{"id":16391,"date":"2024-02-10T18:47:24","date_gmt":"2024-02-10T18:47:24","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=16391"},"modified":"2024-02-10T18:47:26","modified_gmt":"2024-02-10T18:47:26","slug":"jagdeo-defends-governments-oil-revenue-spending","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/jagdeo-defends-governments-oil-revenue-spending\/","title":{"rendered":"Jagdeo Defends Government&#8217;s Oil Revenue Spending"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p>General Secretary of the PPP, Dr. Bharrat Jagdeo, has reiterated the government&#8217;s commitment to utilizing revenues from the oil sector to uplift various sectors of Guyana&#8217;s economy and enhance the well-being of its citizens.<\/p>\n\n\n\n<p>Responding to criticisms regarding the country&#8217;s management of oil resources, Dr. Jagdeo emphasized the importance of investments aimed at addressing inequalities and promoting inclusive growth nationwide.<\/p>\n\n\n\n<p>While acknowledging the establishment of systems to safeguard Guyana&#8217;s oil revenues, Dr. Jagdeo emphasized that investments are also necessary to tackle socio-economic disparities prevalent across the country. <\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Drawing a comparison with Trinidad and Tobago, where it took over a decade to establish a sovereign wealth fund, Dr. Jagdeo highlighted Guyana&#8217;s proactive approach in setting up the NRF from the outset. <\/p>\n\n\n\n<p>He emphasized that investments in critical sectors such as infrastructure, healthcare, and education are imperative for fostering wealth creation and sustainable development.<\/p>\n\n\n\n<p>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. <\/p>\n\n\n\n<p>These amendments now mandate annual parliamentary approval for withdrawals from the NRF, ensuring greater oversight and governance.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Dr. Jagdeo&#8217;s remarks underscore the government&#8217;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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>General Secretary of the PPP, Dr. Bharrat Jagdeo, has reiterated the government&#8217;s commitment to utilizing revenues from the oil sector to uplift various sectors of Guyana&#8217;s economy and enhance the&hellip;<\/p>\n","protected":false},"author":4,"featured_media":16392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[360,350],"tags":[],"class_list":["post-16391","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","category-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/16391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=16391"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/16391\/revisions"}],"predecessor-version":[{"id":16393,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/16391\/revisions\/16393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/16392"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=16391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=16391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=16391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}