See full statement from the Private Sector Commission:
The Private Sector Commission (PSC) through its Subcommittee on Economic and Finance concluded its discussions today on the proposed Natural Resource Fund legislation (NRF).
The PSC examined and analyzed the merits and demerits of the Natural Resources Fund Act of 2019 and the current proposed Natural Resource Fund Bill.
We note the removal of the unbridled authority that was entrusted in the Minister of Finance in the Act of 2019, and the disaggregation of some of these responsibilities to other authorities and oversight bodies. Additionally, the fact that all monies to be used from the Fund must be transferred to the Consolidated fund will provide for parliamentary oversight on the spending of these resources which fosters greater accountability and transparency.
The Sub-committee noted that the operationalization of the NRF will provide the much-needed resources which Guyana needs at this critical juncture for its development of National Infrastructure, Healthcare, Education and to mitigate the impending effects of Climate Change.
While the PSC believes that wider consultation should have been pursued for feedback and finalization of the legislation, it is evident that the Bill in its current form subscribes in large part to the Santiago Principles and thus we hereby support the passage of the legislation.
The PSC concludes that the Natural Resources Fund Legislation, when operationalized will provide the resources that will serve as a major catalyst for Guyana’s national development in all sectors leading to unparalleled economic growth.
