Govt will ensure diverse, resilient economy – Finance Minister assures CDB President

As a new oil producing national, Senior Minister with responsibility for Finance, Dr Ashni Singh acknowledged the significant transformations that this new industry will bring for Guyana but has reassured that the PPP/C Government’s vision is to achieve a diverse and resilient economy.

The Minister was speaking on Saturday at a review meeting for the projects being facilitated by the Caribbean Development Bank (CDB), according to the Department of Public Information (DPI). The meeting, which was held at the Arthur Chung Conference Centre, included newly elected CDB President, Dr Hyginus “Gene” Leon, and his delegation who were here on a two-day visit as part of a familiarisation tour of the region.

Minister Singh said, “it goes without saying that the extraction, production and export of oil promised the opportunity of a very significant transformation in Guyana. But we recognise with the abundance of examples around the world that becoming an oil and gas producer is by no means on its own an assurance of prosperity and long-term wellbeing for a country.
In fact, the world is replete with examples of countries that have discovered, produced and exported oil but are yet to discover the prosperity that oil could beckon if it were, and if the broader economy were to be managed in the soundest possible manner.”
According to the Finance Minister, the Guyana Government has constantly iterated the importance of a robust, widely diversified economy, and a particularly competitive non-oil economy.
Despite the promise of prosperity, Dr Singh said the Government is under no illusion about the vulnerabilities faced by Guyana. He related the struggle the country has faced with the COVID-19 pandemic and flooding. The senior Minister also noted the wider effects of climate-related disasters on the Region.
Dr Singh thanked the CDB for the contributions it has made to Guyana’s development, dubbing it an “outstanding partner”.
“I wish to say Mr President that Guyana has always been a proud member and we are even more so now, a proud member of the CDB, and a very proud member of Caricom, and a proud and staunch defender and advocate of the regional integration movement,” he told the CDB delegation.
Public Works Minister, Bishop Juan Edghill; Minister within the Public Works Ministry, Deodat Indar; Housing and Water Minister, Collin Croal; Minister within the Housing and Water Ministry, Susan Rodrigues; and Tourism, Industry and Commerce Minister, Oneidge Walrond were also a part of the meeting.
In the afternoon, the CDB President was escorted to the locations of some projects the Bank has facilitated, on the East and West Banks of Demerara. Ministers Edghill and Croal led those expeditions.
Dr Leon was also shown some of the infrastructural projects the Government is currently advancing.
Upon arriving in Guyana on Friday, the visiting CDB delegation met with President Dr Irfaan Ali, who was accompanied by Dr Singh and Vice President Dr Bharrat Jagdeo.
During that meeting, President Ali lobbied for greater support for private sector development, while sharing ideas with the CDB President on how to address challenges in Guyana and the region.
According to a statement from the Office of the President, the Head of State also shared with the visiting dignitaries disaggregated information relating to the Government’s vision on various sectors and for future projects that are necessary to move the country forward.
“An important part of that is the inclusion of the Private Sector and greater support for Private Sector development,” the President posited.
It was noted that calls were also made for more information to be made available to the Private Sector to help them understand the opportunities currently available in the bank, and “a reform within the bank itself” to cater to the developmental needs of the region.
Meanwhile, the CDB President along with his delegation wrapped up a two-day visit on Sunday with a tour of some of Guyana’s top tourist destinations including the country’s gem – Kaieteur Falls. Minister Walrond led him on a tour of the majestic falls.
Dr Leon and his team along with the Tourism Minister were then joined by Dr Singh for a visit to the Arrow Point Nature Resort led by National Security Advisor, Captain Gerry Gouveia.
The Finance Minister said that his Administration identified tourism as one of the main sources of future expansion and job creation in the non-oil economy. He noted that the CDB is supporting the Government’s efforts to develop the tourism sector through US$9.9 million funding for the construction of a modern Hospitality and Training Institute, which forms part of the GOG-CDB portfolio of projects currently underway.
This visit to Guyana by the CDB President is the first stop on his trip around the Caribbean to build relationships between the Bank and members.