Dear Editor,
ACCORDING to United Nations Secretary-General Antonio Gutteres, developing countries would require US$500 billion annually to enable them to overcome current levels of poverty caused by currency manipulation, high and unsustainable debt burdens and other structural impediments.

This view is not new. Former President, Dr Cheddi Jagan nearly three decades ago, had written about the “debt trap,” which, he said, was not only unsustainable, but was also a big millstone around the necks of poor countries from a developmental perspective.

Guyana at one point under the previous PNC regime was ranked among the highest indebted countries in the world, with debt repayments and servicing consuming over 90 per cent of government revenues.

It was not until after the return of the PPP to office on October 1992 that the debt burden was progressively reduced to sustainable levels.

It is a shame that despite several promises by the developed world to make more financing available to poor countries, not much has been done.

Instead, billions of dollars are wasted on unnecessary wars, raking in billions of dollars in the coffers of the military–industrial-complex and big businesses at the expense of the poor and the underprivileged.

As Mr Guterres pointed out in his recent address at the recent UN-sponsored conference on least developing countries in Doha, Qatar, the time for excuses is over and the rich industrialised nations must live up to the promises made to provide more financing available for poverty reduction and sustainable development.

Guyana, thanks to prudent economic and financial management by the PPP/C administration, is now much better placed to manage its debt obligations. The issue of debt burden, however, still remains a drag on several other low-income countries.

Yours respectfully,
Hydar Ally