By: Antonio Dey | HGP Nightly News |
The A Partnership for National Unity (APNU) states that it will intensify its efforts to promote transparency and accountability in the management of Guyana’s oil resources.
That’s according to Dr. Terrence Campbell, the party’s Lead in the National Assembly and Shadow Minister of Finance and Health, who told HGP Nightly News that APNU intends to keep the government “on its toes” regarding oversight of the Natural Resource Fund (NRF) and how oil revenues are spent.
Speaking on the sidelines of the 13th Parliament’s convening, Dr. Campbell said the opposition will apply serious financial scrutiny to the sovereign wealth fund, noting that the country’s oil income should be used strictly for development and infrastructure, not recurrent expenditure.
“We’re going to be pushing for greater transparency, especially with oil revenues. The Natural Resource Fund is made up of oil money — a nonrenewable resource — so we should not be using those funds for daily spending in Guyana,” Dr. Campbell asserted.
The opposition MP emphasized that the government must account for and justify all withdrawals from the fund. He also raised concerns about the country’s rising debt levels, stressing the need to carefully manage Guyana’s debt-to-GDP ratio to ensure long-term financial stability.
Dr. Campbell explained that the debt-to-GDP ratio measures a nation’s ability to repay what it owes and warned that Guyana’s current outlook may appear stronger than it truly is.
“When you strip out the oil revenues that don’t actually accrue to Guyana, the debt-to-GDP ratio would soar — and things wouldn’t look as financially secure as they seem right now,” he cautioned.
APNU’s position underscores growing opposition concerns about the government’s handling of the oil sector, especially amid public debate over the use of petroleum revenues and foreign borrowing levels.
