General Secretary of the PPP, Dr. Bharrat Jagdeo, has reiterated the government’s commitment to utilizing revenues from the oil sector to uplift various sectors of Guyana’s economy and enhance the well-being of its citizens.
Responding to criticisms regarding the country’s management of oil resources, Dr. Jagdeo emphasized the importance of investments aimed at addressing inequalities and promoting inclusive growth nationwide.
While acknowledging the establishment of systems to safeguard Guyana’s oil revenues, Dr. Jagdeo emphasized that investments are also necessary to tackle socio-economic disparities prevalent across the country.
He clarified that the Natural Resources Fund (NRF) serves as a formula-based mechanism to determine spending allocations, emphasizing its role in ensuring responsible utilization of oil revenues.
Drawing a comparison with Trinidad and Tobago, where it took over a decade to establish a sovereign wealth fund, Dr. Jagdeo highlighted Guyana’s proactive approach in setting up the NRF from the outset.
He emphasized that investments in critical sectors such as infrastructure, healthcare, and education are imperative for fostering wealth creation and sustainable development.
Despite the establishment of the NRF in 2019 to manage oil revenues, the PPP administration further strengthened transparency and accountability in the sector by amending the NRF Act in 2021.
These amendments now mandate annual parliamentary approval for withdrawals from the NRF, ensuring greater oversight and governance.
Recently, the government introduced legislation to increase the withdrawal limit from the NRF, signaling its continued commitment to utilizing oil revenues to drive socio-economic progress and address the needs of Guyanese citizens.
Dr. Jagdeo’s remarks underscore the government’s strategy to leverage oil revenues as a catalyst for comprehensive development, emphasizing the importance of prudent investment and inclusive policies to uplift communities across Guyana.