IDB helps GRA craft five-year strategic plan for oil sector

Oct 04, 2017 News

The Inter-American Development Bank (IDB) is currently helping the Guyana Revenue Authority (GRA) craft a five-year strategic plan for the oil and gas sector which is expected to account for at least 35 percent of the economy. This is according to GRA Commissioner General, Godfrey Statia.
Recognizing the need for an initial five-year strategic plan which will guide its future, the Commissioner General said that funds were procured through the IDB earlier this year, and expressions of interest were drafted to facilitate this process.
He said that the consulting firm for the project should be chosen by December 31, thereby allowing for its early completion in 2018.
The Attorney-at-Law also said that in the area of oil and gas, a study was conducted by the Office of Technical Assistance of the United States Department of Treasury and the organizational chart for the oil and gas unit of the GRA has been completed. Statia said that staff requirements and job specifications have since been identified and budgeted for, with training set to commence by December 31 of this year.

GRA Commissioner General, Godfrey Statia

Since the announcement that Guyana was on the brink of a billion-dollar-oil and gas sector, the IDB has been at the forefront in making it known that it is willing to provide technical assistance to Guyana.
The IDB has also indicated a willingness to assist Guyana in ensuring that its budding sector is able to blossom in an environment of transparency and accountability. Just a few months ago, officials from the Extractive Industries Transparency Initiative (EITI) of the IDB noted that it is essential for the government to determine how it wants to manage its resources and that it must ensure that contracts are well drafted to ensure the best possible deal for the nation.