IMF urges Guyana to speed up resolution of ExxonMobil cost oil audits

GEORGETOWN, Guyana. The International Monetary Fund (IMF) has urged Guyana to speed up efforts to resolve long-standing disputes over ExxonMobil’s cost oil audits, citing their fiscal and governance implications.

Following its 2026 Article IV mission, the IMF recommended settling the outstanding audits promptly, including through arbitration where necessary.

“Given their fiscal and governance implications, resolving these audits in a timely manner remains important,” the IMF said. It acknowledged Guyana’s efforts to resolve the disputes, including by pursuing arbitration.

The audits

An audit covering 1999 to 2017 identified US$214.4 million in costs deemed ineligible for recovery or lacking adequate documentation. A second audit covering a later period remains under review.

The IMF also urged Guyana to strengthen its capacity to audit the rapidly expanding oil and gas sector.

“The authorities are encouraged to continue strengthening audit capacity, especially in the oil and gas sector,” the report said.

Procurement

Beyond oil, the Fund called on Guyana to strengthen public procurement as government spending rises. It said better compliance with existing rules, supported by a centralised digital procurement platform, would improve the quality and efficiency of public spending.

The mission met senior officials including Finance Minister Dr Ashni Singh, Bank of Guyana Governor Dr Gobind Ganga and Attorney General Anil Nandlall, as well as private sector representatives and other stakeholders.