With nearly US$345 million in a United States account from oil proceeds and no legislation for a Natural Resource Fund or its spending nearly 18 months after oil production began, the World Bank says Guyana’s fund needs early operationalising.
“The early operationalisation of the NRF is essential to address any potential challenges posed by the sudden influx of significant export and fiscal revenues,” World Bank Senior External Affairs Officer Hannah McDonald-Moniz said in response to questions from Sunday Stabroek.
The Natural Resource Fund legislation has not yet been activated, and observers have pointed to the seeming sloth with which the PPP/C administration is moving to see the critical piece of legislation enacted, despite being in office for more than nine months.
