The choices made today will define our nation’s fiscal sovereignty

Oct 21, 2025 Letters

Dear Editor,

As a concerned citizen of Guyana, I am deeply alarmed by the scale of borrowing undertaken by the People’s Progressive Party/Civic (PPP/C) government since assuming office in 2020. Despite the nation earning approximately US$7.5 billion in oil revenues since 2019, the administration continues to contract massive loans—raising serious questions about fiscal prudence and the long-term burden being placed on future generations.

By mid-2025, public and publicly guaranteed debt had reportedly reached G$1.5 trillion. Notable loans include:

€160.8 million from the Bank of China (December 2022) for the New Demerara River Bridge;
US$526 million from the U.S. Export-Import Bank (December 2024) for the Gas-to-Energy Project; and
US$156 million from the World Bank (October 2025) under the Integrated Transport Corridors Project (ITCP) for road infrastructure development.

While these projects may be significant, the continued escalation of borrowing, despite substantial oil earnings is deeply concerning. One must ask, why is Guyana borrowing so heavily when oil revenues could finance these initiatives? Are these funds being managed with transparency and efficiency in the best interest of the people? Or are we entrenching a cycle of fiscal dependency and future debt servicing obligations?

The implications of this trajectory could be severe. Future generations may inherit a nation weighed down by unsustainable debt, constraining investment in social services, human development, and economic resilience. There is an urgent need for accountability, fiscal discipline, and transparent management of both borrowed funds and oil revenues.

I therefore call on the government to publish a comprehensive listing of all loans contracted since 2020, specifying their terms, purposes, and disbursement status. Guyanese citizens deserve clarity on how these debts align with national development priorities. The choices made today will define our nation’s fiscal sovereignty and developmental prospects for decades to come.

Yours sincerely,
Annette Ferguson

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