Govt. to focus on nine key areas for economic well-being

Apr 06, 2018 News

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– Finance Minister

In an effort to ensure improved economic well-being, the APNU+AFC Government will focus on nine key areas.
According to Finance Minister, Winston Jordan, these areas include: strengthening national planning, building a robust oil and gas industry, consolidating the macroeconomic fundamentals, fostering economic diversification, strengthening private sector capacity and its involvement in national development, diversification of the agricultural sector, investing in human and social development, development of climate resilient infrastructure, and pursuing equitable growth in a green development agenda.
The Finance Minister made this revelation during his feature address at the recently held 43rd annual meeting of the Islamic Development Bank (IDB) Group in Tunisia.
There, the Minister said that since its assumption to office, the Government of Guyana has been steadfast in its resolve to ensure growth in the economy. He said that this resolve has resulted in economic growth averaging about three percent, between 2015 and 2017.

The economist explained that this growth was achieved at a time when many of Guyana’s neighbours were facing low or negative growth rates and reduced standards of living. Jordan boasted that Guyana continues to rise to the challenge by fostering conditions and creating opportunities for renewal and expansion in the economy, so that the “Good Life” can be secured for all Guyanese.
The Finance Minister said, “It is what we promised to the people of Guyana and to our partners who expressed hope in our leadership, and it is what my Government has been pursuing, relentlessly, as its mandate.”
In addition to this, the policy leader said that Guyana has recently adopted a Public-Private Partnership (P3) Framework, which it recognizes, has the potential to expand the resource envelope for public sector investment in a prudent, efficient and effective manner.
Jordan said that this framework provides a structured platform for local and external private sectors to engage meaningfully with Government to achieve economic development.
As it relates to human capital development, the Finance Minister said that this plays a critical role in long-term productivity and growth at both micro and macro levels of any nation. Consequently, he noted that the Coalition Administration, in partnership with the Bank, has programmed a project to improve national education at the primary and secondary levels.
The Finance Minister said that this project will embrace the Inquiry-Based Science and Mathematics Education (IBSME) approach. He stated that it will also make use of the United Nations Educational, Scientific and Cultural Organization (UNESCO)’s Global Micro-Science Experiments programme and supporting mathematics kits. He said that it will lead to the integration of mathematics through science lessons. Jordan asserted that this effort will raise the level of scientific and mathematical literacy among teachers and students, while supporting a learner-centered environment.
The Finance Minister stated, too, that another critical aspect of human development is that of harnessing, caring and paying homage to a nation’s elderly populace. He said that in 2017, the minimum standards for elderly residential care facilities were completed and enacted in Guyana.
Concurrently, Jordan noted that the Government approached the Bank for its support and assistance to design a project, which will modernize and upgrade the facilities of the Palms Geriatric Facility. He said that the project is expected to procure equipment and furniture. He said that it will also result in the provision of enhanced medical care.
The Finance Minister said that such a “quick win” project, is welcomed by the Government, not only for its demonstrative socio-economic impact and benefits, but, also, as evidence of the concretizing of the partnership between the Bank and Guyana.
The economist said, “Indeed, since I last had the honour of addressing this forum, there has been notable progress in our relationship. The Bank fielded a programming mission, in December 2017, where a work programme for the three-year period, 2018-2020, was formalized. Financing and technical assistance, of about US$900 million, will be directed to key development areas, including economic infrastructure, rural development, human development and trade, and competitiveness.”
The Finance Minister then reaffirmed Guyana’s resolve to further strengthen its cooperation with the Bank and fellow member countries.
He concluded, “It is quite evident that our joint efforts can go a long way in bringing about socio-economic stability and prosperity in Guyana, which can redound to the benefit of the Latin American and Caribbean Region. Guyana remains hopeful for its future and grateful for the Bank’s support”.

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