The legislation for the Sovereign Wealth Fund will be sent to Cabinet shortly

Dear Editor,

The Ministry of Finance notes with some concern the editorial that appeared in Monday’s SN ‘The invested signing bonus,’ and would like to disarm you of some of the very hasty conclusions that you have arrived at.

While we would like to respond to your assertions about the signing bonus and its placement in the Consolidated Fund, we do not currently have that liberty as the matter is sub judice.

However, please be assured that the signing bonus has been invested in safe securities consistent with the investment strategy that governs the reserves of the country.

Finally, as explained by the Minister of Finance at a press conference on Friday, April 13th, 2018, the legislation for the Sovereign Wealth Fund (SWF) will be sent to Cabinet very shortly. That will be followed by countrywide consultations and then its passage in the National Assembly.

Despite the writer’s hysteria, Editor, Guyana is well ahead of the timeline for the establishment of its SWF. The Government of the Cooperative Republic of Guyana remains committed to institutionalizing the process and establishing a clear mandate for management and governance of our national asset.

Yours faithfully,

Wanita Huburn

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