The Fiscal Enactments (Amendment) Act 2024 allows for the aggressive depletion of the NRF
Jan 31, 2025
Dear Editor,
After further research, CRG was able to find the Act passed in the National Assembly in 2024, has dramatically changed the First Schedule of the Natural Resource Fund, which allows for the aggressive withdrawal of funds as proposed in the current budget.
It should be noted that the Ministry of Finance has not placed the amendment with the NRF Act document on their website. However, as the subject Minister has stated, he has done everything in accordance with the law. Based on the new schedule most of the funds in the NRF will be depleted leaving approximately $100M USD from the preceding year’s deposits.
It must also be noted that this Act was passed without substantial bipartisan support. Given the increases in the ceiling of the withdrawal rate and the corresponding amounts, it is clear that the NRF will continue to underperform as an instrument for savings, financial growth and sustainable development.
It is unfortunate that a 2/3 majority vote rule in the House of Parliament was not used to make such a drastic and significant change to the First Schedule of the NRF Act. Thus, making it extremely important that the timely annual financial auditing of each Ministry’s expenditures be carried out and reviewed to ensure that the annual funds provided by the budget process are properly accounted for. A budget review process should also be done quarterly and be required as an input into the annual budget process.
Best regards,
Mr. Jamil Changlee
Chairman
The Cooperative Republicans of Guyana
(The Fiscal Enactments (Amendment) Act 2024 allows for the aggressive depletion of the NRF)
(The Fiscal Enactments)
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