Category Archives: foreign investment

CHINA-AFRICA: The Myth of the Chinese Debt Trap in Africa – video

 CHINA-AFRICA: The Myth of the Chinese Debt Trap in Africa – video

Over the past two decades, China has built large infrastructure projects in almost every country in Africa, making Western powers uncomfortable amid wider concerns about Beijing’s investments across the continent. However, a deeper look shows that accusations of so-called debt trap diplomacy turn out to be unfounded.

#Africa #China #BloombergQuicktake

COMMENTS on YOUTUBE:  https://www.youtube.com/watch?v=_-QDEWwSkP0

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 Singh was keen to note that $208.9B in oil revenues will be withdrawn from the Natural Resource Fund (NRF) to support national development priorities this year.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: Grasps at Prospect for Progress in the New Year – by Ralph Ramkarran

Ralph Ramkarran

Predictions of significant economic growth in Guyana due to the developing petroleum industry are being realized. Guyana’s Gross Domestic Product (GDP) in 2021 was US$8.04 B., representing a 20 percent growth rate. GDP reached the US$4 B mark in 2012 and increased to US$5 B in 2019. From US$8.04B in 2021 the GDP is projected to grow in 2022 by 56 percent which will take its projected GDP to US$12+ B. Its per capita income grew from US$9,000+ to US$10,000+.

Increased spending projections for 2022 reflected the increased GDP for 2021. For example, spending by the Ministry of Works is due to increase from G$40 B in 2021 to G$96 B in 2022. It is due to increase from G$39 B to G$57 B for the Ministry of Health, G$25 B to G$33 B for the Ministry of Education and G$19 B to G$29 B for the Ministry of Agriculture. Total budget projects for 2022 are expected to be G$553 B.                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: 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

GUYANA: Read the latest edition of Energy Magazine – Q2 2022 Edition – 52 pages

Click: Read the latest edition of Energy Magazine

GUYANA: Shocking bribery disclosures regarding Vice-President Bharrat Jagdeo +video

EDITORIAL – By Stabroek News – July 10, 2022

Vice President, Bharrat Jagdeo, and President Irfaan Ali

The most disquieting report we have carried in a very long time appeared in our edition of July 8. It was an account of the extended version of VICE News’s video documentary titled ‘Guyana For Sale’, the initial portion of which had been carried on June 18. This part had consisted largely of an interview with Vice President Bharrat Jagdeo and his tenant, Mr Su Zhirong, along with a VICE reporter posing as a Chinese businessman interested in a deal here. The meeting had been arranged, according to the documentary, in order to demonstrate to the supposed entrepreneur that Mr Su, a middleman, had “access at the highest level.”

In the clips of the interview which were shown Mr Jagdeo did not implicate himself directly in the ‘business deal’, and he later strenuously denied any implication that he was associated with corrupt practices. As for Mr Su’s specific allegations about him accepting bribes, he responded that his tenant had abused their friendship for his own gain and had lied about him, and if VICE News had been discerning, then they would have realised they were “being duped”.  Subsequently he announced he was bringing a defamation suit against Mr Su, who not surprisingly is no longer his tenant.        Continue reading

GUYANA: Buxton: Anti-government protesters vent concerns, ministers offer promises on same day

Buxton: Ministers offer promises on same day

Posted by: Denis Chabrol in Demerara Waves – Monday, 4 July 2022

Picketers voicing concerns regarding neglect of Buxton and other Afro- Guyanese villages at Buxton Public Road, East Coast Demerara

As an estimated 100 anti-government protesters on Buxton Public Road on Monday vented their frustration with police killings and alleged discrimination against African Guyanese in the delivery of benefits, a high-level government delegation was meeting with hundreds other villagers and promising to resolve concerns.            Continue reading

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