after House approves adjustment to debt ceilings

THE National Assembly on Thursday approved the motion to increase Guyana’s external and domestic debt ceilings, as the government aims to continue the transformational development of the country.

Senior Minister in the office of the President with responsibility for finance, Dr. Ashni Singh, two weeks ago presented the two motions in Parliament proposing the adjustments to the two ceilings.
The adjustments included that the domestic public-debt ceiling be increased from $500 billion to $750 billion, while the new external borrowing ceiling will be increased from $650 billion to $900 billion.
During Thursday’s debate on the motion, Dr. Singh said that this was as much a debate on economic development as much as it is one on debt sustainability.
He said: “This motion and proposal is not only a debate on complex economic matters, but it is about the People’s Progressive Party/Civic (PPP/C) wanting to deliver development to the people of Guyana in the shortest possible time.”
Against this backdrop, Dr. Singh told the House that while there are talks on debt sustainability, the PPP/C’s track record in government as far as it relates to the achievements, maintenance and strengthening of debt sustainability, is incomparable in the entire history of the country.
While members on the opposition side of the house heckled at the achievements mentioned by the Finance Minister, he said that their “rumblings” represent their opposition to development in the country.
To this end, he iterated that opposition members are well aware that all loans contracted under this current administration have been invested in economic and social development, and improvement of the circumstances of the people of Guyana.
Additionally, Dr. Singh told the House that there is evidence available for all to see what loans were invested in, and gave examples such as the gas-to-energy project, hospitals, schools and even roads.
While members of the opposition heckled and expressed their disdain during the Finance Minister’s contribution to the motion, Dr. Singh said that the APNU+AFC is doing a disservice to their supporters by creating the impression that borrowing is bad.
“This deliberate attempt by the APNU+AFC to create the impression that debt is bad is doing a grave disservice to their supporters; what they should be doing is saying responsible debt is to be encouraged, debt within your carrying capacity,” he said.
Meanwhile, during his contribution to the motion, Minister of Public Works Juan Edghill said that the government of the day is not borrowing to pay salaries or old age pensions, as they have been able to manage the affairs of the country in such a way without the increase in taxes.

He added that when the government talks about raising the debt ceiling, the government wants to be able to facilitate engagements with institutions and take advantage of the existing prevailing circumstances.
To this end, Edghill told the House that when the government borrows, it is borrowing to expand on the significant growth and transformation that is taking place all across the country.
As such, he criticised members of the opposition in the National Assembly, who throughout the entirety of the contributions to the motion, heckled and did not show their support for the motion.

Further, the motion which was moved by the Finance Minister was confirmed by the National Assembly and will clear the way for continuation of the government’s aggressive development agenda.