Category: Highlights

12 Mar
By: Tanika Jones 0

Kuwait Fund approves GUYD $344 million grant for feasibility study for redesign of Belfield to Rosignol road network.

Georgetown: Residents of more than twenty-seven (27) villages along Belfield to Rosignol can look forward to improved road access and connectivity as the Ministry of Public Infrastructure (MOPI) moves to start a technical and economic feasibility study for the redesign of the road network

The Government of the Cooperative Republic of Guyana has received a Grant of Kuwaiti Dinars (KD) 500,000 from the Kuwait Fund for Arab Economic Development to undertake a Technical and Economic Feasibility Study for the Redesign of the Belfield to Rosignol Road Network.   

The study which will be carried out by MOPI seeks to solve the issues of deteriorating roads, poor drainage and road safety of Belfield to Rosignol. The redesign of the network will ensure enhanced capacity of the roads, srengthen trade and economic development and facilitate new and improved interactions among farming communities. It will also reduce delays and increase user satisfaction.

The Fund, one of Guyana’s development partners, has over the years assisted Government to undertake feasibility studies and designs for the upgrade of road networks within the country. A similar project was undertaken in 2011 for the upgrade of the Better Hope to Belfield road network.

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04 Mar
By: Tanika Jones 0

Minister of Finance delivers feature address at Guyana Mining Day in Canada’s biggest mining event – PDAC

Finance Minister tells Canada’s largest mining Convention Guyana is focused on retooling and reforming the sector, wants more than just increased declarations

Local miners, international mining companies, businesses, investors, prospectors and government officials converged yesterday at the Metro Toronto Convention Centre in Toronto, Canada for the annual Prospectors and Developers Association of Canada Convention (PDAC).

Mining companies in Guyana were showcased at a special event called Guyana Mining Day – Guyana in Focus.

Minister of Finance, Winston Jordan who delivered the feature address to a packed room that included analysts, mining executives and geologists said there is an urgent need for governments to devise a strategy for mining that includes consideration for the environment and cultures that are affected by mining activities.

He further told the gathering that oil production is on target for the first quarter of 2020 but it could be advanced to the last quarter of this year.

Minister Jordan said that while the focus is on oil, much work is being done to make all of Guyana’s productive sectors remain competitive and therefore, retooling and reforming of the mining sector is critical. He added that local stakeholders agree that that if our natural resources are managed well, they can change the economic fortunes of the country.

He underscored government’s commitment to reform through the development of a National Mineral Sector Policy Framework which addresses issues of enforcement, compliance, incentives and competitiveness among other critical issues.

The Finance Minister closed his address by highlighting the benefits of investing in Guyana’s mining sector. Those benefits include the protection of investments by the Constitution and laws; a progressive royalty regime for small and medium producers, access to credit, a ready workforce and no restrictions on the repatriation of profits, dividends and other earned income.

Minister of Natural Resources and Environment, Raphael Trotman in brief remarks to the audience pointed out that “Guyana is currently one of the best investment destinations in the world” and added that his Ministry has ‘well established operating rules that provide a safe operating environment for all investors, and flexibility to establish the infrastructure and operations necessary to enable success in their investments.”

Also speaking at the event were Guyana’s High Commissioner to Canada, Ms. Clarissa Riehl, Ms. Lilian Chatterjee, Canada’s High Commissioner to Guyana and former US Ambassador and Senior Vice President of Guyana Goldfields, Perry Holloway.

PDAC which runs from March 3rd to 6th, is a platform that allows miners and prospectors to showcase their work. Presentations were made by Guyana Geology and Mines Commission (GGMC), Goldsource Mines Incorporated, Reunion Gold, Avalon Gold Exploration, Sandsprings/ETK, Matallica Commodities and Guyana Goldstrike Incorporated.

The Guyana Mining Day was conceptualised by Guyana Goldfields and is now hosted by the Government of the Cooperative Republic of Guyana through Go-Invest.

-END-

Also read:

Remarks by Hon. Raphael G.C. Trotman, M.P Minister of Natural Resources Guyana Mining Day
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13 Feb
By: Tanika Jones 0

Minister of Finance signs IDB loans

Georgetown: – Minister of Finance, Winston Jordan yesterday (Monday February 11, 2019) signed two loans with the Inter – American Development Bank (IDB)  to the value of  US$31, 110,000.00.

The loans will go toward the establishment of an Electronic Single Window for Trade and the Energy Matrix Diversification and Institutional Strengthening of the Department of Energy.

The projects will be executed by the Ministry of Business, the Guyana Energy Agency and Guyana Power and light Incorporated respectively.

Exporters, importers, agencies and businesses involved in the importation and exportation of goods can look forward to significant improvement  of doing business with the establishment of an Electronic Single Window. Benefits to be derived include  reduced transaction costs, data requirements and documents and simplified trade processes through enhanced inter-agency collaboration which together will align Guyana with international best practices.

Meanwhile, the Energy Matrix Diversification and Strengthening of the Department of Energy project will realise investments in newer and more sustainable energy solutions for Hinterland communities, improve the reliability and stability of the Demerara Berbice Interconnected System and help the Department of Energy to develop a regulatory framework, improve its capacity and governance of the Oil and Gas sector.

The loans were signed on the sidelines of the 8th Annual Caribbean Governors’ Meeting of the Inter-American Development Bank (IDB) which concluded today (February 12).

The meeting took place under the theme ‘Exponential for Resilience’. Finance and planning ministers from the Caribbean explored avenues through which the region can use innovative methods to enhance revenue administration and harness the skills necessary to create the Caribbean workforce of the future.

