–Dr. Jagdeo says country has ‘better managed’ oil and gas industry
–reiterates efforts to tackle cost of living issues

IN 2023, Guyana has recorded major progress in almost every sector following massive investments to enhance the country’s economy, General Secretary of the People’s Progressive Party (PPP), Dr. Bharrat Jagdeo has said.

Dr. Jagdeo, during his weekly news conference on Thursdays, told reporters that outside of the 2023 performance, the government was able to deliver 70 per cent of its manifesto promises with just one budget.

This, he said, is a reflection of the government’s robust planning and strategic investments despite the hardships the PPP/C faced after taking over from the A Partnership for National Unity + Alliance For Change (APNU+AFC) in 2020.

“We had to overcome a period when $419.5 billion dollars was spent by APNU without any parliamentary approval from the budget of 2018 to when we (the PPP/C) produced the budget in 2020 September.

“In the middle of a shutdown in this country, because we were fighting an existential crisis threat, COVID, in four weeks, we produced a budget,” the General Secretary said, adding: “In the first budget four weeks after we got into office, in the middle of COVID, we fulfilled almost 70 per cent of our manifesto promises.”

‘BETTER MANAGED’
Speaking further on the country’s development, Dr. Jagdeo noted that Guyana has emerged as a nation that is well-known for the management of its oil resources.

And despite being dealt a bad hand by APNU in its first major oil agreement, the country has implemented several policies to ensure Guyanese benefit from the country’s resources.

“On the oil and gas side …if you look at every assessment from the international community including the IMF [International Monetary Fund] reports, you will see that it’s one of the better managed industries anywhere in the world and that the pace in which we have changed the framework has been unprecedented for many countries in the world,” Dr. Jagdeo said.

He referenced the birth of the country’s gas to energy project, which aims to cut down electricity costs, and the enactment of the local content law to ensure that Guyanese could tap into the lucrative sector.

Dr. Jagdeo said: “We have done all that we said we will do in this sector in terms of the framework agreement. We went for the gas to energy project as a way of getting more from the contract.”

COST OF LIVING
Aside from the major investments, the government also rolled out a number of initiatives to tackle the effects of rising global costs.

While other parts of the world would have seen increases in the cost of food, fuel and other necessities, Guyana, Dr. Jagdeo said, was able to implement several measures to assist citizens; these included the removal of tax on fuel, electricity and data.

“There was a 50 per cent excise tax on fuel, we brought it down to zero …fuel feeds into transport, it feeds into cost of production and many other areas of life. We had removed the vat on electricity, water, and data, etc…. we started subsidising electricity and water. When the prices went up for fuel, the cost to GPL and GWI also skyrocketed but instead of getting a higher price for electricity or water we kept the price constant,” he said.

He also reminded of the cash grants that were made available, providing more disposal income to Guyanese.