Jagdeo, the architect of Guyana’s fiscal reforms

Dear Editor,
It can be said that Guyana’s economic transformation began with the Russian trained economist and the architect of the country’s fiscal reforms Dr. Bharat Jagdeo. Appointed as the Minister of Finance in 1995 by the late President Dr. Cheddi Jagan, Dr. Jagdeo served for four years until 1999 when he was elevated to the Presidency. As the Senior Minister of Finance, Dr. Jagdeo embarked on a national Development strategy aimed at expanding the economy, agriculture, mining and fishing sectors, and improved the well-being of the people, especially those at the lower end of the economic ladder.
It was a far-reaching structural adjustment program which liberalized the economy, and returned it to a path of robust growth, so much so, that between 1991 and 1999, Guyana experienced positive rates of growth of GDP each year, except for 1998. During this period, pivotal financial reforms were implemented which stabilized the economy and reduced the massive debt burden ratio by half which at the time stood at 900 percent of GDP. The Honorable Finance Minister, Bharat Jagdeo was also instrumental in negotiating with the Inter-American Development Bank, Guyana’s principal donor, to cancel country’s US$467 million debt, which at the time was equivalent to 21% of GDP.
Duly elected as president for two terms as mandated by the constitution, Dr. Jagdeo was not an ordinary Head of State. He was exceptional, astute and clever who brought tremendous economic and social progress to the country. Under his presidency, Guyana experienced a huge increase in the standard of living and life expectancy; economic stability; and the distribution of over 100,000 house-lots. Guyanese also had greater access to water, electricity, mortgage loans, and not to mention education and healthcare services. These accomplishments did not occur by mistake or overnight, it took the efficient and effective management of the nation’s financial resources and the wizardry of Bharrat Jagdeo to stabilize the Guyana’s economy, reduce the massive debt burden and produce growth and development in almost every sector.
In terms of protecting the environment the former Head of State Bharrat Jagdeo was in the forefront of preserving the country’s rain forest and combatting climate change. With 40 million acres of untouched rainforest in Guyana, Dr. Jagdeo worked passionately to establish a partnership with Norway to pay for the protection of the country’s rain forests through the sale of carbon credits in order to reduce greenhouse gas emissions from deforestation and forest degradation (REDD) His heroic and dauntless efforts to protect the environment and his commitment to safeguard the rain forest and climate change mitigation has inspired collective action on a global scale. In 2009, he gained recognition within the country and in the international community. In 2010, President Jagdeo was bequeath the prestigious title of “Champion of the Earth” by the United Nations for his steadfast and remarkable leadership in sustainable development, green growth, and climate change. He had previously been recognized as one of Time magazine’s “Heroes of the Environment” in 2008. The Champion of the Earth award is an annual program established by the United Nations Environment Programme (UNEP) in 2005 to recognize outstanding environmental leaders.
Following the PPPC victory in 2020, Dr. Jagdeo joined the Irfaan Alli administration as Vice President responsible for the oil and gas sector. Despite a barrage of criticisms from the opposition and others, he has been working steadfastly to improve the economy and the well-being of all Guyanese. During the last five years, he has worked closely with President Dr. Ali and the cabinet to create jobs, increase salary and wages for public/ civil servants, and encourage foreign investors into the country. It is fair to say that his experience and his academic background laid a solid foundation for his role in helping to shape the country’s oil and gas sector. Dr. Jagdeo’s political journey is marked by determination, vision, confidence, decisive leadership, resilience, and unwavering commitment to the well-being of the nation, and economic and social development of a free Guyana.

Sincerely,
Dr Asquith Rose