Guyana saves millions of dollars since the country embarked on oil production

January 18, 2024•1 Minute
RTC Director RTC Director

The government of Guyana has reportedly saved millions of dollars since the country embarked on oil production in 2020. 

After the government’s total withdrawals of US$1.002 billion in 2023 from the Natural Resource Fund (NRF) based on the legally entrenched formula, a senior government official estimated that Guyana has saved almost US$500 million.  

The withdrawals were transferred to the Consolidated Fund for budgeted capital projects and programs. 

In 2022 Guyana saved US$269 million which earned almost US$13 million in interest and all of the money deposited in the NRF in the United States Federal Reserve has been earning about 5 percent from overnight deposits.