Guyana on path to becoming a regional leader
President, Dr. Irfaan Ali; several cabinet members and the US Congressional House Committee on Ways and Means of the Congress of the United States of America, at a recent luncheon (Office of the President photo)
President, Dr. Irfaan Ali; several cabinet members and the US Congressional House Committee on Ways and Means of the Congress of the United States of America, at a recent luncheon (Office of the President photo)

–US Ways and Means Committee Chair says

GUYANA is continuously being recognised as an emerging regional and global leader given the expected economic growth which is supported by clearly articulated policies and programmes outlined by the government.

The recent visit by the US Congressional House Committee on Ways and Means to the Latin America and the Caribbean (LAC) Region underscores Guyana’s rising stature globally.

Committee Chair, Congressman Jason Smith, during a reception hosted at the United States (US) Ambassador’s residence, said that it was on the prompting of Congressman Kelly Armstrong, who was a part of the delegation, that the committee knew that Guyana needed to be included in its tour to a few LAC nations.

“He’s really the one that has been a huge champion for Guyana, Guyana. And early on, he’s like, you need to look at this country and see what they’re doing, they’re going to be the leader in the entire region,” Smith related during the Committee’s visit to Guyana from March 16 –18.

Smith and Armstrong were part of a delegation that also included Terri Sewell, Carol Miller, Michelle Fischbach, Beth Van Duyne and Mike Carey. Guyana was the delegation’s last stop in a three-country tour, which also included stops in Mexico and Ecuador.

“There’s only three countries that we chose to go to. And there was a reason for each one of those three countries because we wanted to make sure we recognised how important our bilateral relationships are with those three countries. And that’s why we decided to make [Guyana] the last stop of the three,” Smith said.

YOU’RE GOING TO DO IT
He was adamant that the friendship and the partnership that the American people have with Guyana will only get stronger, and is very optimistic of improvements in the quality of life and infrastructure for Guyanese.

“We want to see you all become so successful and have the most amazing infrastructure and quality of life. And you’re going to do that. You do that underneath the leadership of your president and your vice president and these members of Parliament,” Smith said.

During the visit, the delegation met with the government, members of the political opposition and officials from ExxonMobil Guyana. Smith described the visit to Guyana as “incredible” and noted the US commitment to seeing Guyana’s development.

“We are all neighbours. There’s no country that cares about your stability and your prosperity more than the United States. Always remember that and don’t forget it,” Smith said.
During the visit, President Dr. Irfaan Ali described the USA as a “trusted partner” that stood by Guyana when it mattered most and he emphasised that Guyana will continue to be an important strategic partner to the USA.

“You are our trusted partner. We are proud of our partnership and we’re going to work together to make Guyana and the US stronger together.

“You have nothing to fear; Guyana is, and will continue to be an important strategic partner of the United States. And the opportunities here is open for both the United States and your private sector. And we want to see greater participation from the US private sector,” Dr. Ali said.

The Head of State further added: “You are one of those countries that stood up when it mattered based on your principles for democracy. That is important because you are not a fair-weather friend; your relationship is based on principles and values and that is what we value. We are working together with you and we can assure you of a government that is open. We are working to advance transparency and accountability.”

Guyana’s relationship with the US is also evidenced by the economic co-operation recorded by the countries over the years. It was reported that for the year 2021, the United States imported US$1.7 billion worth of commodities from Guyana.

And as the countries look to enhance bilateral relations, Guyana stands to benefit immensely since the country is on a towering path with a vibrant oil and gas sector, productive non-oil sectors and prudent fiscal planning and management.

A THRIVING ECONOMY
Despite global and local challenges, Guyana has managed to maintain a thriving economy through careful fiscal planning and the creation of an environment that has fostered improved performances in various economic sectors.

In presenting the government’s massive $781.9 billion 2023 budget to the National Assembly, Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, said the economy grew by 62.3 per cent overall in 2022 in real terms, with a “very strong expansion of 11.5 per cent in non-oil real gross domestic product (GDP).

“At 62.3 per cent overall real growth, Guyana would be the fastest growing economy in the world in 2022,” Dr. Singh said.

The country’s performance was on account of better-than-expected output in the oil and gas sector, and the government’s policies focused on supporting the traditional and new and emergent non-oil pillars of the economy, helped ensure stronger and more broad-based growth than originally anticipated.

The country’s performance was on account of better-than-expected output in the oil and gas sector, and the government’s policies focused on supporting the traditional and new and emergent non-oil pillars of the economy, helped ensure stronger and more broad-based growth than originally anticipated.

“Speaker, with continued interventions and policies geared at building a resilient economy, real GDP is projected to grow by 25.1 per cent this year, a rate of growth which currently puts Guyana among the top five fastest growing economies in 2023,” Dr. Singh had said.

This position, according to the minister, could be largely attributed to further ramping up of oil production anticipated in the Stabroek Block.

The country is using returns from the oil and gas sector to fund transformative projects and move the country towards the use of renewable energy.

With the gas-to-energy project, Guyana is also on the path to lowering electricity costs and encouraging investments in manufacturing and other areas.

There is also great emphasis on education, healthcare and social welfare, all of which positions the country to become an economic powerhouse and regional leader, as foreseen by the US official.

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