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Economy & Business - November 2020

GUYANA: Counting its money and its luck

According to Guyana’s Minister of Natural Resources Vickram Bharrat, the country’s Natural Resources Fund (NRF) will have nearly US$200m in cash by the end of 2020 having been created only in January this year. None of the money so far banked has been touched. It could hardly be a more auspicious start for the new government led by President Irfaan Ali, who is saying all the right things about accountability and transparency. Ali has said that none of the money will be used until the government has amended the NRF Act introduced by the previous government, and he has promised that “there will be an arms-length relationship” between the NRF and politicians. In the meantime, as the rest of the region suffers a deep coronavirus (Covid-19)-induced economic recession, the projections for Guyana’s oil sector remain exceptionally positive, notwithstanding the global shift away from fossil fuels.

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