Amidst the 2024 National Budget debates, the Fiscal Enactments (Amendment) Bill 2024 was presented to the National Assembly as the second bill of the year, by the Senior Minister with Responsibility for Finance and the Public Sector, Dr. Ashni Singh.
According to the finance minister, the bill represents a decisive move to further the country’s development and enhance the delivery of essential services.
This adjustment will lend to the amendment of the Natural Resource Fund (NRF) Act 2021, signaling the Government’s plan to use the country’s oil revenues to propel the development of public infrastructure and social services.
The bill boasts an alteration of NRF’s withdrawal stipulations, inclusive of the debt ceilings for domestic and external debt. This is expected to boost public investment funding.
The updated withdrawal formula will allow for the channeling of more resources into crucial sections, as needed to advance national development.
It is said that reforming the NRF and the relevant fiscal legislation will lay the groundwork for a more robust, transparent, and efficient utilization of the nation’s resources, facilitating tangible and widespread benefits for the people.
Once approved, this revision will be effective from this fiscal year, replacing the current rule. The Government will subsequently be able to adapt to the financing mix, depending on global and domestic economic events.