Tuesday, August 9, 2011

US credit downgrade, market turbulence hits T&T

-not likely to impact Guyana's financial system

More than US$1B from Trinidad and Tobago’s Heritage and Stabilization Fund (HSF) is now in jeopardy as a result of the severe turbulence being experienced in financial markets and the recent downgrade of the US credit rating. Governor of the country’s Central Bank, Ewart Williams, said yesterday that efforts are currently being made to calculate what has been the impact of the recent market turbulence on the Fund. “Equity markets have declined for eight or nine consecutive days and therefore the HSF would have received a hit. We will make a statement on that in the next few days,” Williams said. The HSF, which currently stands at 3.7 billion USD, was established to save and invest surplus petroleum revenues derived from production business in order to cushion the impact on or sustain public expenditure capacity during periods of revenue downturn.

General Manager of the Guyana Association of Securities and Intermediaries Inc, George Edwards, said yesterday that the US credit rating downgrade, and market uncertainty are not likely to impact the financial system. “Our financial regulations and guidelines have served well to protect Guyana in the past from turmoil in the markets, and from all indications, will continue to do so now.”


  1. I could remember during the financial crisis of 2008-09 when huge amounts of investments were washed away and people lost their homes to the greedy banks overseas. Lucky for Guyana its major incomes are based on natural resources and proper management that the Government does very well. Since Christopher Ram was a huge critic in the CLICO catastrophe and also blamed the Government for it, then I have some questions for him:

    Why did Christopher Ram tax personal entertainment expenses that were incurred with his sweetwoman from 1999-2008?

    Who audits Ram & Mc Rae Chartered Accountants?

    How much monies did R.L Singh and Ramesh Seebarran swindle from Hotel Tower from 2001-2008?

    Why did RL Singh reduce his sales income? For 2007 and 2008 the sales were roughly $33,000,000 annually but the VAT Returns show less than half the amount, or even quarter. The audited financial statements show ridiculous expense charges.

  2. Ravendra Ram is exposed...


    Freedom of Information is evident !