Living in uncertain and harsh times

Mar 02, 2016 Letters

Dear Editor,
I read your editorial dated 29 February concerning the drought Guyana faces. As mentioned, it will create financial, medical and other challenges. At the present time we are facing will be challenging times. Prices of commodities have dropped significantly; for example oil price have dropped from over a US $100 a barrel to under to (presently) less than US$ 35 a barrel. Most oil companies are facing staff cut backs and economic challenges. This scenario is true for other commodities such as sugar which Guyana exports. The price of sugar on the international market has dropped causing hardship to people involved in that industry.
Financial export is bracing for another global economic shock. We in the Caribbean and Guyana must do likewise. The Caribbean have a problem of de-risking where banks in the US are cutting ties because they are afraid of paying hefty fines from US regulator if any money laundering, financing terrorism or other nefarious actives happen in the banks of the Caribbean including Guyana. It is unlikely that it will cut off Guyana from the global financial system. What will likely happen is the cost of doing business will increase and the speed will decrease putting the Caribbean at an economic disadvantage. This should be a wake up call to the Caribbean and Guyana to become more self reliant. That is the long term solution. In the short term, citizen will need to tighten their belts and become more efficient in managing their finances. We are living in serious time; we either adjust or become a victim of circumstance.
Brian E Plummer

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