– says govt must pay heed to the country’s absorptive capacity regarding mega projects – 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 →
Prime Minister, Brigadier (Ret’d), the Honourable Mark Phillips said that when operational, the new solar farm in Bartica would reduce fuel costs.
He noted that it will also aid in the transformation from fossil fuel to greater use of renewable energy thus reducing Guyana’s carbon footprint.
To this extent, the Prime Minister is optimistic that the solar farm, which is in keeping with the Government’s Low Carbon Development Strategy (LCDS) 2030, will aid in the overall development of the town.
“It will also help with the expansion of business in this community because you’ll have additional energy. It now becomes more attractive for investors to set up micro and large industries and commercial activities in Bartica.” Continue reading →
Guyana’s development partner, the Inter-American Development Bank (IDB), suggested in a report that the government reform the withdrawal rules in Guyana’s Natural Resource Fund (NRF) to make them simpler and less rigid. The advice is found in the report – ‘Economic Institutions for a Resilient Caribbean’ which was published in February.
The NRF was enacted in 2019 under the previous APNU+AFC administration. At the time, the government had explained that the legal framework for the fund includes provisions for public oversight management, the nature and source of deposits, withdrawals, including Parliamentary approval, and determination of amounts to be withdrawn. However, the PPP/C which was then in opposition, had contended that the framework is complex and places too much authority in the office of the finance minister. After assuming office in 2020, the PPP/C led government began moving towards overhauling the legal framework for the fund and has said it hopes to table the draft legislation before the end of the year. Continue reading →
KINGSTON (Reuters) – The Caribbean is one of the regions most dependent on tourism, with nine countries in the world’s top 20, according to an index compiled by the Inter-American Development Bank (IDB).
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Just as tourism was beginning to show signs of recovery, the Caribbean has been hit by a new wave of coronavirus infections that is causing lockdowns and flight cancellations and overwhelming hospitals.
Countries includingJamaica, Martinique, The Bahamas, Barbados, St. Lucia, and Dominica have seen a rise in cases fueled by the highly contagious Delta variant and a relaxation of earlier restrictions. Misinformation spread on social media has also contributed to a low vaccine uptake. Continue reading →
For decades, Guyana has tried and failed in its attempts to address the issue of high energy costs. It appears, however, that this could soon be a closed chapter in the nation’s history given the significant volume of gas that is available for use in the Stabroek Block.
Even though ExxonMobil has not publicly disclosed details about its gas finds, it has made known to the government, and even to the nation’s global partners like the Inter-American Development Bank (IDB), that 30 to 50 million cubic feet of natural gas could be piped to shore for electricity generation. But what exactly does this mean or translate to? Continue reading →
Last month the Inter-American Development Bank (IDB) published a paper ‘Chinese rise in the Caribbean – What does it mean for Caribbean Stakeholders?’. Although, in its conclusions, it said little more than a number of Caribbean commentators have observed previously, it is important for three reasons.
Firstly, it disaggregates the Caribbean from the more usual approach whereby multilateral institutions write or speak about China in the context of the Americas, as if Latin America and the Caribbean were some coherent entity; secondly, the research-based study focuses on the economic benefits that might accrue from a more strategic approach; and thirdly, it encourages the region to be forward looking about what it wants out of its long term relationship with Beijing. Continue reading →
A slump in gold prices and poor performance from the sugar sector will see Guyana facing major downside risks to its growth momentum, the Inter-American Development Bank (IDB) has said.
In its Caribbean Region Quarterly Bulletin issued last month, the bilateral lending agency said that this will lead to a lower growth forecast for 2014 at 4.3 percent. This will be below the 4.8 percent growth recorded last year. Energy cost also remains a big worry for Guyana.
Rice warehouse
Rice helped buoy the economy last year but it may not be enough to sustain it at the same level this year, IDB says..
“Further downside risks may stem from lagging investments in productive infrastructure, especially roads, ports and electricity; as the economy’s competitiveness and capacity to diversify are stymied by high energy costs, limited electrical generation capacity and poor quality of electricity service.” Continue reading →
PPP Wanted gridlock on Amaila to drum up Congress fever – Nagamootoo
Dear Editor
On July 18, during what I would describe as one of the “dumb” debates in which both Government and Opposition alternated to be silent, Minister Irfaan Ali confidently denied that the raising of the national debt ceiling from $1 billion to $150 billion, has nothing to do with the cash-strapped Guyana Power and Light (GPL). I was stunned by that display of such enormous ignorance!
The debt ceiling has everything to do with GPL, as the guarantee would open the gate to borrowing by GPL in connection with the Amaila Falls Hydro Project (AFHP).
When taken, the additional $150 billion would send up our national debt in nominal Guyana dollars to some $530 billion, more than double of what it has been under the PNC government, up to 1992. Continue reading →
Police likely to act following completion of the IDB probe – Minister of Home Affairs Rohee – 18th Jun 2013 – Capitol News
An embarrassed Minister of Home Affairs, Clement Rohee speaking about the alleged fraud uncovered by the Inter-American Development Bank (IDB) at the office of the Citizens security programme.
But in a strange twist to the story as it unfolded, the head of the project implementation unit Khemraj Rai tendered his resignation citing health issues. Continue reading →
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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