Ashni Singh pleads with World Bank for more support

Apr 06, 2021 News

Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh.

Kaieteur News – Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh, has told the World Bank that Guyana’s economic prospects are currently very promising, despite COVID-19 and domestic political issues, which caused a sharp contraction in non-oil GDP in 2020, and as such the country remains ripe for investment and support from the financial institution.
Dr. Singh made this remark over the weekend, during the Ministerial Conclave on Human Capital convened by the World Bank Group as part of the International Monetary Fund and World Bank Group’s 2021 Spring Meetings, which are currently being held virtually.
The Conclave was held under the theme ‘Investing in Human Capital for a Green, Resilient and Inclusive Recovery.’
Addressing the conclave, Minister Singh spoke to Guyana’s bright economic prospects, as well as, the country’s vulnerabilities and development challenges, but emphasized that Guyana is rich in natural resources, including oil, minerals, and forests that cover 85 percent of the country’s territory making its economic climate very favouring.
The Minister was adamant; this obtains, despite the faltering experienced in the traditional sectors of the country’s economy for which he blamed on the COVID-19 pandemic and Guyana’s 2020 elections impasse.
He was adamant, that even with the many challenges, “Guyana is still the fastest growing economy in the world as a result of its production of oil, and will remain amongst the fastest growing economies in the next few years.”
According to the Minister however, “…we also face extreme vulnerabilities to climate change, as well as, significant development challenges. We are well aware of the magnitude of these challenges. They include avoiding the resource curse, promoting a strong and competitive non-oil economy, addressing our infrastructure gap, and improving human development outcomes.”
He explained, “Despite the many competing calls on our finite fiscal resources, we are investing heavily in the social sector – education, health, etc. – as well as in facilitative infrastructure such as information and communications technology.”
He cited as example, investments made in education at all levels and ensuring lifelong learning – “supported with the use of information and communication technology based on lessons learnt during COVID-19 – and all with the aim of improving production and productivity, as well as, individual and household well-being.”
The Minister used the occasion to outline that, “on many of these initiatives, we are (already) collaborating with the Bank, and we expect the education sector to dominate our portfolio of projects with the Bank in the next programming cycle… this will be in keeping with our emphasis on human capital development both as an input to, and an outcome of, sustainable economic growth.”
Dr. Singh used the occasion to also reiterate his Government’s views on human capital development “as both a critical prerequisite for and a critical objective of economic growth.”
The Ministerial Conclave on Human Capital saw participation from the World Bank Group’s President, David Malpass, other senior executives of the Bank, as well as several Ministers of Finance from around the world.

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