–Financial analyst says

FINANCIAL and Public Policy Analyst, Joel Bhagwandin, has accused the A Partnership for National Unity + Alliance For Change (APNU+AFC) of practising financial mismanagement, misappropriation and unaccountability since it is yet to account for the mismanagement of $199 billion while in office.

Bhagwandin’s statement comes after the Economic Adviser to the Leader of the Opposition, Elson Low, claimed that the second cost recovery audit of ExxonMobil’s US$7.3 billion cost could reveal more contestable costs.

Low had accused the People’s Progressive Party/Civic (PPP/C) government of practising collusion, negligence, and recklessness in the audit of the expenses.

In response to these claims, Bhagwandin argued that the accusations made by Low were baseless and contradicted the opposition’s position on the audit.

He questioned whether the opposition was implying that the audit was being conducted recklessly or taking too long, as these were contradictory positions.

“In so far as the sum of US$214 million or whatever sum that the audit unearthed as questionable or unjustified to be part of the cost recoverable bank, the Vice President, Dr. Bharrat Jagdeo, has already made it clear that those expenses, if not properly justified by Exxon?ought to be removed from the cost bank, thereby effectively increasing the profit [of] oil.

“Albeit, it is not unusual for there to be deficiencies, but more importantly is that those deficiencies, once uncovered through the audit process, must be remedied and corrective measures be put in place to minimise the recurrence of same in the future.

“That said, it is worth highlighting as a reminder?that there have been a number of instances involving public financial mismanagement, misappropriation and unaccountability perpetuated by the former Government during the period 2015-2020,” he said.

Bhagwandin related that the former Finance Minister, Winston Jordan, effectively circumvented the approval of and scrutiny of $128 billion withdrawals from the government’s deposit accounts by the National Assembly in breach of the Fiscal Management and Accountability Act.

Additionally, he pointed out the controversial US$18 million signing bonus that was hidden and subsequently “transferred” to the Consolidated Fund.

Bhagwandin also said that the APNU+AFC Government had disregarded the provisions of the Guyana Constitution and spent G$66 billion from the capital budget in 2019, even though they were deemed a “caretaker” government.

Given its history of financial mismanagement and unaccountability, the analyst questioned the APNU+AFC’s authority to speak on the ExxonMobil audits.
He stressed the need for the proper justification of expenses in accordance with the Production Sharing Agreement (PSA).

“On the other hand, the questionable sum of public monies totalling US$1 billion or G$200 billion?have remained unanswered for and/or properly accounted for by the former Government/the Parliamentary Opposition,” he said.