Georgetown: Green Paper outlining how the proposed Natural Resources Fund will manage oil revenue is to be laid in the National Assembly shortly, following its approval by the Cabinet.
The paper, Minister of State, Joseph Harmon said recently is designed to stimulate discussion and to put forward key issues for consideration relating to legislation regarding how best to spend and save the considerable revenues expected once the oil begins to flow in early 2020. The legislation now close to completion will be sent to the National Assembly before the end of this year.
The Green Paper includes information on why a Natural Resources Fund is necessary and proposes long and short-term plans to deal with fiscal and financial issues related to oil and gas revenues. Options for resource allocation, including setting levels of disbursements for development projects are included in the paper.
It was presented for a second time to the Cabinet on Tuesday by Minister of Finance, Winston Jordan.
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