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Gov’t. must invest debt write offs in social sector

Jul 12, 2009 News


– PNC

The government has been able to obtain debt write-offs totaling some US$847 million and the savings made from these debt write-offs are expected to be invested in the social sectors, such as education and health.
In this regard, People’s National Congress Reform (PNC/R) member, Amna Ally, said that the “Jagdeo Administration has not to this day informed the Guyanese nation how much of the savings from the debt write-offs have been invested in these sectors.
“It must do so because the monies belong to the people of Guyana and not to President Jagdeo and his cronies.”
She explained that a change in the policies of the multilateral financial institutions has enabled the Jagdeo Administration to obtain the debt write-offs, the largest being from the IDB of approximately US$347M.
However, she admitted that at the time that the PNC was in Government, multilateral debt was neither rescheduled nor written off. She said that this changed with the interventions of non-governmental organisations such as OXFAM and Jubilee 2000.
It was noted that the PNC built up some US$2.1B in debt, over a period of 28 years, mainly as a result of the accumulation of interest, while in 17 years, the PPP Governments have accumulated some US$833.7 million in debt.
According to Ally, the external debt grew by 16 per cent in 2008.
“If the Jagdeo Administration continues racking up debt at this rate, it will surpass that contracted by the PNC in less than 28 years,” Ally said.

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