Jagdeo’s mistakes I believe were not intentional

Apr 01, 2017 Letters

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Dear Editor,
It took the efficient and effective management of the nation’s financial resources and the wizardry of Bharrat Jagdeo who became Senior Minister of Finance in May 1995, and President of Guyana on August 11, 1999 to stabilize the Guyana economy, reduce the massive debt burden and produce growth and development. In March 2007, it was Bharrat Jagdeo and others who successfully negotiated with the Inter-American Development Bank, Guyana’s principal donor, to cancel Guyana’s US$467 million debt, equivalent to 21% of GDP, which along with other Highly Indebted Poor Country debt forgiveness, brought the debt-to-GDP ratio down from over 900% (according to Carl Greenidge) prior to 1992 under the PNC/APNU to 50% in 2015 under the PPP/C. And the debt servicing in the same period dropped from 153% of revenue to an amazing 4% of revenue. By contrast, Jamaica and Barbados recorded much higher debt-to-GDP ratios of 140 and 115 per cent respectively in 2015.
During the 23 years of PPP rule, there was dramatic increase in the per capita Gross Domestic Product Purchasing Power Parity. In 1992, the per capita GDP (PPP) was US$509.37. In 2014 under the PPP/C, the CIA estimated Guyana’s per capita GDP at US$7,500. The inflation rate of the Guyana dollar in relation to the US dollar had been stabilised. From a massive 3150% during the PNC era, to 66% under the PPP. This represents a massive reduction in inflation or an average inflation of 2.9% in comparison to the US$.
Under Jagdeo and the PPP, Guyana experienced tremendous growth in the standard of living; life expectancy; economic stability; and the distribution of over 100,000 house-lots. There has also been an increase in overall standard of living as shown by the Human Development Index -HDI. Between 1990 and 2015, Guyana’s HDI value increased from 0.541 to 0.638, an increase of 17.9 percent. The HDI measures three basic dimensions of human development: a long and healthy life, access to knowledge and a decent standard of living.
In 1990, the average life expectancy was 63.5 years. By 2015, this figure had increased to 66.5 years due to tremendous improvements in the diagnostic capabilities and overall improvement in the health sector.
Indeed, Guyanese enjoyed the good life under the PPP/C; Better access to healthcare; better accessibility; better schools; freedom of the press and yes, democratic elections. According to the GRA, there were approximately 36 new car owners per day and 8 persons who would have owned a home for the first time each day under the PPP/C. Guyana had also recorded 8 successive years of economic growth. That has all gone now.
Editor, these accomplishments did not occur by mistake, it was the prudent management of our economic resources by the brilliant economist, Bharrat Jagdeo followed by Dr. Ashni Singh that brought prosperity and development to Guyana. My point is, if indeed the Jagdeo and Ramotar Administrations were so corrupted, where did all the money come from to accomplish what has been achieved given the infrastructural and financial ruins left by the PNC government in 1992. It just does not add up. People must learn to think for themselves rather than parroting the lies perpetrated by the APNU+AFC coalition government without facts.
I challenge anyone with hard evidence that would prove Bharrat Jagdeo stole money from the taxpayers of this country to enrich himself, to produce such evidence to the police or SARU. For with all the billions he is accused of stealing, that should not be difficult to do. The APNU+AFC Administration spent about $130 million of taxpayers money on 45 forensic audits, conducted by auditors who are no friends of Jagdeo or the PPP, to find evidence of corruption under successive PPP Administrations, and all they can come up with is to have the former President illegally arrested for paying for land in Pradoville 2 below market value. When one considers that all of the 100,000 house lots distributed to Guyanese by the PPP/C were sold below market value. The arrest of the former President and PPP Ministers was undoubtedly a political witch-hunt.
In less than two years of this APNU+AFC Administration, it looks like history is about to deal Guyana another severe blow. We are already seeing ominous signs that this country is heading for serious economic recession and dictatorship. On Friday morning I woke to the news that Dynamic Airways is charging passengers an exchange rate of $250 to US$1 for airline tickets, and the Attorney General’s hostile words to a sitting Judge in Court. But this is what happens when a country is run by a pompous administration that is guilty of incompetent and ineptitude, with total disregard for the judiciary and the rule of law.
Like all of us, Bharrat Jagdeo is not a perfect human being. But his vision and sound economic policies had brought prosperity to our country that was left in ruins by some of the same players who now feature prominently in the PNC/APNU today. I would like to believe that the mistakes he made while in office were not intentional.
HARRY GILL, MP (PPP)

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