Preaching gloom and doom is not helping

Dec 15, 2018 Letters

Dear Editor,

The weekly doom and gloom messages preached by the Opposition Leader at his weekly press conferences, do not do good for the confidence of citizens in our country and the future.
In fact, what the Opposition is doing can only be described as political sabotage through the use of falsities and fear, to regain political power.
Any person listening to the daily propaganda being peddled by the leader of the Opposition and his sympathizers on the state of Guyana’s economy might confuse Guyana with our neighbour to the west, Venezuela.
During the Budget 2019 debates, the opposition members had a central message on the state of our country; massive increase in taxes, out of control government spending and borrowing, and economic decline. This message was delivered with a bold face by the opposition MPs even though the evidence available paints a far different picture of Guyana’s economic performance.
Looking at the highlights from Min. Jordan’s Budget speech, “The performance of our economy in 2018 shows a positive 3.4% GDP growth rate and a 4.6% expected in 2019.”
Additionally, reputable international financial institutions like the IMF have spoken positively on Guyana’s economic performance. The international monetary Fund IMF in its recent report has forecast a 3.5% economic growth for Guyana in 2018 and a 26.7% growth in 2023, which is just five years from now.
Editor, the pessimistic analysis of real numbers not only by the opposition members of parliament, but in the Ram and McRae report itself shows recklessness with the truth. If I may quote a passage of this report, which states: “While not directly relevant to this fiscal year, it is worth noting that the statistical Bureau does not expect a single sector to record negative performance in 2019…”
You may think the statement would end there, but it went on; “A phenomenon that seldom arises, even in an economic bubble.”
It can only be assumed that the message of gloom and doom has won and now forms part of the national discourse at the level of accounting ethics. The statistics does not support the contention of Guyana being in an economic bubble; the exchange rates at Banks remain stable, the inflation rate is constant between 2.0% and 2.5% -prices in the market remain stable and the best indicator, gas prices remains stable.
Another example of recklessness and falsity could be found in a recent Article by former Auditor General Anand Goolsarran, which states, “the 2019 budget pushes treasury overdraft to $210 billion.” However, the truth is the treasury overdraft as of December 7, 2018 stands at $60 billion down from $62bln in November.
Mr. Goolsarran, $210 billion is a stretch of the imagination of any economist worth his salt. Even if Government doubles the salary of every public servant, the debt would not be near $200 billion.
A failure by the Finance Minister (whoever he/she maybe) to provide accurate information to the Assembly is a violation of the standing orders and could see that minister sent before the privileges committee.
As such, one must assume the Minister presenting the Budget is aware of the consequences of lying about the numbers. Sadly, both the Opposition and focus on Guyana National Budget 2019 seem to have ignored this fact. The Opposition has chosen, instead, to insinuate that Guyana’s economy is doomed and the numbers forwarded by Minister Jordan are fictitious.
The present atmosphere of negativity that has polluted the national sphere has made it virtually impossible for the Government to govern. As such, Finance Minister Winston Jordan’s prudent management of our economy should be applauded.
He has managed to keep an otherwise morally bankrupt and shady economy afloat despite the many challenges economically and politically.
May God bless our beautiful country.

Thank you
QUINCY SEBASTIAN
Student UG.

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