New Finance Minister assures: Notwithstanding inherited gloomy state, Guyana will see a turnaround – ‘PPP/C has a track record of sound economic management’

Georgetown, Ministry of Finance, December 4, 2020:

Reflecting on the terrible state of the country’s economy in 1992 when the People’s Progressive Party/Civic (PPP/C) administration entered office and its track record of sound and responsible economic management, Senior Finance Minister Dr. Ashni Singh has assured that his Government will once again do a repeat of the same this time around.

In some sense, I feel as though we are almost in deja vu …because those of us who are old enough would recall we also inherited a country in which the economy was in disarray with unsustainable levels of debt which then had to be restructured and the public finances had to be literally rebuilt from scratch.

He expressed the belief that it is beyond dispute that the PPP/C has a well-established track record for sound and responsible economic management and for policies that create an environment that is conducive and attractive to investment. The Senior Finance Minister noted that one simply has to look at what was achieved during the period 1992-2015 to remember when the country was returned from the brink of bankruptcy to a state where it was clearly on a path to prosperity. This assurance was given even as Guyana has only completed its fourth month of stewardship by the current administration after a previous five month hiatus of gloom when its citizens experienced a ‘nightmare’ election saga as well as continuous abuse of the Court system during which time its economy continued to spiral downward as there was less and less investor confidence and the political environment was extremely unstable.

Notwithstanding the gloomy state of affairs that has been inherited, we have set about in earnest immediately, to turn the situation around on a number of fronts: First of all, a non- negotiable pre requisite for an attractive investment environment is democracy and respect for the rule of Law. No international investor will come to a country that does not respect democracy, Minister Singh emphasized.

He recalled that ‘the world watched on in disbelief at the events of March-August and the world expressed collectively a sigh of relief when on August 2 President Irfaan Ali was finally sworn in as President-an event that really should have happened two or three days after March 2’.

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