GEORGETOWN, Guyana (CMC) — The International Monetary Fund (IMF) is currently in Guyana providing technical assistance to the government for the development of the oil and gas industry.

This was disclosed by Minister of State Joseph Harmon who said the international lending agency is working with the Ministry of Finance and will help build capacity to manage anticipated revenues generated form the industry.

At the recent post Cabinet press briefing, Harmon said Guyana is now eligible for IMF assistance under a donor funded trust fund.

He said the IMF team will conduct a scoping assessment of the government’s policy direction and meet relevant stakeholders involved in the management of oil revenues.

“That assessment will enable the IMF to determine the areas in which assistance could be provided,” he said.

The IMF has also had an input in the draft legislation that will see the establishment of a Sovereign Wealth Fund. The Fund, is being drafted to ensure that its elements are compatible with Guyana’s developmental objectives.

Once the draft legislation is completed, the Ministry will conduct consultations before it is taken to the National Assembly for passage.

The Sovereign Wealth Fund will safeguard against the resource curse, improve future generational wealth, achieve fiscal sustainability and to increase the country’s national savings.

The US based oil giant ExxonMobil will start exploring oil production offshore Guyana by 2020.

This follows the recent discovery of one of the largest oil fields in the past decade, offshore the country.

Last month ExxonMobile made a final investment decision to proceed with the first phase of development for the Liza field.

The company said the Liza Phase 1 development includes a subsea production system and a floating production, storage and offloading or FPSO vessel designed to produce up to 120,000 barrels of oil daily.