Georgetown Chamber of Commerce and Industry (GCCI) is calling for the delay in the passing of the Natural Resources Fund bill that is set to be passed today in the National Assembly via a PPP/C Government Majority.
The new bill seeks to replace the 2018 bill that was tabled by the APNU-AFC. In that Bill, some 22 non-political members served on the oversight committee on the funds. This committee will now have five board members selected by the President and the Vice President.
This move sparked some level of criticism from sections of civil society and the opposition. Both have deemed it as a move to control the wealth from the oil sector.
These criticisms have led to the GCCI stating that after looking at the bill for some time, it would ask Government to take some time more to consult with the wider population.
“(NRF) Bill is an instrument of exceptional importance in the development landscape of Guyana– for current and future generations. As such, the GCCI has been carefully following the developments associated with and analyzing in detail, the Bill since its release to the public on December 15, 2021.”
The Chamber of Commerce added that it understands the need for the revision of the Natural Resources Fund as outlined by the President on December 28, 2021. It would like to commend the government for its effort at attempting to improve public accountability and transparency with respect to the management and operation of the Fund.
Overall, the GCCI is pleased with Bill’s general adherence to the international benchmark for Sovereign Wealth Funds, commonly referred to as the ‘Santiago Principles.’
“Additionally, given the paramount importance of this Bill, and its use as a tool for intergenerational wealth transfer of the citizens of Guyana, the GCCI is of the belief that more time should be provided to the public for its input and general commentary on the Bill.
The Chamber wishes to reaffirm its stance as a partner in national development and anticipates continued steps to support inclusive growth for Guyanese.” The statement added.
The Chamber of Commerce said it will be transmitted to the Minister with responsibility for Finance, Dr. Ashni Singh, by way of letter, “our detailed commentary on the Natural Resources Fund Bill.”
