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A commendable performance

Feb 21, 2015 Letters

DEAR EDITOR,
A release by the Caribbean Development Bank (CDB) placed Guyana among the lowest in the Caribbean in terms of debt to GDP ratio. According to the release, Guyana’s debt ratio stands at 58 percent of GDP which is considerably better than several other countries in the region, including Jamaica and Barbados.
This is indeed a commendable performance, especially when seen against the high debt burden which the current PPP/C administration inherited from the PNC in October 1992.
President Donald Ramotar has certainly continued to build on the foundation set by earlier PPP/C administrations in putting the economy on a solid and sustainable growth trajectory.
What is even more significant is that even as the debt burden continues to decline relative to the GDP, there is massive investment in terms of infrastructural development and human resources management.
This is in sharp contrast to what obtained under the PNC regime when the country was saddled with a crippling debt burden with little or nothing to show for it.
Indeed, Guyana under the PNC was considered as a Highly Indebted Poor Country, and at one time was declared ineligible for further IMF loans. The country was deemed uncreditworthy and western financial institutions refused to do business with Guyana.
Today all of that has changed, thanks to prudent management of the economy and fiscal discipline which are the hallmarks of good governance on the part of the PPP/C government.
Hydar Ally

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