Finance Minister Winston Jordan on Monday introduced the Natural Resource Fund Bill 2018 for first reading in the National Assembly.
The bill, which was published in the Official Gazette last Thursday, seeks to ensure that there is proper management of revenues generated from Guyana’s natural resources, inclusive of petroleum, and that the present and future generations benefit.
The bill provides for the establishment of a Natural Resources Fund (NRF) to manage natural resource wealth in an effective and efficient manner by (a) ensuring that volatility in natural resource revenues do not lead to volatile public spending; (b) ensuring the revenues do not lead to a loss of economic competitiveness; (c) fairly transferring the wealth across generations to ensure that future generations benefit from it; and (d) using the wealth to finance national development priorities, including green economy initiatives.
