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Focus also needs to be placed on Public Financial Management Reform

Nov 23, 2020 Letters

Dear Editor,

So far, most of the discussion about our oil has been about the allegedly bad deals entered into by our politicians and their reluctance to renegotiate better deals. What I think also needs to be addressed, is the readiness of the key financial institutions like the Ministry of Finance, Bank of Guyana and the Guyana Revenue Authority to manage expected oil revenues. Has there been an assessment of these organizations to determine where deficiencies exist and what needs to be done to address these deficiencies? If the answer is yes, what was the outcome? What skills would be needed in these institutions that we currently don’t have? Which departments in these organizations need to be restructured? What changes in our accounting systems need to be made? What changes in our financial legislation need to happen to ensure transparency and accountability? If discussions around these questions are happening, they are not given enough prominence in the news. As someone who has more family members abroad than in Guyana the temptation is always there for me to migrate. I have so far resisted but I fear that if the questions above are not answered soon I may be making a mistake.

Vishal Singh

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