IN recent times, there have been claims and comments from some quarters suggesting that the People’s Progressive Party (PPP) is mismanaging the economy. However, in a press conference held at Freedom House, the PPP General Secretary, Dr. Bharrat Jagdeo, has firmly debunked these nay-sayers and shed light on the impressive strides made by his government.

One of the key achievements highlighted by Dr. Jagdeo is the successful reduction of Guyana’s debt burden. He pointed out that during the 1990s under the stewardship of the APNU (A Partnership for National Unity), Guyana faced a dire economic situation, with the country’s debt reaching a staggering nine times the size of the economy. Over 100 per cent of the country’s revenue was used to service this overwhelming debt, pushing the nation into a state of virtual bankruptcy.

However, the PPP took decisive action to tackle this economic crisis. Before the era of newfound oil wealth, the PPP had already made substantial progress in lowering Guyana’s debt burden. By 2015, the nation’s debt had been significantly reduced to around 45 per cent of the Gross Domestic Product (GDP).

Fast forward to the present, and the figures are even more impressive. As of 2022, Guyana’s debt stands at a mere 23 per cent of GDP, making it one of the lowest debt-to-GDP ratios in the world. This remarkable accomplishment is a testament to the sound management of the economy under the PPP’s leadership.

Furthermore, Dr. Jagdeo also emphasised the government’s responsible debt policy, shunning variable rate loans and opting for fixed-rate loans from reputable international and multilateral institutions. This approach ensures stability and reduces the risk of sudden financial shocks.

Addressing the claims that the PPP government is squandering oil revenue across the country, Dr. Jagdeo clarified that this is far from the truth. The government has made strategic investments in critical areas such as infrastructure, healthcare, and education. These investments aim to enhance the lives of the Guyanese people and create a stronger, more prosperous nation.

Additionally, Dr. Jagdeo confronted the misleading narrative propagated by some Opposition Members of Parliament (MPs) who suggest that the government is constantly borrowing. He reiterated that all loans are properly accounted for in the budget and are not new occurrences. Such attempts to distort facts only serve to create confusion and mislead the public.

Contrary to claims that the coalition government before the PPP’s return to power failed to focus on enhancing Guyana, Dr. Jagdeo highlighted the significant investments made by his government in housing, regional hospitals, schools, and various infrastructure projects.

In conclusion, it is evident that the PPP’s management of the economy has been characterised by prudence, fiscal responsibility, and tangible achievements in reducing debt. The progress made in this area is commendable, positioning Guyana as a success story in the international arena. As we move forward, it is vital that we focus on accurate information and informed discussions to continue building a prosperous future for all Guyanese.