By Jarryl Bryan
Vice President Bharrat Jagdeo has disclosed that over US$200 million earned in oil revenues is currently in Guyana’s Natural Resource Fund (NRF), with the latest payment made in January this year.
Jagdeo made this disclosure during a press conference on Tuesday. He explained that US$206.6 million (GY$43.1 billion) is currently in the NRF, including the latest royalty payment of US$8.3 million, which was received last month.
“So far, US$21.2 million in royalty payments have been made into the fund. And there are four payments – US$4.9 million, US$3.6 million, US$4.3 million and US$8.3 million in royalty payments, at different times – April 2020, August 2020, October 2020 and January 2021,” Jagdeo explained.
“And then from profit oil, we have March 11 (2020) – US$54.9 million; June (2020) – US$35 million, August (2020) – US$46 million and January 11 (2021) – US$49 million… so we now have US$206.6 million in the fund – US$185 million so far from profit oil and US$21.2 million from royalty.”
So far, all of Guyana’s oil revenues are being held in the NRF, which is banked at the Federal Reserve Bank of New York. However, this money has remained untouched, as the protracted political crisis that followed elections sabotaged any attempt to set up a system for withdrawing funds.
It is expected that the Natural Resource Fund Act, which stipulates that various committees must be established to provide oversight for the fund, will be reviewed in the National Assembly by the current Government.
