the opposition about the financial management of the fund.
According to Bharrat, the government has taken measures to enhance the transparency and accountability of the Natural Resources Fund.
He highlighted that the 2021 Natural Resources Act has strengthened transparency and accountability in managing oil and gas revenue, moving away from arbitrary decisions by the Minister of Finance.
Bharrat emphasized the commitment to responsible and transparent fund utilization.
The Minister outlined key measures, including stringent financial oversight and transparency mechanisms.
He clarified that there are specific ways funds can flow out of the Natural Resources Fund, primarily through the national budget, subject to examination and approval by the National Assembly.
Bharrat assured the public that claims of raids on the fund are unfounded and that the NRF is being managed with transparency and accountability.
The Natural Resources Fund is a sovereign wealth fund established to manage revenues generated from Guyana’s natural resources, particularly its oil and gas sector.
The fund aims to ensure responsible management and utilization of proceeds for the benefit of present and future generations.
As Guyana began commercial oil production in December 2019, the NRF plays a crucial role in managing the country’s newfound oil wealth.