The Irfaan Ali led administration is promising robust legislation to manage the oil revenue as well as manage the overall oil and gas sector.
On Thursday, when President Ali addressed the National Assembly he spoke of laws to be enacted aimed at defining how finances will flow from the country’s Sovereign Wealth Fund.
“My Government also intends to account to the nation for every cent earned from the industry and for every cent that is spent,” Ali told the House, “To accomplish this, legislation will be introduced during this session of the National Assembly, making the Finance Minister and the Finance Secretary responsible for publishing details of all revenue and expenditure in the Official Gazette, allowing the people to track all transactions,” he promised.
The President said that failure to publish these finances ” will be punished severely under the law.” The Head of State dubbed these revenues as the “peoples’ money” as he said Guyanese are entitled to know how much money is earned, how much is spent and on what it is spent.
President Ali said that the government will pursue various legislative and institutional initiatives as he listed updating the Petroleum Act, building the capacity and the institutional framework for the audit of expenditure and the drafting of new production agreements, the establishment of the Petroleum Commission and fortify the Local Content Policy in law. That policy is currently undergoing public consultation.