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Transparency in oil sector under threat – Norton tells IMF in Washington
Kaieteur News – Leader of the Opposition, Aubrey Norton on Tuesday told representatives of the International Monetary Fund (IMF) that transparency and accountability in Guyana’s oil sector is under threat.
Norton is presently in the United States with a delegation of Opposition Members of Parliament (MPs) who travelled for a meeting to Washington D.C, for talks with Democratic Leader, Hakeem Jeffries.
In a statement to the media yesterday, the Opposition said Norton and his Economic Advisor, Elson Low, met with the IMF team on September 26, 2023. Leading the IMF delegation was Economist and Guyana Mission Head, Alina Carare who was accompanied by Reshma Mahabir and Diego Calderon also of the financial institution.
The Opposition said Shadow Minister of Natural Resources and Alliance For Change (AFC) member, David Patterson was scheduled to be part of the meeting but was unable to attend after being unlawfully prevented from leaving Guyana.
During the meeting, it was noted that Norton raised a number of issues, including the notable threat to transparency in the management of the nascent petroleum industry. According to the statement, Norton told the IMF that good governance is vital for the economic development of the country. To this end, he committed to working with the IMF to improve the quality of governance in Guyana when elected to office. Norton said this was in contrast to the current government’s “insistence on secrecy and lack of accountability”.
He told the IMF, “That the oil and gas sector must be governed with these principles of transparency and accountability to ensure Guyanese receive what they are rightfully due, and this obligation is currently in question given the serious concerns about accountability raised in Guyana’s first cost-oil audit.”
He was referring to the fact that an audit of the US$1.6 billion in costs racked up by ExxonMobil during the period 1999 to 2017, found that US$214 million were questionable sums. Though this was pointedly highlighted by the British auditor, IHS-Markit, it was revealed that the sum was reduced to US$3 million, with government blaming staff at the Ministry of Natural Resources Petroleum Unit for engaging in “unauthorized” activities.
Norton also pointed out that the government’s reluctance to publish surveys such as the Guyana Labor Force Survey and National Census prevents an accurate assessment of the economic conditions in Guyana. The persistent high cost of living was also discussed. According to the Opposition, the IMF team expressed deep interest and sought clarifications on a few issues.
The party said Norton also took the opportunity to outline his party’s people-centered national development vision. He emphasized, “Human capital development is just as important as infrastructure development and the next Coalition government will ensure Guyanese benefit from world-class social programs and education and training opportunities; that his party sees the need for a comprehensive and structured social safety net based on international best practice aimed at eliminating poverty and economic insecurity, and at ensuring a good quality of life for all citizens.”
The Opposition recommitted to swift poverty eradication, based on a guaranteed livable income for households, and a nationwide economic diversification strategy. Norton handed over a brief to the IMF that provided more details on his party’s analysis and solutions.
According to the Opposition, “The meeting was productive and provided the opportunity for the Opposition to present a different vision for Guyana’s development, in sharp contrast to the PPP’s unplanned, wasteful, discriminatory and corrupt efforts.”
- Aubrey Norton, Hakeem Jeffries, International Monetary Fund (IMF), Leader of the Opposition, Washington
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