Sovereign Wealth Funds and Guyana’s Natural Resources Fund

Apr 18, 2022 Letters

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Dear Editor,

Best leaders mobilise their nation’s “will” to “succeed, win & prosper. Seven examples are, Norway, Kuwait, Singapore, Qatar, Dubai, Malaysia, and recently Ukraine; smart investments after feasibility studies with decisions based on commercial assessments; and strategic plans, processes and programmes are extremely critical to successes for all citizens.
The top 10 Sovereign Wealth Funds as reported by Sovereign Wealth Fund Institute (SWFI) are, NORWAY $1,400,400, 000, 000 (one trillion, four hundred billion, four hundred million US dollars); CHINA $1,222,307,000,000 (one trillion, two hundred and twenty-two billion, three hundred and seven million US dollars); KUWAIT $737,938,000,000 (seven hundred and thirty-seven billion, nine hundred and thirty-eight million US dollars); ABU DHABI $697,863,000,000 (six hundred and ninety-seven billion, eight hundred and sixty-three million US dollars); HONG KONG $585,734,000.000 (five hundred and eighty-five billion, seven hundred and thirty-four million US dollars); SAUDI ARABIA $580,000,000,000 (five hundred and eighty billion US dollars); SINGAPORE $578,000, 000,000 (five hundred and seventy-eight billion US dollars); SINGAPORE $484,441,000,000 (four hundred and eighty-four billion, four hundred and forty-one million US dollars); QATAR $450,000,000,000 (four hundred and fifty billion, US dollars); and CHINA $447,358,000,000 (four hundred and forty-seven billion, three hundred and fifty-eight million US dollars).
Served as Deputy Chairman, Board of Directors, GO-Invest, The Guyana Office for Investment, February 2016 to December 2019, and per law, Board included an Opposition member. Each month, Chairperson Ms. Patricia Bacchus together with Minister of Business & Tourism Hon. Dominic Gaskin, actively worked to secure the attendance of the Opposition’s member. I was told that it is Standard Operating Procedure on Government’s Boards and Commissions, for a Member of the Opposition to be included as was at GO-Invest.
In this Holy Month of Ramadan, Navaratri, Lent, and Passover am hoping His Excellency President Dr. Mohamed Irfaan Ali, will reconsider and appoint an Opposition Member (Dr. Vince Adams, Oil, Gas & Environment American/Global Expert); OR Mr. Christopher Ram Esq., Chartered Accountant, Attorney at Law), to the very important NRF Board, for transparencies, democracy, and inclusivity to represent around half of the voters at the last General Elections.
ALASKA USA for Alaskans
The Alaska Permanent Fund, established in 1976 via a referendum, disperses cheques to each resident without a recent criminal record. The dividend usually amounts to between $1,000 and $2,000 per person. Oil, Gas & Environment American/Global Expert Dr. Vince Adams, said on April 2, 2022 “Btw, I have a good Guyanese friend who returned home after living in Alaska for quite a while and he receives $36,000 per year from the state of Alaska.”
KUWAIT for Kuwaitis
KUWAIT “OIL & GAS WEALTH to CITIZENS” with ID Cards. Automatic, Monthly, Bank Wire Transfers, Man KWD 1,000 = USD $3,270; Woman KWD 500 = USD $1,635; and EACH Child KWD 250 = USD $818: Kuwait values very importantly its citizens who are the owners of its oil and gas wealth.
Kuwait has a population of 4.67 million people of which 1.45 million are Kuwaiti citizens while the remaining 3.2 million are foreign nationals from over 100 countries. Oil revenues in Qatar and UAE account for close to 60 per cent of their total revenues, while in Saudi Arabia and Kuwait, the figure is close to 90 per cent and 93 per cent, respectively.
Qatar and Kuwait are the only two GCC members yet to introduce VAT following the signing of the Common VAT Agreement in 2016. Kuwait with 146,000 Millionaires. Kuwait also has no income tax, which means whatever Kuwaiti people earn, they keep.
QATAR for Qataris
Being rich has become a birthright for native Qataris. The government redistributes money from its resources to citizens, resulting in the record $88,221 GDP per capita. They also receive free electricity, health care and other benefits. 500, 000 Qatari Rial (USD $ 136, 750:) ANNUALLY TO CITIZENS.
210,000 only 15% of Qatar’s 1.4 million residents are citizens; the rest are foreign workers, ranging from Western financiers and energy executives to temporary labourers from India, Pakistan, and other Asian countries. Qatar and Kuwait are the only two GCC members yet to introduce VAT following the signing of the Common VAT Agreement in 2016. Qatar is home to 50,000 US Dollar millionaires, in a population of 210,000.
Qatar government provides the following to ALL Qatari citizens, No tax; Free electricity & water for primary residence; Free healthcare; Free education; USD $3,000 monthly salary for qualified Qataris in need of assistance (elderly, divorced, widow, orphans, etc.); Every Qatari is also guaranteed a job; Plus free plot of land (1,000 SQM = 0.24711 Acres) and QR. 1.2 Million = (USD $ 329, 410) interest free housing loan to be repaid over 25 years with 50% WRITE OFF = USD $164, 705) this is for married university graduates. Qataris with less than bachelor’s degree get 60% of the land size and loan. (USD $197, 646 WRITE OFF)
The following infrastructures are in Qatar, Best Airport in the world; Best airline in the world; Qatar ranks No.3 in healthcare; Qatar ranks No. 5 in education; State of the art metro; State of the art highway; and Big investment in Human Capital.

