Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr Ashni Singh has presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st January 2024 to 28th March 2024, pursuant to Section 33 (2) of the NRF Act 2021.
This notification, a press release from the Ministry of Finance said, was published in the Official Gazette on March 28th, 2024. At the end of March 2024, the NRF balance stood at US$2.357 billion.
The release reminded that as part of the consideration of the Budget 2024 process, Parliament had approved the Fiscal Enactments (Amendment) Act 2024, including amendments to Section 19 and the First Schedule of the NRF Act 2021, which allows for the amount previously approved for withdrawal from the Fund for the financial year shall be deemed amended based on the ceiling calculated in accordance with any amendment to the First Schedule.
According to the release, while allowing for greater financial resources to be available to support intensified public investment and accelerated delivery of social services, the amended rule, as with the existing, will ensure that as production and revenue ramp up further, an increasing share of the inflows into the NRF will be saved relative to the share transferred to the Consolidated Fund to finance these national development priorities.
Pursuant to the NRF Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamentary approval has been granted for US$1.586 billion (equivalent to G$329.885 billion) to be withdrawn from the NRF in 2024, it added.
