Latest update April 2nd, 2025 8:00 AM
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That court challenge is a case of cheap political points
Dear Mr. Editor,
I have noted that the PPP has moved to the courts to compel Government to place the Exxon signing bonus into the Consolidated Fund.
I am rather surprised that the PPP would pick on such an issue of national importance. The laws indeed say that Government revenues should go to the Fund but I do expect that anything to do with Venezuela would be off limits.
As I do understand it, the money is in a special account at the Bank of Guyana and it is getting interest at rates at which I do not know.
But what I do know is that if the money is to be placed into the Fund, it would have to be converted into Guyana dollars at one rate and bought back at a higher rate similar to what the commercial banks in Guyana do with foreign exchange transactions.
I learned this bit from a friend who is a senior official at the Finance Ministry. He also suggested that Government would have to go to Parliament through a supplementary provision to get that same money out of the Fund.
Now suppose there is urgent need to get the money quickly to pay lawyers and researchers connected to the World Court case? From what I am told, parliament would have to meet, get the money released and then it would have to be bought back at a rate higher than that at which it was sold at?
This obviously means that the state of Guyana would earn more money if the US$18 million is left in the special account rather than placed in the Fund. This is very simple arithmetic.
Therefore what is the point of going to the courts Mr. Nandlall. The only issue here is that the party is moving to win cheap political points? Say it ain’t so Messrs Nandlall, Jagdeo and others.
I really thought that things relating to the Venezuelan claim would be off limits to political disagreements and treated as a national rather than partisan issue. Again, say it ain’t so gentlemen.
Earl Hamilton
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