Home Letters Timely financial reporting creates benefits for a nation
Timely financial reporting creates benefits for a nation. It is now almost April 2019 and we the people, the shareholders of this company called Guyana, still cannot receive from the Finance Ministry; the critical annual report of Fiscal Year 2018 called the “End of Year Outcome 2018 Report”. This report provides evidence on the 2018 financial performance and this is vital information. Since the FY 2019 Budget was nothing else but a document of guess-estimates on both 2018 and 2019, it is about time the nation learn of the real situation when it comes to 2018.
This practice of planning for the economy on such “Alice and Wonderland number” is a dangerous precedent for any country and this financial nonsense only started happening in 2015. All such a poor strategy drive is a Ministry team that is under-prepared for proper policy formulation on a more proactive basis.
I am, therefore, humbly asking the media to inquire on the whereabouts of the end of year outcome report for 2018. A copy of the 2017 report can be found at https://finance.gov.gy/?cat=14.
I am advised that the Bank of Guyana has completed its FY 2018 Annual Report but cannot release it because they are awaiting the Ministry to publish their document first. What kind of a nation is this where the Central Bank cannot be seen to be acting independently and is functioning as if it is a political poodle? Is this why it has allowed Central Government’s overdraft at the Central Bank to run up to close to $60 billion? Here is the evidence (see Capital and Liabilities – Public Deposits)
Better must come!