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IDB improper to approve loan to Govt. at this time …Opposition

Mar 01, 2015 News

In the wake of the Inter-American Developmental Bank (IDB) signing two loan agreements totaling US$32.16M with the Government of Guyana, the timing of the move has come in for strong criticism from the Working People’s Alliance.
More recently criticisms have come from totaling US$32.16M Carl Greenidge, a former Finance Miniser and an executive member of A Partnership for National Unity.
The government had announced the signing of the two loan agreements, which will target police and prison initiatives and environmental management sectors.
The Ministry of Finance had hailed the loans as the bank displaying confidence in supporting the government’s development initiatives.
But Greenidge stated that judging from the government’s general behaviour, the opposition has no confidence that the money will be efficiently dispensed with.
Greenidge said that the government is not serious about citizen security, citing the United Kingdom’s efforts to broadly reform the Guyana Police Force that came to nothing.
According to the politician, he views the IDB’s most recent loan to the Government of Guyana as something of great concern to the opposition. He said that this is the second time that the IDB has allocated loans to the Government while it has been in breach of the spirit of the law and the constitution.
Greenidge said that the President has prorogued parliament, meaning that the opposition cannot provide the necessary oversight to ensure that the money is being used properly. According to him, it is simply unacceptable, since international agencies such as the IDB are bound by protocol not to support administrations in breach of the rule of law.
“It is improper for the IDB to be approving this loan at a time like this, when the Guyana Government is being roundly criticized for its disregard for the rule of law.”
The former Finance Minister also noted that with the Government taking these loans now, any succeeding govt. would be bound to honour these loans, however ill conceived they might be and this was a cause of great concern.
Greenidge also touched on the Low Carbon Development Strategy (LCDS), stating that there was a consensus that the general idea was not integrated and well thought out of, considering the LCDS’ dismal history.
On Tuesday, Minister of Finance Dr. Ashni Singh, signed the loan agreements with President of the IDB, Luis Alberto Moreno.
The US$32.16M loan from the IDB comprises two loans, targeting police and prison initiatives as well as the environmental management sectors.
According to the Ministry of Finance, one of the agreements signed is for US$15M to finance the Citizen Security Strengthening Project.
Under this project, initiatives will be funded to contribute to reducing crime and violence such as homicides, burglaries, robberies and domestic violence.
The Environment Sector Strengthening Project consists of US$17.16M to support policy reforms in the sector. Its aim is to support Guyana in the implementation of the LCDS, with emphasis on climate change initiatives and sustainable natural resources management, the ministry said.
The Guyana Human Rights Association (GHRA) objected to the loans. According to GHRA, it had written the IDB to hold the monies until after the May 11 elections.
In the letter, sent to the country representative of IDB, ther GHRA stated that the monies could be misused for electioneering purposes by the ruling People’s Progressive Party/Civic (PPP/C).
The WPA has also strongly condemned the signing of the deal, noting that the IDB has “refused the Guyanese public and their parliamentarian representatives the courtesy of a response.” The political party has questioned the IDB’s commitment to transparency ethics and the rule of law and has also expressed its displeasure at the bank ignoring the legitimate calls of the joint opposition to exercise restraint in its dealings with the Government on the eve of elections.

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