– President Jagdeo
PRESIDENT Bharrat Jagdeo, acknowledging the phenomenal growth in the housing sector, declared last Friday that it has been a success story for the Administration.

He was speaking at the official commissioning of the new $55M water well station in Sixth Street, Diamond Housing Scheme, East Bank Demerara.

The project was funded by Basic Needs Trust Fund (BNTF) and the facility started full operation since October, significantly enhancing the level of service provided to more than 4,000 residents within the rapidly developing scheme.

Erection of the parameter fence and other minor works were funded by Guyana Water Inc. (GWI) with in excess of $10M.

Delivering the feature address, the Head of State said he was extremely pleased to share the joyous moments with the beneficiaries, particularly in the community, because, by the investment, they would be assured better quality service from the utility.

He said that is, basically, required, as Governments are elected to serve people. “And every single day that they are in office, they have to ensure that they improve the quality of the service and the access to service that they give to people.”

President Jagdeo said it is a process because nothing could be done immediately, to move from where there was dilapidated infrastructure to a perfect situation.

He argued that this is particularly so for the developing countries where the needs are greater than the resources.

However, President Jagdeo maintained that, if the economy is managed in a prudent way, resources could be garnered to accelerate the process.

He said the transformation in the country has been seen from one with very little prospect for the future to one where, in spite of difficulties, most people look forward to the future with optimism.

President Jagdeo said some very definitive policy initiatives have led the country to where it is today, ranging from getting rid of the burden of external debt to the prudent management of not only fiscal but monetary affairs and stabilising the macro economy.

He said, although there is a global crisis, Guyana has the highest national reserves ever in its history, one of the lowest inflation rates and the mortgage financing has come down.

President Jagdeo admitted it is impossible for many people to own homes and said, “if there is one success story that we have had, it is the phenomenal growth in the housing sector since we assumed office.”

He asserted that Guyana is expanding its housing stock when some countries are losing theirs and people are now moving from home owners to the street or having to rent.

President Jagdeo cited the United States where, he said, some ten million people have lost their homes.

PREFERENTIAL TAX
He also alluded to the extension of a preferential tax treatment to the commercial banks to bring down the interest rates, “because we want every family in this country to own their own home.”

President Jagdeo said it is not just about houses in Diamond, it is about creating a community and a major focus includes building the necessary facilities that would create the community, including the school and medical facility.

He pointed to the phenomenal growth in the area on which the Administration is hoping to give Diamond township status in the future.

“Between the people living here and Grove, the older communities, if you combine them, you probably have more people than some of our existing towns in the country,” President Jagdeo reasoned.

“It is a very interesting history of how this community has evolved and I am very pleased with what I see today,” he said.

The Head of State reiterated that it is a process which is being replicated right across the country in many other communities.

“It is not easy, as I said before, to do this and, at the same time, maintain a stable economy, particularly when there is a global financial crisis,” he confessed.

President Jagdeo appealed for all the people to work together and ensure that “we are not shortsighted in the future”.

“I think, we landed into trouble in the past because Government was shortsighted,” he noted and pledged that the Administration is working to make sure there are major initiatives that will catapult the country’s development forward.

President Jagdeo said several growth poles have been identified, such as the integration with Brazil as a key; oil and gas exploration; agro-processing; eco- tourism and trade in forest carbon, all major initiatives that could generate hundreds of millions of U.S. dollars for Guyana.

“So that the future will be much better for those who come after us and it is important that we keep sight of these,” he challenged.

Urging the beneficiary community to make good use of the well, President Jagdeo cautioned against wasting the water.

“This resource belongs to all of us and we should all care it together and use it responsibly,” was his advice.