With the passage of Budget 2010 and the positive revealing findings of assessment reports from international financial institutions becoming available, Minister of Finance, Dr. Ashni Singh, while meeting with media personnel on matters pertaining to the national economy, indicated that Guyanese have been presented with a good opportunity to reflect and project on the direction in which the country is being steered. Minister Singh noted that this is even more critical when one considers that Guyana’s strong fiscal standing is manifesting at a time when small and large economies, globally, were shattered by financial conditions that caused major disruptions and required extended efforts being channelled into damage control.
According to the country assessment report of the International Monetary Fund (IMF), on the fluency of Guyana’s economy, the empirical evidence shows significant growth, especially consecutively over the past four years.
The report goes on to show that Government has embraced responsible macro-economic policy, giving Guyana the favourable assessment, according to the Article 4 consultation, which functions as a country review.
Formally, Guyana was recognized as having maintained an appropriate policy stance and weathered the storm of the global international crisis, with a governmental administration that is committed to achieving long term growth.
This growth is a representation of government policies and massive private sector involvement in the economy, a welcome fusion of resources that has seen results in the form of the highest yields in gold mining, with 2009 posting the highest production ever.
Minister Singh cited the fact that there are also currently enhanced external reserves. The national currency appreciated in value for the first time in 15 years and there was also the lowest level of inflation in eight years, achieving the goal of realizing significant enhancement.
It was also noted that apart from the portion of the budget that goes towards the servicing of debt, major sums of money go to the payment of wages and pension, the purchase of goods and services, the provision of investment opportunities for the people of Guyana and other policies that allow support to reach the core of the environment, to lower the cost of living and ensure enhanced quality of living for citizens, all the product of a clear policy stance designed by Government, to protect the interest of Guyanese and business opportunities herein.
Minister Singh recognized that there is considerable work left to be done, especially in relation to other projects, in infrastructure and the expansion of the transportation, agriculture, housing, health care and education sectors, among others. (GINA)