Guyana’s oil profits, saved in the Natural Resource Fund (NRF).
This is the first year that the government will be able to tap into that revenue which has grown to more than US$600 million since oil production started in December 2019.
The Finance Minister, however, assured Guyanese that there will not be a total dependence on exploiting Guyana’s oil wealth. Instead, he said the government will be tapping into alternative sources of financing.
Explaining this, he said that the government will secure finances from domestic revenue sources (which includes taxes and other revenues it collects), external borrowing from international financing arrangements and borrowing from the local banks.
“… we are mindful of striking an optimal balance across those to ensure that we have an appropriate mix of financing
“What that allows us to do is be able to implement this accelerated agenda, to meet these urgent developmental needs while keeping borrowing at an absolute minimum,” Dr. Singh stated.
