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 →
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