‘Govt. MPs confused over Guyana’s economic status’ - McCoy says Guyana is not rich yet; Jagdeo says we’re getting there, Edghill says country not poor

‘Govt. MPs confused over Guyana’s economic status’ – McCoy says Guyana is not rich yet; Jagdeo says we’re getting there, Edghill says country not poor

Jan 26, 2024 News

Kaieteur News – While Guyana is heralded as the fastest-growing economy globally and ExxonMobil Guyana’s daily oil production reaching a staggering 560,000 barrels per day, there seems to be a lack of consensus among government Members of Parliament (MPs) regarding the nation’s economic status.

Vice President, Bharrat Jagdeo

Minister within the Office of the Prime Minister with responsibility for Public Affairs, Kwame McCoy

During his budget presentation in the National Assembly on Wednesday, Minister within the Office of the Prime Minister, Kwame McCoy, asserted that Guyana is not yet a wealthy country. “You know we hear every single day a reference, Guyana is an oil rich country, we have all the money we need, we have everything that we need,” McCoy said. He underscored that Guyana is still on a developmental journey. “The truth is we are just not there yet, we are not that rich, there is still a journey along that will get us to where our earnings from oil resources will become much better than it is today,” Minister McCoy said.

He cautioned against the opposition’s attempts to “spread misinformation” about the government is receiving bountiful money and can be able to do everything it pleases. “We need to be very careful,” McCoy said. He added that had it been the APNU+AFC in government the country would have already been with its begging bowl. “Of course, we have worked to improve the lives of people right across this country. But we are not saying that we have done it all. All of this is part of a process…It will not happen overnight,” McCoy said.

Minister of Public Works, Juan Edghill

Vice President Bharrat Jagdeo echoed similar sentiments, highlighting that Guyana is not currently a rich country. He expressed concerns about the dangerous idea of creating dependency on oil wealth and highlighted the need to address the citizens’ growing expectations. “I think this is extremely dangerous that is why we had to point this out that it creates a syndrome of dependency…” Jagdeo said. He acknowledged the progress made, pointing out the increase in the national economy from $300 million to $22 billion USD. “Now we have made it clear that over time, the resources in the oil and gas sector will accumulate at a magnitude where we will be in a growing way address more and more needs of our people but we will never come to a point in our history where the citizens of our country will just sit down at home and receive a cheque and have to stop working,” the Vice President said. Contrary to his colleagues, Minister of Public Works, Juan Edghill, presented a more optimistic outlook during the budget debates on Thursday. Edghill declared that Guyana is undergoing a new paradigm of accelerated development, with the latent potential of the people being discovered and mobilised across the country.

He rejected the characterization of Guyana as a poor nation and emphasised the People’s Progressive Party/Civic (PPP/C) government’s commitment to modernise and transform the country. In fact, he said: “We cannot continue to refer to ourselves as poor Guyana, old Guyana, and poorest country in the Caribbean.”

Edghill defended the government’s spending plans, stating that they are catalyzing development rather than splurging.” …We are utilising our current opportunities. We have current opportunities that exist because of the global environment because of what is happening in Guyana, because of the reality that we are now engaging in petroleum,” Minister Edghill said. He argued that the current opportunities are being harnessed to secure Guyana’s future prosperity.

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Bharrat Jagdeo, economy, Juan Edghill, Kwame McCoy, Wealth

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