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03 Feb
By: Tanika Jones 4

Government announces reduction in fuel prices of 4% and 10%

The Ministry of Finance and The Guyana Oil Company wish to announce a significant reduction in prices for Motor Gasolene and Gasoil (LSD).

Starting tomorrow February 4th, 2019, Super 95 Gasolene will be wholesaled at $208.00 per litre or 4% less, and Gasoil (LSD) at $207.00 per litre or 10% less.

Simultaneously, retail customers will pay $218.00 per litre for Super 95 Gasolene or 4% less and $217.00 per litre for Gasoil (LSD) or 10% less.

These significant reductions are attributed to a decline in acquisition costs.

It will be recalled that the Government had approached CARICOM for the suspension of the Common External Tariff (CET) following the closure of Petrotrin – Guyana’s main fuel supplier. CARICOM”s subsequent approval would have also led to a reduction in acquisition costs.

The Government through The Guyana Oil Company is therefore proud to cause these reductions to the benefit of all consumers.

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07 Jan
By: Tanika Jones 0

Minister of Finance responds to KN’s article on the NRF

Mr. Adam Harris
Editor
Kaieteur News

Dear Editor,

I would like to respond to article, “Natural Resource Fund Bill Riddled with Loopholes for risky Investment” which was published in the online edition of Kaieteur News of 5 January, 2019 (https://www.kaieteurnewsonline.com/2019/01/05/natural-resource-fund-bill-riddled-with-loopholes-for-risky-investment/).

In that article, reference was made to the passage of the Natural Resource Fund Bill in the National Assembly, on Thursday, January 03, 2019. In particular, it was stated that the Bill was passed with no changes made to the flaws highlighted by international and local transparency advocates. Contrary to this piece of misinformation, the Bill, which was laid in the National Assembly on 19 November, 2018 underwent substantial revision to incorporate many comments received from local and international individuals and organisations, including the Natural Resource Governance Institute (NRGI). Had you taken the time to review the Bill that was passed in the National Assembly, prior to rushing to the press, you would have realized that many of the relevant comments made by the NRGI on the Green Paper were actually addressed in the Bill.

For example, the Bill clearly limits investments to certain assets. This is articulated in Section 31, where there is a detailed list and criteria for eligible asset classes to which investments of the Natural Resource Fund are limited. Additionally, the Fund will be invested according to the principle of passive investment management (Section 35), which means that investments shall be made to track certain indices. In these ways, the Bill clearly limits investments to certain assets. Additionally, Schedule Two of the Bill sets ceilings and floors for investments in various asset classes, which limits the riskiness of investments. The Investment Mandate, which would include instructions on investments must, also, would include directions relating to the management of market and other financial risks, as stated in Section 36 of the Bill.

The newspaper article also erroneously stated that the Bill does not require reporting on all assets financed by the NRF. In the annual report of the Fund, the Bill mandates that the report include the market value for each individual eligible bank deposit, eligible Treasury bill, eligible sovereign bond, eligible corporate bond, eligible equity, eligible commodity and eligible derivative held by the Fund. This is included in Section 41 of the Bill, and Section 42 requires that this report be published on the Ministry’s website.

This landmark piece of legislation has been favourably received by many local and international experts and organisations, contrary to what was published in your newspaper. I note, however, your attempts to be less caustic with your commentary, as evidenced by your quoting extensively from comments made by the Commonwealth Secretariat Adviser (See “Natural Resource Fund Bill not perfect”, Kaieteur News, January 07, 2019, p 8). While the Ministry of Finance will continue its engagement with the public on the legislation, the media are asked to play their roles as educators and purveyors of truth and accuracy. I encourage all interested persons to download and read the Natural Resource Fund legislation, which can be found at www.finance.gov.gy.

Yours faithfully,

Winston Jordan
Minister of Finance

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03 Nov
By: Tanika Jones 0

IsDB concludes Mission to Guyana

The Ministry of Finance has just completed the successful hosting of a Programming Mission by the Islamic Development Bank (IsDB) to Guyana that will soon realise deeper ties between the two countries as they seek to identify projects to accelerate Guyana’s development.

The Mission which concluded on Friday, November 2, 2018 saw three intense days of meetings between a team of officials from the IsDB led by Dr. Sobir Komilov – Regional Manager for Latin America and the Caribbean; and included Mr. Saifulla Abid –Senior Country Manager for Guyana IsDB; Mr. Hamady Soma Ba – Relationship Manager from the International Islamic Trade Financing Department (ITFC) and Mr. Ahmed A Khalid – Regional Head (Asia) of the Islamic Corporation for the Development of the Private Sector (IFC) and representatives from the Public and Private Sectors.

The Mission aimed at developing a pipeline of potential projects for the medium term 2019 – 2021 that would inform the work programme of the IsDB; discussions were focused therefore, on identifying projects and programmes that seem most likely to have the greatest development impact in Guyana.

It was coordinated by the Ministries of Finance and Business under the guidance of the Hon. Winston Jordan, Minister of Finance and Governor for Guyana at the IsDB. Discussions were held with the Ministries of Public Health, Education, Agriculture, Public Infrastructure, Communities, Social Protection, GoInvest, the Georgetown Chamber of Commerce, and several Commercial Banks.

The challenges and opportunities to advance Guyana’s development agenda were explored and priorities for action identified. Health Care, Waste water treatment, renewable energy, TVET, housing and infrastructure were among the areas identified for initial consideration in 2019.

To close the mission, an aide memoir was signed between the Government of Guyana and the IsDB Group with both sides agreeing to continue collaborating on the development of the country.

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