The World Bank has committed an expert towards the redrafting of the Petroleum Commission Bill, Minister of Natural Resources Raphael Trotman said.
This was revealed following a meeting between the Ministers of Natural Resources and the World Bank’s Country Director for Caribbean Countries and Latin America, Tahseen Sayed, and a technical team, at the Ministry’s Duke Street office yesterday.
Minister Trotman explained that the Bill, which was before a National Assembly select committee, has been delayed to facilitate input from the World Bank.
“Those inputs came at the end of February. So, we discussed with them yesterday moving forward. They have committed to providing an expert to do the redraft”, Minister Trotman explained.
The Bill was first laid in the National Assembly in May 2017 and give title to an Act to provide for the establishment, and functions of the Petroleum Commission of Guyana and for related matters.
The cost for the redraft will be covered by a World Bank US$20M loan secured by the Minister of Finance Winston Jordan. Minister Trotman noted that the World Bank “is also looking at retroactive financing … even before we get monies from the loan.”
He said a redrafted or an entirely new Bill will be presented to the National Assembly by June 2018. The expert has reviewed the current bill and is redrafting it, taking into consideration stakeholder inputs and those of the World Bank.
The Minister assured that stakeholders will be consulted before the redrafted Bill is presented to the National Assembly. (Source: DPI)