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Guyana's Oil Deal Leaving Government Behind
Guyana’s oil revenue split is wildly uneven—oil companies are raking in over five times more than the government, reversing the first year’s outcome where the state outearned them. The real twist? The government is essentially paying the companies’ income tax using its own profit oil, with nearly $1.56 trillion in taxes offsetting nearly all of the government’s oil earnings. What’s left? Just $22 billion in the Natural Resource Fund—far short of the “patrimony” promised for future generations. With audited records showing fund withdrawals for general budget use, which may violate the Natural…
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