-Dr Jagdeo says, points out inability of larger economies to cope

THERE is not enough acknowledgment of the government’s numerous policy interventions which are geared towards addressing the high cost of living, an issue that is taking a toll on larger economies, People’s Progressive Party (PPP) General Secretary Dr Bharrat Jagdeo has highlighted.

During a press conference at the party’s headquarters on Thursday, the General Secretary pointed out that although Guyana is a much smaller country compared to the United States of America (USA), the PPP/C government has managed to keep inflation relatively stable with its prudent management.

Despite attempts by those with their own personal agendas, Dr Jagdeo placed things into perspective and highlighted how the government since assuming office in 2020 has not only made key cost-of-living interventions, but has also made long-term investments which have improved the standard of living for all citizens.

It has become the habit of some detractors of development to place focus on the negatives and portray the image that cost of living is not a global phenomenon. With that said, Dr Jagdeo called attention to how the citizens of major economies are crying over rising costs in various areas such as housing, utility bills and gas for their vehicles.

With the USA being in election season, Dr Jagdeo said that at the Republican Convention, the impacts of cost of living are being substantially focused on and the claim is being put forth by the speakers that the high costs are “devastating” large sections of the population.

Here in Guyana, the cost-of-living issue is constantly being ventilated in the public domain. The PPP General Secretary on Thursday used the USA experience to highlight how Guyana has been able to successfully implement policies that have improved the well-being of Guyanese.

He expressed hope that people will examine the difference between both countries and analyse the policy responses.

Dr Jagdeo, who also serves as Guyana’s Vice President, pointed out that the government has kept the prices at the gas pumps “very stable,” whereas other countries, in this case the USA, is seeing its citizens complaining about how the high cost of living has resulted in increased prices at the pumps.

He said that this year, the Guyana Power and Light Inc (GPL) will receive a US$66 -$70 million subsidy to cover fuel costs. Dr Jagdeo explained that if this is not done, the GPL would have to increase electricity costs.

He also noted that water rates have dropped by five per cent since the PPP/C government assumed office.

While US citizens are complaining that homeownership has become a challenge, the PPP General Secretary said that in Guyana, mortgage rates have decreased.

“It’s more affordable to get a loan now and take out a mortgage for it [a house],” he stated.

Further, the PPP General Secretary while highlighting other direct government policy interventions, said that 33,000 house lots have been developed.

Dr Jagdeo said: “You would see that in four major categories, direct interventions by the government and if anything, looking at the Republican Convention and what’s being said there, you should appreciate what this government has done in four years, especially with two years being lost to COVID.

“And with all the inflationary pressures that are affecting a big economy like United States of America with a great capacity to handle this, we in Guyana, because of direct policy intervention, we have kept some of the most substantial areas in cost-of-living increases that other countries face, we have kept them away from our people.”

The Vice President then acknowledged the increase in food prices and disclosed that the government is assiduously working to ensure a greater supply response.

“You can see a clear plan by the government to address this cost-of-living issue,” he stated.

While this plan is seemingly being covered up by the PPP’s critics, Dr Jagdeo on Thursday emphasised that Guyana’s economy suffered greatly under the previous government.