By Stabroek News – October 19, 2020 – STABROEK NEWS EDITORIAL
It is now nearly three weeks since the last sitting of Parliament which approved a variety of bills pertaining to the 2020 budget. The PPP/C government has stated that it has a robust legislative agenda and the public must begin seeing evidence of this. Having spent five years on the opposition benches in the 11th Parliament, the new government must be acutely aware of its legislative priorities.
One of these must certainly be the Natural Resource Fund (NRF) or our version of a sovereign wealth fund to gather the revenues flowing in from the country’s natural resources. The country has already accrued over US$150m since the production of oil began in December last year and this sum is sitting in an account in the New York Federal Reserve Bank without the country and its people having access to it as the natural resources legislation has not been fully activated. Continue reading
The Norwegian Sovereign Wealth Fund: A bench mark for Guyana’s Natural Resource Fund
Norway flag
The following entry has been submitted by Andre Brandli, a Guyanese living in Switzerland.
The Norwegian Sovereign Wealth Fund should serve as the bench mark for Guyana’s Natural Resource Fund
The readers of Guyanese Online, who follow current affairs in Guyana, may have noticed that the new government will not accept the Natural Resource Fund Act in its current form and will either repeal or amend it sometime early next year, Minister of Natural Resources Vickram Bharat has said (https://www.stabroeknews.com/2020/10/23/news/guyana/natural-resources-fund-act-unacceptable-bharrat/). The Natural Resources Fund is fed by the Guyanese oil revenues and needs to be managed with utter care and taken out of political interference.
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