Opposition paints picture of declining economic health to IMF

May 04, 2018 News

Opposition Leader Bharrat Jagdeo (C) and PPP/C MPs, Irfaan Ali (top left) and Juan Edghill (top right), meeting with the IMF team

In keeping with its annual mission of economic surveillance, a team from the International Monetary Fund (IMF) met yesterday with the Opposition Leader, Bharrat Jagdeo in an effort to understand its concerns about the health of the nation.
In a statement to the press, Jagdeo said that he shared his views on the performance of the economy and provided the team from the IMF with his, and the Parliamentary Opposition’s analysis of key productive sectors. The economist stated that specific issues surrounding agriculture, rice, construction, bauxite, mining and service sectors were discussed.
The Opposition Leader said that the closure of several sugar estates, its impact on sugar workers, their families and the ripple effects on communities, as well as the nation as a whole were also discussed with the IMF team.
The Leader of the Opposition detailed too, the vision of the PPP/C, relative to expansion and growth of the local economy, creating employment and generating opportunities for Guyanese, including those for wealth creation, among other plans – all of which could sustain, diversify and expand the traditional sectors, while supporting new productive sectors. The emerging oil and gas sector was also examined.
The Leader of the Opposition was joined by People’s Progressive Party/ Civic (PPP/C) Parliamentarians, Irfaan Ali and Juan Edghill. Kaieteur News understands that the meeting was almost two hours at the office of the Leader of the opposition.
2017 REPORT
In its 2017 report, the IMF praised the APNU/AFC administration for steering Guyana’s economy onto the path of sustainable growth.
The Directors in their evaluation of Guyana’s financial system last year also commended the resilience of the economy, which continues to grow despite global headwinds.
The IMF Members said that the largely concessional nature of debt contributes to resilience and should be preserved. They applauded the authorities for taking a cautious approach in factoring in possible future oil income in their medium term fiscal plans.
The Directors also concurred that the monetary policy stance should remain accommodative, as lower prices for imported goods, including fuel, continue to ease inflationary pressures.
While noting that the banking sector appears well capitalized, the Directors recommended heightened vigilance given the rise in nonperforming loans, as well as tightening of provisioning requirements and close monitoring of related party lending.
The IMF Team also emphasized the importance of strengthening the anti-money laundering and combating the financing of terrorism framework. They noted that remaining deficiencies amplify the vulnerability to de risking, which will require greater international effort to address.
They urged the prompt implementation of the action plan agreed with the Financial Action Task Force.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News