Tag Archives: Guyana – BIG SPENDING = WIDENED DEFICIT

GUYANA: Government to make first drawdown from oil fund for 2022 budget

  • BUDGET IN PARLIAMENT ON WEDNESDAY JANUARY 26, 2022

OilNOW- 22 January 2022

V.P Bharrat Jagdeo

Guyana’s Vice President Dr. Bharrat Jagdeo said last Friday that the government intends to use some of the proceeds from its US$607 million Natural Resource Fund to finance the government’s budget for the fiscal year 2022.

Guyana has been borrowing to finance its budget for years but plans to lower its fiscal deficit this year.

“The fiscal deficit this year, in this budget, would be lower than the fiscal deficit in last year because from a financing perspective, that means we’d have to borrow less because some of the oil and gas revenue will go to replace the high level of borrowing that we have had.”          Continue reading

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