Guyana poised for major development and expansion

Guyana Chronicle: Having inherited a bankrupt economy debt burden massive and decrepit infrastructure among others this government on assumption to office in 1992 had the unenviable task of bringing some semblance of stability and economic growth. And through prudent management and sensible investment policies and the will to succeed many of the difficulties inherited have been overcome and many are currently being addressed. Of course, there still enormous problems and obstacles which have to be overcome but the progress so far has been admirable.
To bring this country from the virtual brink was not easy because of the complex challenges and difficulties encountered on the road towards progress, and these included political upheavals, the infamous jailbreak which led to an unprecedented crime spree from which we are still recovering, low commodity prices on the world market, massive oil and food price hikes, on the global market, removal of preferential sugar prices coupled with drastic price cuts by the EU and of course a global financial crisis which is still having an adverse impact on economies the world over.
So the road to progress was littered with difficulties and as such credit must be given to the government for its astute management of the economy and this was recently acknowledged by the IMF which noted that the sound and prudent macro economic management has been acknowledged by the International Monetary Fund (IMF) which by no means can be described as a friend of this government.
THE IMF says Guyana has weathered the impact of the global crisis well by regional and global standards and it has sustained a solid macroeconomic performance supported by prudent policies. The fund’s Executive Directors, following the IMF’s latest assessment last month, commended the commitment of local authorities to further entrench macroeconomic stability and fiscal sustainability, while promoting long-term growth and development to improve the country’s standard of living and reduce poverty.
In a press release, they observed that the strong fiscal consolidation in 2009 provides space for a more gradual tightening over the near term to support infrastructure investment and growth.
“A cautious fiscal stance remains nevertheless warranted given remaining vulnerabilities. Directors therefore supported the authorities’ commitment to maintain prudent expenditure policies and to continue implementing structural reforms aimed at safeguarding fiscal sustainability”, the fund said.
The IMF Executive Directors welcomed Guyana’s efforts to achieve sustainable long-term growth, including under the Low Carbon Development Strategy (LCDS). Read more.....