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FM
Former Member

Government cannot access the US$55 million deposited in the Natural Resources Fund (NRF), held in the New York Federal Reserve Bank—monies earned from the sale of the country’s first entitlement of one million barrels of crude oil from the Stabroek Block.

Bank of Guyana Governor, Dr Gobin Ganga

This is according to Bank of Guyana Governor, Dr Gobin Ganga, who in a brief interview with Guyana Times on Friday, confirmed the deposit and reminded that the fund is governed by an Act of Law.
As such, any spending from the special account requires prior approval from Parliament, he added.
It was noted that there is currently no functioning Parliament in Guyana, since the 11th Sitting of the National Assembly (Parliament), has been dissolved in order to pave way for the recently held elections.
Another Parliament will not be put in session until after a President is sworn in and a new Government put in place.
Further preventing the current Government from accessing the funds is the fact that the Act lists two committees – the Public Accountability and Oversight Committee and the Investment Committee – that are yet to be set up.
The political Opposition People’s Progressive Party/Civic had decided to not participate in the appointments since the party did not recognise the David Granger Administration as legitimate – a result of the passage of a No-Confidence Motion that was passed a month before the bill was debated and approved in the National Assembly.
The BoG Governor told this publication the Administration is prevented from accessing the fund, even if it tries to in light of the coronavirus disease and the Public Health Ordinance Act recently signed into force by President David Granger.
Under the Public Health Ordinance signed by Granger, the Finance Minister shall expend from the Consolidated Fund such sums of money as may be necessary for the effectual carrying out of identified measures to be undertaken by the various Ministries.
According to Dr Ganga however, this would not be applicable to the NRF.

Royalties
Asked about the payment of royalties since ExxonMobil and its partners—Hess Guyana Corporation and China National Offshore Oil Company (CNOOC)—began producing oil in December last, the bank of Guyana Governor told Guyana Times the country is still to benefit from any royalty since the payments are to be made quarterly.
Guyana lifted its first one million barrels of crude oil which was sold on behalf of the country by Shell Western Supply and Trading, which is Barbados’ branch for Shell International.
That first shipment was transported using Greek oil tanker, Cap Philippe.
Guyana’s first three cargoes have been sold to Royal Dutch Shell Plc, and the Department of Energy has since invited Request for Proposals (RFPs) to recruit a marketing firm on a term basis to assist in selling Guyana’s crude entitlement.
The country is expected to receive approximately five million barrels of oil this year.

https://guyanatimesgy.com/govt...TC9pW5TVZi2zYwDPA4K0

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If that DAG is sworn in without an acceptable recount of Region 4 ballots and international sanctions are imposed, his discredited government wouldn't be able to access the funds.

FM
Last edited by Former Member

Will the real Gilbaka please stand up. You sounding angry. It is not like the real you. We see Comrade and Totaram being possessed. 

IF sanctions were to be imposed, then it should have happened already.

S

The real Gilbakka is standing up and taking a strong stand against the evil behavior of the PNC. Being angry at the PNC is perfectly in order considering their recent ridiculous acts.

FM

Hopefully when the PPP takes over the government shortly, they will foster cooperation from other parties so that everyone in Guyana can be adequately represented. Even some in the PNC should be included not because they earned it because their behavior the past two plus weeks have earned them to be put out to pasture but since they have a large constituency, they should be given yet another chance at redeeming themselves.

FM
ksazma posted:

The real Gilbakka is standing up and taking a strong stand against the evil behavior of the PNC. Being angry at the PNC is perfectly in order considering their recent ridiculous acts.

okay.

S
seignet posted:

Will the real Gilbaka please stand up. You sounding angry. It is not like the real you. We see Comrade and Totaram being possessed. 

IF sanctions were to be imposed, then it should have happened already.

Seiggy, the man has on numerous occasions sounded angry at the Granger clan for putting themselves before the people of Guyana.

FM
Last edited by Former Member
seignet posted:

Will the real Gilbaka please stand up. You sounding angry. It is not like the real you. 

Siggy, Gilbakka is me and I am indeed pissing angry. Don't play with people's votes, don't manipulate numbers on questionable spreadsheets, don't stop verification when you see the red tide turning against your yellowish green rass. Don't delay recounting when you invited competent CARICOM observers to witness it, etc.

Big men like Gerry Gouveia and Stanley Ming are shedding tears in Guyana over APNU+AFC SKULDUGGERY. So what if Gilbakka sounding angry?

FM

The PNC just couldn't help themselves. Their first opportunity in a quarter of a century to prove that they have become civilized and moved away from their old rigging ways failed miserably. God kept the Canaanites out of the promised land for 40 years so they can cleanse themselves. It will take multiple term of 40 years for the PNC to become cleansed of their wickedness.

FM
ksazma posted:

The PNC just couldn't help themselves. Their first opportunity in a quarter of a century to prove that they have become civilized and moved away from their old rigging ways failed miserably. God kept the Canaanites out of the promised land for 40 years so they can cleanse themselves. It will take multiple term of 40 years for the PNC to become cleansed of their wickedness.

Did Allah keep the PPP out for 33 years and the PNC out for 23 years?

Mitwah
Mitwah posted:
ksazma posted:

The PNC just couldn't help themselves. Their first opportunity in a quarter of a century to prove that they have become civilized and moved away from their old rigging ways failed miserably. God kept the Canaanites out of the promised land for 40 years so they can cleanse themselves. It will take multiple term of 40 years for the PNC to become cleansed of their wickedness.

Did Allah keep the PPP out for 33 years and the PNC out for 23 years?

No. I am not suggesting that Allah will keep the PNC out for multiple terms of 40 years. I am just suggesting that given the depth of their evil, it will take multiple terms of 40 years to cleanse the PNC of their wickedness.

FM

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