THE Audit Office of Guyana, in its 2024 report, has found that the government continues to uphold strong standards of fiscal transparency, particularly in relation to external borrowing.
The report highlights that all new loan agreements for 2024 were submitted to the National Assembly for scrutiny, demonstrating the administration’s commitment to open governance and parliamentary accountability in managing Guyana’s public debt.
During the period under review, Auditor General Deodat Sharma said the government entered into four new loan agreements totalling $53.306 billion.
There were also disbursements on three of these loans during the year 2024 totalling $10.067 billion. On January 12, 2024, a facility was secured with UniCredit Bank Austria–EKN Sweden valued at €135 million, equivalent to G$29.1 billion, for the design, build, and delivery of medical equipment for a new hospital campus in New Amsterdam.
Later, on February 23, 2024, the Inter-American Development Bank (IDB) approved a US$90 million loan, amounting to G$18.7 billion, to support educational recovery and transformation under Loan No. 5809/OC-GY.
Both of these agreements were laid before the National Assembly in May 2024. Additional financing was sourced from the Export-Import Bank of India to enhance the country’s renewable energy and aviation capabilities.
On February 29, 2024, Guyana signed a US$2.5 million loan (equivalent to G$521 million) for the installation of a solar photovoltaic power plant at the Cheddi Jagan International Airport, followed by another agreement on March 15, 2024, for US$23.37 million (approximately G$4.87 billion) to facilitate the procurement of two Hindustan 228-201 aircraft.
These loans, also laid in May 2024, collectively reflect Guyana’s strategic approach to financing infrastructure, education, health, and energy projects aimed at long-term national transformation.
The report also notes that the total Public Debt stood at G$1.283 trillion or the equivalent of US$6.154 billion at the end of 2024, as compared with the sum of G$976.238 billion or the equivalent of US$4.682 billion at the end of 2023, representing an increase of G$306.895 billion.
The Auditor General reminded that Section 3(1) of the External Loans Act authorises the Government to raise loans outside of Guyana not exceeding G$400 billion.
In February 2021, the external debt ceiling was increased to G$650 billion, while in July 2023 the ceiling was increased to G$900 billion and in February 2024 there was a further increase to $1.500 trillion.