Guyana risks becoming like Venezuela in absence of plan to diversify economy-Jagdeo

May 03, 2019 News

PPP General Secretary, Bharrat Jagdeo, is dissatisfied with the efforts Government says it is making to ensure the nation is not overly dependent on the oil revenues to come.

Opposition Leader, Bharrat Jagdeo

He also bemoaned the fact that the government is yet to put forward its plans to diversify the economy.
The Opposition Leader made these and other comments during a press conference he held yesterday at his Church Street Office.
Jagdeo said, “That is the biggest cause of worry and this is not as Opposition Leader; this is as a Guyanese I am speaking here. They (government) are peddling these rumours that we will do well with oil money, we will get rich and solve all our problems but that is not so.”
“Even if we get a lot of money, which we won’t in initial years, if we don’t focus on diversification then we are going to become like Venezuela and others who produce oil and the people don’t have food. This is the problem with this government.”
He added, “There is no plan for how we will use oil resources to create jobs for people…You have to decide what we will use the resources to do, how much will go to short term improvements , health care, education, and what will be saved for intergenerational equity.”
He stressed that these matters need to be addressed urgently.

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