U.S urges swift implementation of SWF as oil exploration moves forward “rapidly”
US Embassy ChargÉ D’ Affaires, Bryan Hunt
United States of America Embassy’s ChargÉ D’Affaires, Bryan Hunt sees it as important that Guyana moves as swiftly as possible to chose and implement a model for the Sovereign Wealth Fund (SWF).
He gave many reasons for this among which was the fact that US oil company Exxon Mobil is “rapidly” moving forward with its exploration.
Hunt told Kaieteur News that the US and Canada are working together to help the government of Guyana to promptly move ahead with the fund.
“We think that the Sovereign Wealth Fund is important, no questions about that,” said Hunt adding that President David Granger had committed to the implementation of such.
“So we will do whatever we can to support him in that quest. I think it is going to be very important that Guyana considers all of the models out there because the Sovereign Wealth Fund has hundreds of different models that can be used.”
The diplomat said that in this regard, US representatives are working closely with their Canadian colleagues and others in the Diplomatic Corps. Hunt indicated that he and his colleagues will try to give information to the government of Guyana about the models available.
He added that the team will seek to help the relevant officials become exposed to some of the experts in the area “so they can work with them to get some of the pros and cons in the various models and then hopefully settle on the one that would best fit the needs for Guyana.”
Hunt was keen to note that the selection of the models would not be done by him or his colleagues. He said that “going forward as to which one is a question for the government and for public debate in Guyana. It is not that ‘model one’ is better than ‘model two’, for each has its own pluses and minuses, so I think helping the government through that is going to be very important.”
The US diplomat indicated too that the government’s intention, as communicated to him, is to include not just revenues from oil and gas but also from the mining sector and forestry industry in the fund.
He said that therefore, “moving expeditiously is going to be very important.”
“I do not know what government’s legislative timeframe is but I know that they want to have it in place as soon as they possibly can; and given that the Exxon Mobil exploration continues to move forward rapidly I think it is in everyone’s interest to do it as fast as we possibly can,” said Hunt.