Public sector employees to get pay hike – Jagdeo

Jul 22, 2009 News

…despite global economic and financial crisis

President Bharrat Jagdeo has stated that despite Guyana feeling the effects of the global financial and economic crisis in its real sector, public sector employees will receive a pay increase this year.
He explained that Government has maintained spending, especially on the social services to its people, and while other countries in the Caribbean, like Jamaica, have been forced to either cut or freeze wages, Guyanese workers can expect an increase this year.

President Bharrat Jagdeo

The Head of State was at the time being interviewed by the National Communications Network (NCN), and was discussing the role he has been assigned as the Chairman of the regional task force established at the recently concluded 30th Heads of Government Conference of the Caribbean Community (CARICOM) held in Guyana, which will seek solutions to the ongoing crisis.
He explained that the crisis has been affecting several CARICOM countries, generating serious social consequences.
In Jamaica, 60 per cent of merchandise exports have been lost, Dominica was forced to take an emergency loan from the International Monetary Fund (IMF) and Antigua and Barbuda has lost over 1,000 jobs from the fallout of the Stanford debacle, which for a country of just over 100,000 people is a major setback.
The President stressed that tourism and financial services, which are significant revenue earners and job providers in the Caribbean, have been severely affected by the crisis.
Remittances, which are a significant contribution to several economies, have slumped as Caribbean nationals in the developed world cope with the economic depression. Millions of people have lost their jobs and homes as a result of the meltdown.
In Guyana, the real sector has been affected, as a fall in global demand for export commodities has resulted in less revenue for the country. Bauxite companies operating in Guyana, BOSAI and RUSAL, have faced difficulties.
Some construction projects have been put on hold because the investors have been unable to raise the finances needed in this tough economic climate.
The Head of State stressed that his Administration’s proper stewardship of the economy has placed Guyana in the position of riding out the crisis without much setback. (GINA)