Month: January 2019

31 Jan
By: Tanika Jones 0

Minister of Finance Winston Jordan visits farmers in Ithaca

Minister of Finance, Winston Jordan visited farmers in Ithaca on Wednesday, January 30th, 2019. While there, he distributed small plants and pipes. The pipes will help farmers with irrigation. This visit is part of the Minister’s Outreach to farming communities on the East Bank and Coast of Demerara and small manufacturers and agro – processors. Over the next few days, Minister Jordan will visit farmlands in Buxton and Mocha, and Demerara Bakery, Tandys Manufacturing, Cummings Wood Products, King Chezomi and Barama.

To view the gallery of this event, please visit this link.

Read More
30 Jan
By: Tanika Jones 0

Minister Jordan opens GRA’s Tax office in Mabaruma

Minister of Finance, Hon. Winston Jordan, on Monday opened GRA’s Integrated Regional Tax Office in Mabaruma. While there, he used the opportunity to visit the Hospital and met some of the residents.
The opening of the tax office means that residents of Barima -Waini will no longer have to travel to Georgetown to conduct their business with GRA. The residents expressed appreciation for the office and said that they now more encouragd to be tax compliant.
They also boasted of the rich tourism product that can be realised in their community, Minister Jordan assured them of his support for any tourism initiative that they may wish to pursue and advised that they share their ideas with the Regional Officers.
Read More
09 Jan
By: Tanika Jones 0

Public Debt Report – Quarterly Statistics, September 2018

Guyana’s Public Debt Report Quarterly Statistics for the Third Quarter of 2018 (September 2018) provides information on both the external and domestic public debt.

The external public debt comprises borrowings of the following:

  1. Central Government;
  2. Bank of Guyana;
  3. Public Corporations (State-Owned Enterprises)
  4. Government Guarantees;
  5. Non-Guaranteed Public Corporations

The domestic public debt comprises the following instrument categories:

  1. Securities (Treasury Bills, Debentures and Bonds)
  2. Loans

NOTE: The Statistical Abstract does not include information on the private sector external debt.

Public Debt Report – Quarterly Statistics, September 2018
Read More
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

Read More
04 Jan
03 Jan
By: Tanika Jones 0

Budget At A Glance 2019

“Budget 2019 has been crafted under the theme, Transforming the Economy, Empowering People, Building Sustainable Communities for the Good Life. It signifies a strategic shift in the trajectory of our development, as we seek to responsibly use the resources from oil and gas to shape our future through investing for growth and creating new industries and jobs. Budget 2019 prioritizes institutional strengthening across sectors, including strengthening public investment management; expanding opportunities for businesses to grow and flourish; and supporting Government’s green economy initiatives while aiming to support the development of the non-oil sector. Diversification is the core of what is required to accomplish these goals and, is even more important in the face of oil, especially to ensure that the non-oil sector flourishes and thrives, such that when Guyana’s petroleum reserves are depleted, the country can stand strong on a foundation that is diversified and resilient. Budget 2019 also zeroes in on the human side of development, with substantial resources dedicated to uplifting health and education, pure water supply and sanitation, driving the decent housing agenda, green energy, improving the drainage and transport networks and youth development, among other areas. All of this will be done in the context of improved macroeconomic fundamentals and sound public finances.”

Hon. Winston Jordan

Minister of Finance

Budget At A Glance 2019
Read More