THE Government of Guyana continues to commit itself towards the belief in equality, progress and the power of the people to achieve a progressive life.

It is important that we understand our history to understand our present. Since 1992, history proclaims a number of great achievements which have contributed towards the development of our nation. Also, 1992 marked the year that this Government inherited a foreign debt burden of US$2.1 billion. As a result, sustainable external debt levels were impossible to achieve because of limited funds.

The bauxite industry posed a challenge during the early 1980s, because of high levels of production costs and inadequate foreign exchange. Our rice industry also experienced problems due to low marketing price levels for rice, inadequate foreign exchange for chemicals and other needs in 1988. In 1992, Guyana imported sugar from Guatemala.

However, Guyana still managed to achieve some levels of sustainable development and poverty reduction. After elections in 1992, Guyana experienced political upheavals which led to an unstable political environment, despite this, poverty levels decreased from 86% in 1991 to 35% in 1999. Guyana experienced GDP Growth rate of 2.9% in the first half of 2002, which was more than a 1.3% increase in 2001. In that same period, the Balance of Payment deficit decreased from US$19.3 million to US$10.6 million.

Guyana managed to obtain economic stability and a stable currency exchange rate during the first half of 2002. After the 1992 debt burden inheritance, Government strived to rehabilitate the crumbling social and economic infrastructures and enhance other social services sector, such as health and education. However, because more than half of the country’s export earnings had to be utilized for repayment, the huge debt burden posed a problem. This directly hindered the developmental process of the country, which coerced government to focus on possible debt relief strategies to achieve sustainable external debt levels and poverty reduction to aid growth.

Debt relief has managed to relieve our economy of taxation, which gives the opportunity to direct funds towards further investment in the social services sector and attracting investments. Government recognizes the importance of attracting both domestic and foreign investments for our country and so they developed the National Competitiveness Strategy to outline plans for investment.

This debt relief has led to economic stability which leads to other developmental opportunities, and now revenue can be directed to other sectors to sustain economic growth. Today, the need for some patriotism, commitment and cooperation by the people is necessary to sustain our country’s economic achievements.
ELIZABETH DALY