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IMF notes – a mixed bag
The IMF had good things to say from a recent visit to Guyana. Small steps, certainly; but any plaudits from such an organisation has to be seized, listened to, and built upon, through more doing.
First, the good news, as extracted mainly from a Kaieteur News item dated June 20. There was in excess of a “50 percent increase in assets declarations for politically exposed persons.” That is encouraging and bolsters the efforts of the Integrity Commission. Whenever more public officials step forward and do the right thing then, once submissions are aboveboard, the commingled interests of state and taxpayers are well served.
Second, there was a favourable comment on “the progress made in strengthening public procurement.” As an aside, and a heavy drizzle on the parade, reports allege that one procurement official caught in flagrante delicto during the commission of violations is since back on the job, as if nothing happened. Third, the IMF reported that, “commendable progress has been made in strengthening the framework for anti-money laundering and counter terrorism financing.” These enhancements are all laudable. Unfortunately, that is far as matters go. Now there needs to be robust follow-up actions relative to implementation.
Laws and regulations, policies and procedures are all well and good. But now there must be a record of sanctions applied: violators charged and prosecuted; meaningful penalties levied, including hefty fines, asset seizure, and imprisonment or extradition. The areas of money laundering and terrorist financing have been subjected to relentless scrutiny in the international arena. Overseas agencies analyse countries for details of the reach of the law, and then its sting when material breaches have occurred.
As the IMF report indicated, this country “is scheduled to undertake a mutual evaluation by the Caribbean Financial Action Task Force in 2022”. That Task Force knows and expects rules and regulations and risk assessments and enhanced due diligence are in place. Cumulatively, those are nice, but only the start.
The relevant and non-negotiable questions in 2022 are sure to be: what has Guyana done with all of that? What does Guyana have to show for all that paper and all those volumes? And how many offenders have felt the full force of the law? That is where the rubber hits the road, as the saying goes. And though 2022 looks to the disengaged and naïve to be far into the distance, it is too close for those who are in the know.
Guyana has a long way to go with delivering warm bodies. Indeed, the country has covered a solid distance for, as the IMF also confirmed, “Guyana has been officially removed from the European Commission’s Money Laundering Blacklist in February 2019.” Unless the bar is kept sensitively high, it is easy to collapse back into the utterly lawless place where things existed before.
Proceeding still farther afield, the IMF report pointed to “skilled labour shortages and weaknesses in electricity supply as major obstacles to growth.” Every citizen can attest to the accuracy of those points. More tellingly, the IMF indicated that, “simultaneous investment in upgrading the education system is critical and would enhance skills and employment prospects.” There is a crucial phrase there that must not be missed. It is “upgrading the education system”.
The education system produces a small percentage of superior performers, who can compete anywhere in the world. These would be the gifted, dedicated, and those self-starters or students who have the right combination of home environment, parental care, and other assets that combine to deliver a rewarding result. Rather sadly, the bulk of the audience is unable to come out of the existing system with academic ingredients that prepares and recommends for the world beyond the classroom.
This is a problem for Guyana as it braces for oil, the ferocity of globalisation, and political and social anxieties. So much more has to be done. The IMF shared goodies; major gaps came alongside.
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