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“Impartiality” of fund management

Dec 31, 2021 Letters

Kaieteur News – Editor, I see little difference in the grand scheme of things. In the previous version, and in this version, Parliament still needs to approve withdrawals for public spending. At the end of the day, the Parliament comprises our elected representatives and we couldn’t ask for anything better. If the public says they don’t want politicians involved then we’d literally have to throw out our Constitution because it would mean that our democracy holds no value. The Minister of Finance did not and still does not hold unilateral control over the Fund, which is fine. However, I am still concerned at the removal of the Macroeconomic Committee, which was to comprise persons specially qualified in macroeconomics – who wouldn’t want technical specialists to help us ensure our economy is effectively managed? Additionally, the thinning of the Oversight Committee also raises questions of inclusivity and wider stakeholder participation, which is counter to the principles of democracy and societal involvement.

Editor, the warning signs are clear when we examine examples of other countries. We need to be wary of runaway spending, widening inequalities and rising costs of living. I’m not convinced that this version of the Act safeguards us sufficiently from these things.

Sincerely,
V. Singh

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