GUYANA for Guyanese
From my travels and experiences at 80 countries, do believe that the above details on Alaska, Kuwait, and Qatar are the most caring, with their citizens being their # 1 priority.
His Excellency President Dr. Mohamed Irfaan Ali, in his Ramadan 2022 message referred to a “pro-poor model” for Guyana, which is very commendable, but with due respect, we do need, “res non verba = deeds not words.” NRF monies will be an excellent start for many suffering Guyanese under the current living conditions.

Do believe Guyanese are the owners of the USD $607 Million, Natural Resource Fund monies, and are entitled to at least 1/3 = USD $202 Million, for distribution to all Guyanese.
Infrastructures are excellent, but too heavy emphasis on infrastructures, with poor pay backs will result in a severe debt crisis. Thorough vetted feasibilities’ studies are needed for each project.

Sri Lanka is an example of too many costly infrastructures, such as their International Airport known as the World’s emptiest, built by China for USD $209 Million, with USD $190 Million loan from China. Another example is the Hambantota Port deal with China, as Sri Lanka was unable to repay, China received a controlling stake of the port, which is in a very strategic area, with the political and economic interests, competing for power, via location, location, location.
Currently a political crisis is ongoing in Sri Lanka due to severe economic conditions for its citizens and their Nation.

With the totality of my Global experiences, especially serving as Guyana’s 2nd. Ambassador to Kuwait (August 2016 to July 2020); serving as Guyana First Alternate Governor at the Islamic Development Bank (May 2017 to July 2020) and experiences with Qatar, with all Due Respect, all Guyanese are the owners of the Natural Resource Fund monies, and my recommendation, is for (1/3), USD $202 Million, of the USD $607 Million NRF, to be distributed to each Guyanese, through an international independent, contracted agency, to ensure transparencies with Democracy.

It was my honour, delight, and joy, to witness the Guyana Arrowhead being raised for the 1st time on May 26, 1966, while serving as the Administrative Assistant to H.E. Rahman Bacchus Gajraj, who served as Lord Mayor City of Georgetown, Speaker of Parliament, and MD/CEO of H.B. Gajraj. The Hope of ALL in attendance at the FLAG RAISING, was for a GUYANA for GUYANESE. It is now time, close to 56 years, for that Hope, Dream & Desire to be realised with their sharing of the Natural Resource Fund monies.

“Let us work together for unity and love” – Sri Mohandas Karamchand Gandhi
“Give us the tools and we’ll finish the job “- Winston Churchill
“We must learn to live together as brothers or perish together as fools” – Dr. Martin Luther King, Jr.

With God, Bhagwan, Allah, Jah, and Yahweh, Graces, Will and Guidance to all decision makers in the Cooperative Republic of Guyana and Globally.

Sincerely,
Professor Dr. Shamir Ally

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