Guyana heading towards financial instability – MP Campbell

Feb 07, 2026 News

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…says rising debt service, slowed non-oil growth dangerous for economy

(Kaieteur News) – With lower earnings from both the petroleum and non-oil sectors, APNU parliamentary lead, Dr Terrence Campbell said Guyana stands the maximum risk of sliding into financial instability in the near future, particularly with the current rate of borrowing by the government.

Campbell sounded the alarm during his heated contribution to the 2026 Budget Debates on Thursday in the National Assembly.

The lead APNU MP in his 20-minute slot, questioned the heavy borrowing by government, which he suggested is impacting exchange rates. This year’s $1.558 trillion budget is being financed by US$2.6 billion in new loans.

“Total public debt is rising with more than half of that public debt being financed with foreign debt. A rising external debt load becomes dangerous and will lead to a depreciation in the Guyana dollar.”

When it comes to repaying those loans, the MP pointed out that debt service as a percentage of revenue is projected to climb to 6.8 per cent. “In the last year, he (Minister Ashni Singh) is projecting that it would have risen from 1.3 per cent. Here is what you do not know on that side…at this rate, in six years, we will exceed 15 per cent and Guyana will enter a region of financial instability,” the first time MP warned.

Furthermore, he said that slowed growth in the non-oil sector is particularly worrying, as he called for greater focus on expanding this area. Campbell informed the National Assembly, “Economic growth declined, and he did not say this, from 43.8 per cent in 2024 to 19.3 per cent in 2025 and is projected to fall further to 16.2 per cent. This growth is being driven primarily by oil. Sir, non-oil economic growth will decline from 14.3 per cent to 10.2 per cent. This is a dangerous trend because what we need to be focusing on in this country is on our non-oil economy and that 10.2 per cent is driven by construction and other mining, which is quarrying and sand.”

He said if those are eliminated, Guyana may very well end up with five per cent growth in the non-oil economy.

“Bricks before people”

Earlier in his presentation, Campbell stressed the need for a reorganisation of state priorities as he pointed to the collapse in health care services, despite billions being spent to construct more hospitals. He argued, “The honourable minister of health says that he has adequate nurses and adequate doctors but, let’s speak of, Onessa Andrews, is not alive today. She died on December 12, because she could not get timely treatment at the Enmore Regional Hospital, and at the Georgetown Public Hospital.”

Further, he informed that the party has reports of citizens being forced to wait inordinate delays to see a doctor at the Diamond Hospital, East Bank Demerara while nurses at the Bath Regional Hospital, West Coast Berbice complain of burnout and being treated unfairly compared to foreign nurses.

The MP claimed that foreign nurses enjoy a bigger salary, transportation, food and accommodation, unlike locals.

He said, “I am confused by your numbers. You are building regional hospitals, but you have a nurse shortage. The budget says that the number of nurses per 10,000 has gone down from 34.4 to 32.5.”

Campbell said he is aware of plans to train and hire more nurses from abroad, as he begged for a disaggregation of how many will be brought in versus trained locally.

He noted, “Mr. Speaker, bringing foreign nurses to this country, as we chase our own out is not putting our people first. We must put our people first, and there is no way foreign nurses will take care of us as the way our own will do.”

In addition to the lack of nurses and doctors, Dr. Campbell told the National Assembly that the budget puts “bricks above people” as he quoted a comment from Dr. Mark DeFrance who shared concerns over the failure of health institutions to fulfill medical prescriptions.

“We have had billion-dollar budgets and our healthcare system still lacks. Why are we still short of so many needed meditations? Don’t come for me. Go outside East Street and ask every patient that leaves whether or not their prescription was fulfilled. Yes, we need infrastructure, but infrastructure only benefits a certain subsection of our population. Our pensioners, our single mothers, our differently able, need way more than has been offered,” Campbell quoted Dr. DeFrance as saying.

On the other hand, he argued that there are reports of “unsuspecting patients” being given expired drugs to use. As such, he noted, “This is unacceptable. There is no putting people first when we dispense expired drugs.”

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• Budget Debate, Campbell, Debt, Health, loan, Terrence Campbell

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