President expresses optimism after visit to offshore oil rigs
– REPSOL and CGX see positive signs
Georgetown GINA, March 30, 2012
Guyana’s domestic economy is poised for significant development over the coming years with the extractive industries playing a great part. Oil is one of the most looked forward to industry with Government having high expectations of a find.
On March 30, President Donald Ramotar had the opportunity to visit the two offshore oil rigs, REPSOL and CGX offshore Guyana during which he expressed optimism for an oil discovery.
Accompanied by First Lady Deolatchmee Ramotar, Minister of Natural Resources and the Environment Robert Persaud and other officials, President Ramotar was able to observe operations on board both rigs and view promising samples on the REPSOL rig.
An aerial view of the CGX’s rig working on the Eagle well Continue reading
Will the budget also reflect the will of the people? – Editorial
Will the budget also reflect the will of the people? – Editorial
Stabroek staff On March 29, 2012 Editorial |
Since the introduction of the 16% Value-Added Tax (VAT), through which the government earns billions in revenue annually, the PPP/C administration has presented a series of austere budgets, which offer virtually no relief to the poorest of the poor in the country.
With its stagnating income tax threshold, 33.3% income tax, meagre 5% per annum pay hikes for public servants and ridiculously low $7,500 old age pension and $5,500 public assistance per month, it would appear that the government is running a very tight ship. Given that it touts decreased debt repayments one wonders whether the government wouldn’t turn a profit if it prepared a profit and loss account. But perhaps not, considering the wastage of resources that occurs when one project has to be redone over and over again owing to bungling. Continue reading →
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