Latest update January 17th, 2025 6:30 AM
Pres. Ali finally holds press conference, invites one reporter per media house to ask only one question
Kaieteur News – Months after Kaieteur News and other independent media houses called for a press conference with President Dr. Irfaan Ali, one was finally held yesterday.
President, Dr. Irfaan Ali
That engagement was moderated by Public Communications Consultant, Kit Nascimento at the Head of State’s Shiv Chanderpaul Drive Office. There, journalists were not allowed to ask all of their questions.
In fact, prior to the start of the conference, Nascimento explained that each media house would be allowed one question and a follow-up. If that permitted for more questions, that process would be restarted.
The Head of State spoke extensively, for approximately one hour, on some of the key achievements made by his government as it nears the three year mark in office come August, 2023. Given Ali’s comprehensive overview, journalists were only allowed one question and a follow-up.
During his presentation, Ali was keen to note that the Guyana economy has almost tripled since the end of 2020, thanks to many of the progressive policies being implemented across the petroleum, health, education, housing and other sectors.
Ali said, “With our nominal Gross Domestic Product (GDP) moving from $1.1 trillion in 2020 to $3.1 trillion at the end of 2022. Of course, this is largely owing to the startup of oil production at the Liza Unity floating, production, storage and offloading vessel. Guyana is now the fastest growing economy in the world.”
For the period 2023 to 2026, Ali said Guyana is projected to grow at an average 25% annually. Expounding further, Ali said Guyana’s non-oil growth is now projected at 7.9% this year, building on 11.5% growth recorded last year. Despite varying economic challenges, Ali said Guyana managed to grow its economy and put measures in place to reduce the burden of aggregated prices on citizens, while at the same time prudently managing financial resources.
At the end of 2022, he said Guyana’s debt to GDP ratio stood at 24.6% down from 38.9% a year prior, demonstrating government’s commitment to prudent fiscal management of the country’s resources.
He said, “Now if you look at economic growth estimates, the world is estimated to grow at 2.8% in 2023, advanced economies are expected to grow at 1.3%, Latin America and the Caribbean 1.6%, the Caribbean tourism dependent countries at 3.2%, Caribbean commodity exporters 18.7% and Guyana is expected to grow at 25.1%.”
In terms of inflation estimate, Ali said the world estimate is at 6.1%, Latin American and Caribbean at 11.8%, and Guyana is estimated at 3.8%.
Ali alluded that the macroeconomic outlook for the country remains positive especially as the oil industry remains on an accelerated growth path. With respect to Guyana’s oil resources, Ali noted that total recoverable reserves are over 11 billion barrels in the Stabroek Block, adding that the crude oil reserves have been ranked 17th in the world and 3rd in Latin America. He also noted that with increased production of the country’s medium sweet grade crude with low sulphur content, government revenue is projected to be US$10 billion annually by the end of the decade.
Currently, Guyana’s crude oil production which includes the Liza Unity and the Liza Destiny floating, production, storage and offloading (FPSO) vessels in the Stabroek Block average is about 400,000 barrels per day. Production is forecast to meet 1.2 million barrels per day by the end of 2027.
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