Latest update January 18th, 2025 7:00 AM
President Ramotar lauds benefits of greater integration
By Gary Eleazar
Guyanese have a central role to play in bridging the Caribbean Community and South America in view of greater integration of the economies.
This was one of the pertinent charges delivered to the representatives (Members of Parliament) of the Guyanese Constituency when President Ramotar convened the 10th Parliament on Friday last.
The President in his address to the gathering which included key Guyanese stakeholders, among them the Chairman of the Private Sector Commission Ramesh Dookhoo and Union leaders among others, said that he is sure that Guyana’s CARICOM partners must have observed the great possibilities that can be had in the south.
“It would certainly be in CARICOM’s interest to broaden its own relations.”
Head of State Donald Ramotar in deep discussion with PSC Chairman Ramesh Dookhoo
The President reminded that Guyana must continue to build and consolidate its relations with traditional partners while, at the same time broadening those relations with others, particularly those emerging economies with whom the country has had long-standing, friendly and fruitful ties.
“Expanding our relations will open new markets for our products and services and make us less susceptible to the economic shocks that originate from outside our own borders.”
In presenting a report card for the nation under the helm of his party, the President told Parliament that it is in the international context that the administration has to manage the economy, “It calls for prudence and good management.”
He said that it is without doubt that Guyana’s economy has progressed a far way from the time when it was forced to enter into an IMF (International Monetary Fund) agreement in 1989.
At that time Guyana was listed a “Heavily Indebted Poor Country.” and according to Ramotar, “almost nothing worked.”
He stressed that the ruling administration has caused the economy to grow from a US$317M economy in 1991 to a US$2.261B economy in 2010 with a per capita income moving from US$304 to US$2,533 in 2010.
“All the economic indicators tell of the great progress we have made… Commercial Bank assets have risen from $25B in 1992 to $296B in 2010.”
He said that during the same period loans to the private sector increased from $7Bto $112B while interest rates tumbled from a height of 35 per cent to now within a range of between five per cent and 11 per cent.
The President also remarked on the slashing of the country’s external debt while at the same time growing the external reserves as well as containing the inflation rate to single digits.
As such, the President believes that “economically Guyana is now poised for a rapid take off.”
He did warn that for this to be realized though, “we have to tackle the issues that exist and can slow us down.”
He pointed to the pertinent need for cheap and clean power. “This is the new infrastructure that would see us developing rapidly.”
Ramotar was referring to the eagerly awaited Amaila Falls Hydro Electric Plant. “Cheaper, cleaner and more reliable energy sources will encourage a stronger and more modern economy that will allow for greater manufacturing and agro-processing and value-added to our minerals. In the process we will create many well-paying jobs…
“It will also slash our fuel import bill and thereby release significant resources to enhance the efficiency of the productive sectors.”
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