Our Govt’s openness will strengthen our democracy

Dear Editor,
The People’s Progressive Party Civic Administration is committed to creating an unprecedented level of openness in Government. Our leadership will work together to ensure the public trust and establish a system of transparency, public participation, and collaboration. This openness will strengthen our democracy and promote efficiency and effectiveness in our Government.
Every day since elected on August 02,2021, our Government has shown a level of transparency that promotes accountability and provides information for every Guyanese about what our Government is doing.
The recent announcement that the current balance in Guyana’s Natural Resources Fund (NRF), or the oil money fund, is some US$534 million, according to the Ministry of Finance’s October 2021 report of the NRF, is clear evidence of what a transparent Government should do when in office. Some in the APNU/AFC Opposition should learn.
The statement shows that the net balance as at October 31, 2021 stood at US$111,342,541 with no outflows from the fund into the Consolidated Fund. Notably, the PPP/C Government is looking to amend the laws governing the NRF to safeguard and insulate it from political manipulation, portrayed by the previous APNU/AFC Administration.
One will remember that while in Opposition, the now Vice President Dr Bharrat Jagdeo had committed to improving the legislation of the oil fund, which he believed was not robust. The Government is looking to table that legislation before the end of this year.
In keeping with the PPP/C Government’s commitment to accountability, no money has been withdrawn from the fund; all is currently sitting in the United States federal bankNatural Resources Minister Vickram Bharrat had anticipated in September that Guyana would see more than US $500 million in the NRF by the end of the year, further advancing the country’s economy.
“You can say safely that, before the ending of 2021, we will have nearly half-billion USD in the Natural Resource Fund, that is intact and not a dollar has been spent from it. As of right now, we have US$436 million in Natural Resource Fund, that is the proceeds or the revenue that our country would have gained from the sale of its crude, we would have completed seven lifts,” he had said back in September.
President Dr Mohamed Irfaan Ali had affirmed that transparency and accountability will be the tenets of the fund. Once the legislation for the oil wealth fund has been improved, expenditure must be approved by the National Assembly.
“As you are aware, there are immediate needs that have to be financed. We committed that during the campaign that there will be no secrecy in revenues received by the country from our natural resources, especially oil and gas, and we have stuck to that commitment,” the President had assured.
Further, the Head of State said the Government would soon be creating a balance sheet, which the public could view online and be kept informed of the revenues and expenditures.
ExxonMobil (XOM.N) is in discussions with Dutch contractor SBM Offshore NV (SBMO.AS) to build a fourth multi-billion-dollar production unit to develop its Guyana oil discoveries.
The talks include the potential for some future platform assembly in Guyana, the people said.
Guyana hopes to develop an oil industry infrastructure to boost the economy and job growth. Officials are under pressure to show the potential oil bonanza will be shared with our citizens.
The PPP/C Government this week began a review of the Yellowtail Field Development Plan for the fourth project proposed by ExxonMobil’s Guyana affiliate, Esso Exploration and Production Guyana Limited (EEPGL).
Yellowtail will be situated 126 miles offshore Guyana, where ExxonMobil made its 13th discovery in the Stabroek block.
Its initial production phase is scheduled to commence in 2025 with optimum production capacity of 250,000 barrels per day, and would continue for 20 years. The FPSO is designed to have a storage capacity of two million barrels of oil.
The proposed development, according to joint public hearings into the project between EEPGL and the Environmental Protection Agency, could provide some 1,300 jobs across its four phases.

Sincerely,
David Adams