Govt. poised to nearly double oil fund withdrawals to US$4.35B in 2027 – Economist

(Kaieteur News) – The Government of Guyana could withdraw approximately US$4.35 billion from the Natural Resource Fund (NRF) in 2027, nearly twice the amount projected for this year, as rising oil revenues provide greater scope to finance increased public spending.

This is according to Economist, Ramesh Gampat in a recent paper published by the Guyana Business Journal (GBJ). Titled “Guyana’s Oil Economy: Structural Challenges and Policy Responses, 2020–2026” Gampat shared the view that the fastest-growing economy in the world is also one of the slowest-changing.

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The paper analyses the structural problems the oil boom has created or deepened, the solutions proposed by the government and by researchers and international institutions, and how far the government has accepted, modified and implemented them. It cites data from the Bank of Guyana, Ministry of Finance, IMF and the World Bank data, reporting macroeconomic ratios against both overall and non-oil GDP.