The Government of Guyana withdrew US$250 million (equivalent to Gyd $51.994 billion) from the Natural Resource Fund (NRF) on March 5, 2024, according to a recent press statement from the Ministry of Finance.
In keeping with the amended Natural Resource Fund (NRF) Act 2021 parliamentary approval has been granted for US$1,586,150,331 (equivalent to G$329,885,563,088) to be withdrawn from the NRF in 2024. In accordance with this approval, the Government of Guyana has made its first transfer for 2024, totaling GYD $51 billion from the NRF on March 5, 2024, to the Consolidated Fund.
The Natural Resource Fund was established to manage Guyana’s natural resources wealth for the benefit of the people and the country’s long-term development. The Fiscal Enactments (Amendment) Act 2024 modified the withdrawal rule and the debt ceilings for both domestic and foreign debt. Both the foreign borrowing ceiling and the domestic debt cap were lifted, from $650 billion to $900 billion and $500 billion to $750 billion, respectively.
In order to provide a flexible approach to financing the Government’s robust transformation agenda, which includes a ramped-up Private Sector Investment Programme and accelerated delivery of social services and social safety nets to improve the lives of all Guyanese, Senior Minister Ashni Singh of the Office of the President with responsibility for finance, said during the 2024 budget debate that raising the debt ceiling was necessary.