ALTHOUGH there have been increases in mortgage rates globally, Guyana has stood out for being able to significantly reduce this over the past three years as a result of direct policies implemented by the government, according to President, Dr. Irfaan Ali.
“The government has increased the mortgage interest relief from 15 million to 30 million… to date, approximately close to 17,000 homeowners have benefitted and the total costs of $2.7 billion, more than $2.7 billion that were put back directly in the pockets of 17,000,” the Head of State said recently.

He related that the government negotiated a reduction in interest rate for mortgage by close to 2.5 per cent.
“As a result of this policy, we have seen an increase in housing loan by almost 20 per or $56 billion and these housing loans have the lowest default rate in this hemisphere,” Dr. Ali said.
The President emphasised the decades of targeted policies implemented by successive People’s Progressive Party/Civic (PPP/C) governments to promote affordable and sustainable housing to all Guyanese.
“Between 1992 and 2015, it is important for us to trace this segment of our history in the housing sector. In 1992, we had one of the highest debt burdens per capita in the world; our debt-to-GDP ratio was 750 per cent,” President Ali said, pointing out that Guyana has evolved to now having a development matrix which has seen the country garnering much investments.

Despite taking office in 1992 at a time when over 90 per cent of the country’s revenue was being used to service its debt, successive PPP/C governments were able to make strategic decisions, and implement policies that saw the development of new lands and the promotion of home ownership, in a pre-oil-and-gas economy.
“What we achieved was as a direct result of a system of government under the People’s Progressive Party/Civic that prioritised certain key areas that invested in our people; that understood the policy-making matrix, and that developed policies that changed the lives of people,” President Ali said.

He keenly emphasised that in less than 35 years, Guyana has moved from a debt-to-GDP ratio of 750 per cent to being the fastest growing economy in the world.
“That is no mean task. Poverty was pervasive because of the economic decay. Our social sector was broken, and it was the worst in the Caribbean,” Dr. Ali said.
The government, he said, has confronted these challenges, and, over the years, has allocated ownership to land to thousands, established initiatives like the turnkey programme, developed new housing schemes, and regularised several areas.

“What was once a dream is unfolding before us as reality,” President Ali pointed out, as he highlighted the many transformational projects ongoing across the country to open new lands, build new highways, and promote interconnectivity of all the regions.
At this years building expo, Housing and Water Minister, Collin Croal, revealed that new areas for housing will be identified, and these include Mabaruma, Region One; Wales, Region Three; La Bonne Intention (LBI), Felicity, Chateau Margot, Haruni, Non-Pariel, Enterprise and Silica City in Region Four.

In Region Five, a new housing area was identified in the village of Waterloo while in Region Six, it is Moleson Creek and Palmyra. Bartica was identified in Region Seven and Mahdia in Region Eight.
Plantations Hope and York in Region Ten will also see the development of new housing schemes.
“Affordable housing, as we know, is a critical necessity for the people of Guyana and easier access to financing has made it a dream to owning a home a reality for 1,000 of Guyanese,” Croal said.
He added: “Guyanese from all walks of life, can rely on the promise of our government to provide housing and at an affordable rate.”