At the end of May, at the 2021 Diaspora Conference, President, Irfaan Ali, and Vice President, Bharrat Jagdeo, suggested that Guyana’s NRF would be similar to the Kazakhstan model in the coming years. Due to Guyana’s low development levels, they explained that the famed Norwegian SWF model did not fit the country’s current needs.
That being said, Mr. Deakin’s position is that Guyana’s current government should change direction and should steer towards adopting an NRF that mirrors Norway, not Kazakhstan, because the overlying framework of the Scandinavian model would be ideal to serve as the basis of the fund. With that backbone, Guyana would be in a position to adjust incrementally wherever deemed relevant, such as modifying allowances for a greater percentage of revenues to be transferred to the budget for the facilitation of infrastructural development.