Govt working to develop crucial areas before oil resources are exhausted – Finance Minister

Finance Minister Dr Ashni Singh believes that it is important for the Government to expend the wealth gained by oil and gas into the development of several crucial areas within the country before the resource is exhausted.
He made this comment during an appearance on the Energy Perspectives podcast where he highlighted that the discovery of oil reserves offshore Guyana has significantly boosted the development of the country and its economy.
He nevertheless stated that the government is rolling out several initiatives to enhance the livelihood of its citizens. He referred to direct cash transfers to its people as a way of investing oil revenue into the population while noting that direct cash transfers are not the only avenue through which oil revenues can be distributed to the Guyanese people.

One critical area he highlighted that the government must continue to invest in and develop is the country’s non-oil sectors.
“We have said very clearly that we see this period as a period in which we can and we should be investing in the things that are most critical for the long-term prosperity of our country including and in particular the non-oil economy…We know the risks that are associated with any economy that is exclusively dependent or overly dependent on a single sector. And so, we have said, President Ali has said from the very inception that economic diversification and in particular the growth and expansion and competitiveness of our non-oil economy is a paramount policy objective.”
He added that apart from investing into the non-oil economy the government has been improving the living standards for Guyanese people through the allocation of funds towards several key sectors such as education and healthcare.
“Guyana, the long-term resilience of Guyana and in particular securing the competitiveness of the non-oil economy. So, things like infrastructure, transport infrastructure, energy infrastructure, all of which really are geared up to help promote a more competitive non-oil economy. And in addition to that investing in the things that matter to the well-being of the Guyanese people, education and health care to make sure that people have good quality education and good quality health care”.
“I mean, logically, providing cash transfers to people could not possibly be the only or the most effective necessarily, the most effective way of empowering people. What we really want is a Guyana where every single, and what we’re really working towards, is a Guyana where every single Guyanese person of working age is able to get a good quality job and can earn a good income to be able to live comfortably.”
Moreover, the finance minister slammed the APNU/AFC coalition for neglecting the non-oil economy during their time in office. Singh noted that a lack of robust economic policies under the APNU-AFC Coalition halted the expansion of several crucial industries within the country.
“The APNU-AFC had essentially neglected all of the non-oil economy, apparently with the expectation that they could simply sit and wait for oil production to start. We saw, for example, how during the 2015 to 2020 period, several sectors were neglected. Sugar was essentially closed down. Serious damage was done to the bauxite industry…And you would recall that the then president, President Granger, said rice is a private business and the government is not interested in rice agriculture on the whole was neglected.”
The finance minister added. “so what is perhaps most striking is the complete lack of vision and complete lack of foresight and just generally bad planning and bad economic policies on the part of the APNU/AFC and there’s no doubt in my mind that if had they been allowed to get away with the theft of our democracy in 2020 and continue with these bad policies, that you would have seen a complete and total collapse of the non-oil economy.”
Additionally, the finance minister highlighted how the People’s Progressive Party/Civic (PPPC) administration’s robust economic policies have since revitalized the country’s non-oil economy.
“We now have, since President Ali took office in 2020, a government that has taken exactly the opposite position, that the non-oil economy is of paramount importance, that we have to make sure that agriculture remains strong and competitive, that we have to make sure that bauxite recovers and is strong, that we have to make sure that gold and our other minerals are doing well, that we have to make sure that tourism is doing well, and you’re seeing the policy actions.”