Government withdrew US$1.002 billion from Natural Resource Fund in 2023

The Ministry of Finance, in a release, announced the withdrawal of totalling US$152.1 million (equivalent to G$31.6 billion) from the National Resource Fund (NRF) on December 27, 2023,

In 2021 the People’s Progressive Party (PPP) Government amended the NRF Act that included Government seeking annual Parliamentary approval for withdrawals as stated in Section 19 of the NRF Act 2021.

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Pursuant to that provision, as part of its consideration of the Budget Process, the Parliament approved US$1.002 billion (equivalent to G$208.9 billion) to be withdrawn from the NRF in 2023.