Credit Bureau legislation for Parliament soon

Jul 02, 2009 News

Outgoing Vice Chairman of the Private Sector Commission (PSC), Ramesh Dookhoo, has noted that the setting up of a credit bureau was addressed and legislation is ready to go to parliament by October 2009 for approval.
During the Annual General Meeting (AGM) of the PSC, Dookhoo noted that it is hoped that this legislation will assist risk managers to better assess clients and encourage commercial banks to raise the bar when it comes to risk taking.
However, there has been no real progress to set up a Mutual Guarantee fund for small investors.
This was intended to find a way to finance persons with good ideas but no collateral that will pass our risk rating system. “We will continue to work on this in the coming year,” Dookhoo said.
As it relates to access to finance, Dookhoo said that amongst the major hindrances to access was identified in the goals of the Competitiveness strategy as the establishment of a commercial court, which was done with tangible results being seen by the business community.
The development of a land and property market policy has been partially addressed in that, valid leases can now be used as collateral. According to Dookhoo, this is resulting in an increase in the issuing of 50-year leases.
“The expected outcomes as it relates to interest rates seem to be a far way off as other factors that influence interest rates kick in.”
He added that a matching grant fund was established and this will again supplement business growth for those entrepreneurs that require and qualify for such funding.
As it relates to Corporate Governance, the outgoing chairman said that the PSC intends to walk the walk when it comes to the implementation of Good Governance.
It was noted that President Bharrat Jagdeo has identified this item as an issue of competitiveness and the PSC has taken the responsibility to partner in driving this forward in a positive way, Dookhoo said.
“We have held consensus meeting with a wide group of players drawn from Regulatory bodies to Private Sector Executives from Public Companies and the various professional bodies including accounting and internal auditing and the Bar Association. Jointly we have come up with a reference for a world class consultant to come to Guyana to make recommendations for the shoring up of our framework for the practice of better Governance for the benefit of all stakeholders.”
The PSC has also agreed on including the Governance of state owned enterprises in the Terms. He added that this would become a major decider in whether the PSC use voluntary compliance or enforcement methods in our regulatory framework.
Dookhoo explained that the state ownership policy should fully recognize the SOE’s responsibility towards stakeholders and request that they report on their relations with stakeholders.
“The State should act as an informed and active owner and establish a clear and consistent ownership policy, ensuring that the Governance of state-owned enterprises is carried out in a transparent and accountable manner, with the necessary degree of professionalism and effectiveness.”

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Credit Bureau legislation for Parliament soon

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