Jagdeo pretending not to like Trini companies but facilitating their exploitation of contracts, foreign currency reserve - Ramjattan

Jagdeo pretending not to like Trini companies but facilitating their exploitation of contracts, foreign currency reserve – Ramjattan

Aug 19, 2023 News

Kaieteur News – Leader of the Alliance For Change (AFC) Kemraj Ramjattan, has cast serious doubt on the financial dealings of Vice President Dr. Bharrat Jagdeo and his administration. Ramjattan’s claim suggests that the government has been disbursing full payments to Trinidadian contractors operating in Guyana, despite evidence of minimal or non-existent work carried out by these entities.

This revelation was made during a press conference on Friday organized by the Alliance For Change, where pressing concerns were raised about the nation’s ongoing foreign currency exchange challenges.

During his address, Ramjattan confronted the veracity of Jagdeo’s recent statement, which posited that the surge in the US dollar’s selling rate—reaching GY$220 for US$1.00—could be attributed to Trinidadian businesses making substantial currency transactions in Guyana to facilitate both local and cross-border operations.

The Vice President said, “We notice a trend here where some Trinidadian companies are procuring large quantities of goods for their businesses in Guyana and in Trinidad and making payments from here to their suppliers, so they are utilising our foreign currency to make those payments.”

However, Ramjattan a former government under the APNU+AFC Coalition government said, “And of course, I understand—-and this can be verified from you reporters, also ask the people like Public Works Minister Mr. Juan Edghill and also his junior Mr. Deodat Indar— we understand that they (T&T firms) have been paid fully 100 percent and they have not done any work. Some of them we understand now that they were the ones that went and bought the foreign currency and they are doing as mentioned, certain purchases of goods which they then returned to Trinidad.”

The crux of Ramjattan’s allegation is rooted in Guyana’s intricate foreign exchange system, which he aptly labelled a “managed scouting system.” He explicitly tied the Trinidadian contractors in question to Jagdeo’s web of construction contracts, implying a systemic exploitation of currency flow. Ramjattan contended that the PPP administration’s role in channelling substantial amounts of Guyanese currency to these transactions should not be overlooked, especially when the beneficiaries appear closely aligned with the party.

In a poignant observation, he highlighted the dissonance between Jagdeo’s vocal disapproval of these Trinidadian companies, noting that he will “cuss up” and give the impression that he does not like them and the evident association that allegedly exists, noting that Jagdeo is very close to those very companies. He appealed to the citizens of Guyana, urging them to peel back the layers of rhetoric and perceive the subtleties at play.

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Alliance For Change, contracts, currency, foreign, reserve

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