‘Oil wealth legislation to be laid in Parliament before 2022’ – President Ali

His Excellency, Dr. Mohamed Irfaan Ali has said the legislation for Guyana’s Natural Resources Fund (NRF) would be laid in Parliament before the end of this year.

During a press conference on the first anniversary of his Administration, President Ali highlighted that the country’s oil fund is critical to safeguarding future generations of Guyanese.

President Dr. Mohamed Irfaan Ali

The President also said transparency and accountability would be the hallmarks of how the fund is utilised.

“We are also moving apace with setting with the legislative framework to govern these funds, and I am aware that whilst we would have liked to have this before the recess, I am aware that there are will technical suggestions being transmitted to the Attorney General to finalise the legislation to be taken to the National Assembly.

“I am confident that that legislation would be laid in the National Assembly before the end of the year.”

Further, President Ali said once the legislation for the oil wealth fund has been improved, expenditure must be approved by the National Assembly.

“As you are aware, there are immediate needs that have to be financed.

“We committed that during the campaign that there will be no secrecy in revenues received by the country from our natural, especially oil and gas, and we have stuck to that commitment.”

The Head of State also said the Government would soon be creating a balance sheet, which the public can view online and be kept informed of the revenues and expenditures.

As the Opposition Leader, Vice President Dr. Bharrat Jagdeo had committed to improving the legislation of the oil fund, which he believed was not insulated from political manoeuvring. In keeping with this, and the PPP/C Government’s commitment to accountability, the administration has not withdrawn any sums from the United States federal bank, where the fund is kept. That account currently holds approximately US$344 million.

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