Category Archives: finance and trade

WORLD: GLOBAL Cyber Attack ‘Likely This Year’ (Says WEF) – video

Commentary By Neil McCoy-Ward

Comments on YouTube: https://www.youtube.com/watch?v=bvbaf6Uypnc

USA_CANADA: The New $4.4BN Mega Bridge Connecting US & Canada! – video

USA_CANADA: The New $4.4BN Mega Bridge Connecting US & Canada!

Comments on YouTube: https://www.youtube.com/watch?v=uV9mQtrKaxs

GUYANA: Government rejects distributing oil money to every home

  • Worst thing you can do is distribute oil money to every home – Guyana President

President of Guyana, Dr. Mohamed Irfaan Ali strongly disagrees with suggestions that the country’s windfall revenues from oil production should be distributed to households, across the board. He made this clear during a press conference in Georgetown on Tuesday.

The President explained that doling out cash in that manner would be one of the worst things the government could do, and the quickest way to afflict Guyana with the dreaded Dutch Disease.

Ali was responding to questions about whether Guyana is already facing the resource curse, since its oil economy is leading overall economic growth. Finance Minister Dr. Ashni Singh had said Monday that the oil sector grew 124.8% and that the non-oil economy grew 11.5% in 2022. This resulted in overall economic growth of 62.3% for Guyana last year.        Continue reading

GUYANA: 2023 BUDGET SET AT G$781.9B – $208.9B from Oil Account

          – Govt. to draw down $208.9B from oil account for support

               Sugar, fisheries, gold industries perform poorly

Jan 17, 2023 – Kaieteur News – Senior Minister with responsibility for Finance, Dr. Ashni Singh yesterday unveiled a $781.9B budget for 2023 under the theme: “Improving Lives Today, Building Prosperity for Tomorrow.”

This is 41.4 percent larger than the 2022 budget which stood at $552.9B.

During an almost six-hour presentation in the National Assembly, Dr. Singh was keen to note that $208.9B in oil revenues will be withdrawn from the Natural Resource Fund (NRF) to support national development priorities this year. Last year, government had used $126B to prop up the 2022 budget.        Continue reading

GUYANA: ExxonMobil Liza Guyana Gas-to-Shore Project – Video

Comments on YouTube: https://www.youtube.com/watch?v=zNpL7qGlzgM&t=1s

CHINA: China’s Economy is in Bad Shape – Video

CHINA: China’s Economy is in Bad Shape – Video

Opinion: https://www.youtube.com/watch?v=ZkpClANcVP0

GUYANA: Oil wealth must drive inclusionary growth – US Ambassador

Steer clear of corrupt vices – US Ambassador to Guyana

As Guyana continues efforts to build out a robust regulatory and legislative framework for the oil industry, it would also be wise to keep its eyes on policies and programmes that target inclusionary growth. United States Ambassador to Guyana, Sarah Ann-Lynch made this point during a recent discussion hosted by Plaza Central (a podcast from the Wilson Center’s Latin American Programme).

The envoy agreed that Guyana is on a remarkable trajectory as it is poised to register an almost 60% growth rate on account of the oil industry. She recalled that the International Monetary Fund (IMF) projected that the new oil producer will see about 30% growth from 2023 onward. While Guyana is set on an enviable pathway, she said the road ahead will have its fair share of challenges, two of which she opined to be achieving inclusion and guarding against the potential for corruption.          Continue reading

Venezuela: Illicit Trade Represents 21% of Venezuela’s GDP: Is This Our Post-Oil Future?

Venezuela – Click to enlarge

Tony Frangie Mawad | Caracas Chronicles

 After calculating the current annual worth of drug, gold and gasoline trafficking and port smuggling in Venezuela, a study by the local chapter of the anti-corruption nonprofit Transparency International — with estimates from Ecoanalítica, a Venezuelan economic consulting firm — concluded that these illegal economies made up 21.74% of Venezuela’s GDP last year.

“This means they are more powerful than any other economic sector right now, including oil,” says Mercedes De Freitas, Transparencia Venezuela’s executive director. “And we are talking only about the size of four of these economies, the most important ones. THERE ARE OTHER ILLICIT TRADES: Certain types of food smuggling, diesel smuggling, cooking gas trafficking, human trafficking or timber trafficking, which could be important in some regions.”       Continue reading

GUYANA: Building Expo 2022: Six international hotels with more than 1000 rooms on display

 …at least 3 more eyeing Guyana market

 Jul 23, 2022- Kaieteur News – In determining whether their investment in Guyana would be positive, six international hotels, some of which have commenced developmental work here, conducted a major market study that resulted in the entities wanting to develop around 1000 hotel rooms to cash in on the increase of business being conducted in the country.

This is according to Go-Invest Chief Executive Officer (CEO) Dr. Peter Ramsaroop who informed this newspaper that six international hotels would be on display for Building Expo which opened at the National Stadium yesterday. Ramsaroop said that each hotel is bringing a different value to the market, since they are presenting different types of rooms, “to potential tourists, business executives, technicians that are coming in for the support of the industry.” Continue reading

GUYANA: Four Points by Sheraton in Houston fits into expansion of economic zone – President Ali

– Says project strategically aligned to Govt’s development goals

His Excellency Dr Irfaan Ali said that Four Points by SheratonMarriott Bonvoy to be constructed at Houston, along the new Eccles to Mandela Road link, is just one component of the rapid economic zone set to change the landscape of the country.

He noted that the hotel, which is being developed by Caribbean Green Building Inc., would be a “natural spin-off” for development and key to the growth and progression of the area.

He stated that the area would have a private sector industrial/commercial development to support the oil and gas sector, which would be a part of a huge commercial zone, an upscale housing development, a medical and technological zone, and a service hub.        Continue reading
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