Dear Editor
I was highly bemused when I read an article in the media where the former Minister of Finance has expressed grave concerns over Guyana’s borrowing spree and he questioned the legality of a letter sent to the Chinese ambassador regarding a loan request of US$1.5B’. According to him, the latter is ‘rumour’ but I will say that the former is just one of his outlandish assumptions.

Not so long ago, the Coalition, under his watch as the Finance Minister, went on real borrowing and squandering binge which depleted all the reserves and ran an excessive overdraft on the Consolidated Fund in excess of $90 billion.

In addition, I have written exhaustively on the $30 billion bond which was not used for the purpose intended. Interest on this bond would have amounted to US$40 million ($8.4 billion GYD) in just five years to service it. According to an article in 2019, $7.4 billion was disbursed to GuySuCo since 2018 but there were no records how the money was utilised.

This government has, in January this year, paid a total of $606 million in just interest. This is wasteful spending!

On top of all of this they ‘negotiated’ an Oil Production Sharing Contract and a Royalty rate which they now want this government to correct. This is a so barefaced.

This government was placed with such a huge burden to right the wrongs done by the Coalition that borrowing at this point is a necessity. The devastating flood and the deadly pandemic must also be brought into this scenario. What I would like to see Mr Jordan do is to provide evidence that monies borrowed was squandered in a manner in which they did during their tenure in office.

The list of squandering under the Coalition is endless. It is not the borrowing ‘binge’ which hurts but the squandering binge which was the Coalition’s trade mark.

Yours sincerely,
Haseef Yusuf