Tag Archives: Ministry of Finance

GUYANA: Government makes first withdrawal of US$200M from Natural Resource Oil fund


This is the first withdrawal that has been made from Guyana’s oil wealth fund.

The withdrawal was announced on Tuesday night via a press release from the Ministry of Finance, which indicated that this sum has been transferred to the Consolidated Fund to finance national development priorities.

According to the release, the withdrawal was done in accordance with the Natural Resource Fund Act of 2021.          Continue reading

Guyana: Local economy can expand by 86% in 2020 – IMF

DPI, Guyana, Monday, November 4, 2019 – GovernmentMinistry of Finance,

Guyana can see its economy grow by a further 86% next year after expanding by 4.4% this year, according to the International Monetary Fund (IMF). That is 14 times the projected pace of China and driven by ExxonMobil’s discovery and production of oil.

“We’re moving from a very low base to a stratospheric leap,” Minister of Finance Winston Jordan said in an invited comment.

While Guyana’s annual gross domestic product (GDP) is $4 Billion, it will expand to about $15 Billion by 2024, according to the IMF.        Continue reading

Guyana Govt. retrieves almost $10B from disused bank accounts

Govt. retrieves almost $10B from disused bank accounts

June 11, 2015 | By | Filed Under News
Finance Minister, Winston Jordan Photo: Finance Minister, Winston Jordan

The new Government has managed to retrieve almost $10B lying in “old” bank accounts, a senior Government official confirmed yesterday.
In the past weeks, the Ministry of Finance and its departments have been conducting exercises to determine the state of the country’s finances.

It is unclear why the previous People’s Progressive Party/Civic (PPP/C) government kept that amount of money lying around in virtually unused accounts.  Continue reading

Guyana’s growth performance to be revised downwards

Country’s growth performance to be revised downwards

December 19, 2014 | By | By Leonard Gildarie

– rice, sugar steady shaky GDP as gold unable to reach projections

With just 12 days remaining in the year, and as gold declaration continue its shockingly dismal trend, Government is preparing to revise its growth figures downwards. That is because declaration is unlikely to even reach the 400,000-ounce mark, affecting overall projections set by Government at the beginning of the year.

However, record-breaking rice and an improving sugar have been the saviours, helping to buoy an conomy that is keeling from the fallout, Ministry of Finance officials said on December 18..
Government had targeted 484,562 ounces for 2014. Last year, despite falling prices on the world market, the country recorded 481,000 ounces in declared production by miners. Continue reading

Joint opposition propose over $26B in budget cuts

Joint opposition propose over $26B in budget cuts

Demerara Waves – April 23, 2012

The parliamentary opposition on Monday submitted proposed cuts amounting to more than GUY$26B from the GUY$192.8 national budget to the consternation of the government.

Notice was given in the National Assembly on Monday ahead of Tuesday’s consideration of the allocations which come under the Ministry of Finance and Office of the President headings. The government called a press conference shortly afterward where it labelled the proposals “extremely alarming” and urged the parties to reconsider.            Continue reading

Police Force refutes reports on $90M election money

Police Force refutes reports on $90M election money

Demerara Waves – March 6, 2012

The Guyana Police Force on Tuesday refuted media reports that some GUY$90M allocated for the feeding of ranks and other duties during the election period went unaccounted for saying there was nothing sinister in the handling of the funds as alluded to in the media.

The Kaieteur News has reported that several senior police officials and particularly Divisional Commander David Ramnarine have said that they never received any money for the period during which ranks were inlying and had to rely on the business community for assistance.

In a statement Tuesday the force said dubbed the officer’s comments as “unauthorized and misleading” and sought to “set the records straight.”

It noted that a budget for proposed activities for the November 28 general and regional elections was submitted to the Ministry of Finance through the Ministry of Home Affairs and supplementary provisions were subsequently received by the Force in the sum of $90,649,200.00.  [more]

Also read:

Missing $90M…Police try to justify where $$$$$ went

March 7, 2012 | By KNews | Filed Under News

 –  Commanders maintain they got no money

— Post #1172

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