The Private Sector Commission of Guyana (PSC) in its press statement reported that the Commission met with Lusine Lusinyan, Deputy Division Chief of the Western Hemisphere Department of the International Monetary Fund (IMF), and her team to discuss “Investment Climate and Strategies for Private Sector-Led Growth.”
The statement noted that the meeting provided a platform for the PSC to share insights on key issues, including the labour force, financing for small and medium-sized enterprises (SMEs), foreign exchange, data collection and reporting, and Guyana’s legal investment framework.
The PSC engaged in discussions on the current economic climate and emphasised the importance of accurate data representation and methodology in international reports.
PSC Chairman, Komal Singh
According to its press statement, Chairman Mr Singh highlighted that every economic sector in Guyana is experiencing growth, driving an increasing demand for skilled labour. He pointed to existing mechanisms for job seekers, such as the Ministry of Labour’s Job Bank and the Diaspora Unit at the Ministry of Foreign Affairs.
Additionally, he underscored the Government’s efforts in improving the governance environment through legislative advancements, such as arbitration laws, and streamlining business operations via single-window platforms in trade and construction.
Addressing workforce development, past Chairman, Dookhoo, stressed the necessity for targeted training programmes to equip the labour force with relevant skills.
The PSC reiterated its position that unemployment in Guyana is largely voluntary, given the abundance of economic activities that create opportunities and jobs for everyone. Additionally, the Commission highlighted that labour costs in the private sector have increased by more than 60 per cent over the past four years, reflecting the country’s rapid economic expansion and rising demand for skilled workers.
Furthermore, members of the PSC underscored the need for regulatory reforms in the banking
sector to better support the expansion and financial resilience of SMEs.
While acknowledging that banks have made improvements to facilitate the ease of doing business—including the introduction of invoice financing and the recognition of movable property as assets—there is still room for further enhancements.
At the same time, the PSC emphasised that the private sector must also strengthen its internal governance and financial systems to improve access to financing and ensure long-term sustainability.
The PSC delegation also questioned the methodologies used by international agencies in
compiling economic reports, expressing concerns over the accuracy and relevance of
benchmarking criteria.
The Commission reiterated that data must reflect the true economic realities of Guyana and should be collected using methodologies that offer an accurate representation of the country’s economic performance.
This meeting reaffirmed the PSC’s commitment to collaborating with all stakeholders to foster a sustainable economic environment, strengthen financial resilience, and advocate for policies that support private sector development, its statement concluded.
