Ashni Singh meets with World Bank to discuss recovery from economic shocks

Apr 21, 2022 News

Kaieteur News – Finance Minister, Dr. Ashni Singh is presently in Washington, United States for the annual Spring Meetings of the International Monetary Fund (IMF) and World Bank where regional representatives of finance have gathered to discuss issues of recovery from the impacts of the COVID 19 pandemic, vulnerability to economic and climate shocks as well as strengthening debt sustainability.

(Fourth from right) Finance Minister, Dr. Ashni Singh flanked by other Regional Finance Representatives and members of the International Monetary Fund (IMF) and World Bank

On Wednesday, the Ministry of Finance issued a statement to the press where it explained that Dr. Singh met with the World Bank Managing Director Axel Van Trotsenburg on Tuesday. According to the statement, Dr. Singh was joined by fellow Governors of the Caribbean Region during the meeting held under the theme “Road to Recovery: Tools for Building Back Better in the Caribbean”. The session forged discussions on priorities of the Caribbean and how the World Bank can support economic recovery and resilience.

The Ministry of Finance said that the meeting allowed Caribbean Governors to hear directly from the Management of the World Bank on their approach to specific regional issues. The Bank has been supporting several projects over the years through a number of loans and grants including a US$20M loan for the Guyana Petroleum Governance and Management Project to support the enhancement of legal and institutional frameworks and the strengthening of the capacity of key institutions to manage the Oil and Gas sector in Guyana.

Additionally, the Bank loaned US$6M to Guyana under the Guyana Payments System Project to improve the country’s national payments system, while another US$13.3M was loaned for the Guyana Education Sector Improvement Project to improve student learning outcomes through reform of curriculum and teaching practices, US 37. 9M under the Flood Risk Management Project and US$12.5M towards the COVID-19 Emergency Response Project.

Further, the Bank also provided a US$7M grant to this country towards the Guyana Education Sector Programme Project for the improvement and learning conditions at the nursery level in select areas, the increase use of technology-assisted learning at the primary level in select areas and to improve functionality of the education management information system nationally.

The World Bank’s Latin America and the Caribbean (LAC) Semi-annual Report for 2022, reported the average growth for constituency countries – excluding St Kitts & Nevis and Antigua and Barbuda-as 6 percent in 2021. When this figure was adjusted to remove Guyana’s 19.9 percent growth, the average growth for constituency countries was estimated at 4.3 percent. Increased vaccination programmes and the reopening of economies were identified as the reason for this rebound in economic activity seen in these countries.

In March of this year, the Ministry of Finance met with a high-level World Bank team led by Country Director for the Caribbean, Lilia Burunciuc, and new Resident Representative of the Bank, Dilletta Doretti. The meeting served as an opportunity for dialogue on the Government’s economic objectives and priorities and potential opportunities for World Bank support through its assistance and lending programmes, the Ministry explained.
Key priorities discussed included Guyana’s Low Carbon Development agenda; human capital development and opportunities for partnership between the Government and the financial institution in other areas in line with its expanding and evolving capacity.

Accompanying Dr. Singh to the Spring Meetings is Deputy Chief of Mission, Guyana Embassy in Washington DC, Mr. Zulfikar Ally. The Spring Meetings of the International Monetary Fund (IMF) and the Boards of Governors of the World Bank Group (WBG) bring together Central Bankers, Ministers of Finance and development, private sector executives, representatives from civil society organisations and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. The Spring Meetings events will be held over the period April 18-24, 2022.