Following-up on the publication on this website of the fiscal framework incorporating oil revenue—2018-2023, the attached table and these explanatory notes represent an attempt to quantify the effects of the fall in oil prices on Guyana’s fiscal profile between 2020-2023.
Legislation was passed that establishes a National Resources Fund (NRF) as an offshore saving fund. It was agreed that all petroleum revenue allocated to the Guyana Government should flow into the NRF and a fiscal transfer rule should determine the fiscally sustainable transfer from the NRF to the annual budget. In the medium-term, the rule envisages a transfer of around half of current oil revenue receipts to the budget.
Published Date: July 2020
Author:Keith Dublin, Michael DaCosta, and Sherwyn Williams
Full Paper
AUG
2020