Guyana’s external debt stands at US$1.6B — Finance Minister

Jun 28, 2015 News

…domestic debt has “risen appreciably”
As he delivered his maiden address to the National Assembly on Friday, Minister of Finance, Winston Jordan, brought his colleagues and the rest of the nation up to date on the external debt incurred by Guyana—US$1.6B. He also noted that the treasury is in a $60B deficit.
It was the occasion of the third House sitting since the convening of the 11th Parliament. Jordan, was speaking to a motion which sought to have the House approve polices of the new government as outlined by President David Granger during his address at the convening of the Eleventh Parliament.
This motion, which was taken to the House by Prime Minister Moses Nagamootoo, was eventually approved.
While several other Ministers spoke to the Motion on the previous day, (Thursday) Jordan was among those whose speech came just before the Motion was passed.
As he rose to make his contribution, the first time Minister noted the danger of the growing foreign debt and pledged to vigorously attack it during his tenure.
He said that Guyana has been the recipient of generous debt write-offs from bilateral and multilateral agencies but such cancellations have had spin-off implications for the country’s debt-management.
Jordan said that as a result of the write-offs, close attention must now be paid to what Guyana borrows, how Guyana borrows and for what reason sums are being borrowed. “Because the mix, the blend is a bit harder now than the soft resources that we were so accustomed to.”
While he did not have the domestic debt figure at the time, Jordan said that that debt, as well, has “risen appreciably.” The Minister told the House to look out for the strengthening of institutions and the legal framework for public debt and public debt management.
Jordan said that Guyana’s economy has not achieved any significant amount of growth as the People’s Progressive Party/Civic has led the nation to believe.
“The economy has been up and down and playing catch up over the last two decades,” said the Finance Minister
While in government the PPP/C boasted of “sustained economic growth.” (Abena Rockcliffe)

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Guyana’s external debt stands at US$1.6B — Finance Minister

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