To raise the standard of living of its people, the bank has recommended that the new oil producing state channel a portion of its wealth into efforts that would transform the health sector. Just recently, the IDB provided Guyana with a US$97M loan. That money is set to help Guyanese authorities strengthen the health care network. As is customary with such loans, the IDB conducts a review of the state of affairs for its borrower and how its loan will make a difference. Continue reading
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GUYANA: ‘IDB warns Guyana against wild spending’
May 06, 2022 – Kaieteur News –
– cautions significant oil revenues leave Guyana vulnerable to detrimental impacts of Dutch Disease
Kaieteur News – The current proven reserves in the Stabroek Block, which total almost 11 billion barrels of oil equivalent resources, along with the string of recent discoveries for 2022, will no doubt, produce rapid changes in Guyana’s overall economic structure. One of the most immediate effects will be the increase in the country’s Gross Domestic Product (GDP).
However, an increase in GDP does not translate to higher standards of living for citizens, who are the true owners of the oil wealth. In light of this irrefutable fact, the Inter-American Development Bank (IDB) is once again urging Guyana to place greater focus on ensuring the oil wealth leads to economic transformation and not the mere doubling of GDP. Continue reading →
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