Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh announced yesterday that the Government has made its first drawdown from the Natural Resource Fund (NRF) in accordance with the Natural Resource Fund (NRF) Act 2021.
According to a release from the Ministry of Finance, the Minister said that pursuant to Section 16 of the NRF Act 2021, US$200 million equivalent to $41.7 billion has been transferred from the NRF to the Consolidated Fund to finance national development priorities.
The release said that the transfer was made in accordance with the “strengthened legal architecture of the NRF Act 2021” and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period 1 January to 31 March 2022.
