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Finance Minister meets with President of CAF Development Bank of Latin America

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-as Government continues to forge partnerships to catapult its development agenda

Georgetown, Ministry of Finance, November 14, 2022: Senior Finance Minister Dr. Ashni Singh today met with Executive President of the CAF (Corporacion Andina de Fomento) Development Bank of Latin America, Sergio Díaz-Granados and a team from the Bank, at the Ministry of Finance.

CAF is the development bank of Latin America and the Caribbean which promotes a sustainable development model and the integration of the Latin American and Caribbean (LAC) region through credit operations, non-reimbursable resources, and support in the technical and financial structuring of projects in the public and private sectors of Latin America.

During the meeting Minister Singh welcomed the Bank’s President to Guyana explaining that Government is open to partnerships with financial institutions such as CAF as it forges ahead on its development agenda. Discussions centered on how the financial institution can partner with Government to ensure its newly found oil and gas resources are steered toward boosting its economy and diversifying a number of critical sectors such as agriculture, tourism, social services and infrastructure. Government is also pushing its Low Carbon Development Strategy (LCDS), an area which the Bank expressed keen interest in pursuing.

Dr. Singh pointed out as well that the Bank's visit is a historic one and explained that Government would like to see the Bank play a role in Guyana in the exciting transformation underway in the country while the Bank’s President highlighted that the bank belongs to the Region and it would be a priority to increase its presence in the Caribbean and to assist its members in their development drives. He noted the Bank’s focus is on regional integration, stressing that CAF would like to increase its presence and expand operations across the Caribbean.

CAF was created in 1970. It comprises 21 countries, 17 of which are Latin American and the Caribbean. It also includes Spain and Portugal and 13 private banks in the region. CAF was originally established by five Andean member countries namely Bolivia, Colombia, Ecuador, Peru, and Venezuela. Its relationship with the Caribbean started in 1994 when Trinidad and Tobago (T&T) signed the agreement to become a Series “C” CAF following which Jamaica and the Dominican Republic became a Series “C” shareholder in 1999 and 2004, respectively.

 

Over $44 billion in Supplementary Funding sought in support of major developmental initiatives countrywide

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Georgetown, Ministry of Finance, July 21, 2022: Supplementary funding to cater for a range of developmental initiatives countrywide including to provide additional resources for Amerindian and Hinterland Communities, Infrastructural Development in new and existing housing schemes and improvement and expansion of Coastal and Hinterland water supply among many other areas, were today sought when Senior Finance Minister Dr. Ashni Singh presented a Supplementary Appropriation Bill to the National Assembly during the 48th Sitting of the 12th Parliament.

The Supplementary Bill comprised Financial Paper Number 1 of 2022 totalling $44.8 billion which will see $21 Billion being spent in the Housing and Water sector for infrastructural development in new and existing housing schemes and improvement and expansion of coastal and hinterland water supply; $5.5 Billion for the Agriculture Sector for various provisions including additional resources for the Black Belly Sheep project and the provision of additional resources for drainage and irrigation interventions and support to the Sugar Industry; $307 Million for the education sector for the provision of additional resources to facilitate the purchase of school furniture consequent to the reopening of schools in the new COVID environment, the provision of additional resources to facilitate the construction of a primary school in Wakenaam.

Meanwhile, under the Ministry of Public works, $4.4 Billion was identified for various programmes under this sector including for the provision of additional resources to facilitate the upgrading of roads and drains in various communities, additional resources to facilitate the advancement of preliminary works to support the road linkage project, and resources to complete critical sea and river defence works.

Under the Ministry of Amerindian Affairs, over $3 Billion is catered for to provide for additional resources to support Amerindian and Hinterland Communities, while for the Ministry of Public Service, $250 million is provided for to allow for additional resources for the Guyana Online Academy of Learning (GOAL) scholarships and $700 million provided for public assistance to citizens living with permanent disabilities under the Ministry of Human Services and Social Security. The initiatives being provided for cover a range of sectors, as Government continues to make efforts to transform and improve the lives of Guyana’s citizens.

Gov’t, a committed partner in the cause of advancing renewable energy resources – says Finance Minister

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– ‘Solar energy playing an important role in achieving energy inclusivity’

-30,000 off-the grid households to soon be electrified with solar through GOG/EXIM Bank project

Georgetown, Ministry of Finance, August 5, 2022: During his remarks at the Fourth Regional Committee Meeting for the Latin America and Caribbean Region of the International Solar Alliance (ISA) today held at the Arthur Chung Conference Centre (ACCC), Senior Finance Minister Dr. Ashni Singh pointed out that the Government remains strongly committed to advancing the national energy transition agenda including through promoting the use of renewable sources of energy, including solar energy. He said that solar energy is playing an important role in achieving energy inclusivity, particularly through the deployment of solar solutions in hinterland and remote communities.

The Minister reminded those at the meeting that Guyana has an off-the-grid population with these persons residing in hinterland and outlying areas. As such, he posited that ‘with the support of the Indian Exim (Export-Import) Bank, we have already concluded a project to procure and deploy 30,000 household solar units to bring solar electricity to 30,000 homes’.

Dr. Singh said further, ”Even though our energy transition might not comprise solar as the bulk producer to the grid, solar energy is playing a tremendous role in achieving energy inclusivity because even though it is at a small level, at the community level, from that one project, 30,000 households which did not have electricity will now have electricity. They were too far away from the grid to be able to connect but 30,000 households are now going to get electricity for the first time ever and similar solutions can be deployed for other remote areas.”

Minister Singh re-emphasized that Government is open to exploring various renewable energy resources and he also outlined its commitment and focus on ensuring that the administration achieves all of its goals in relation to its Low Carbon Development Strategy (LCDS) as contained in its Manifesto.

Key to Guyana’s Low Carbon Development agenda is clean energy. Government intends to utilize its access to low carbon development energy resources (Solar, Hydro, Wind, Biomass and Natural Gas) as a means of decoupling its economic growth from using fossil fuels for electricity. This will ensure that the rising demand is met and greenhouse gas emissions are kept low.

Minister Singh hands over essential supplies to Regional Health Department in Region Six under the auspices of BNTF

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-reminds of Government’s commitment to ensure Guyanese receive quality health services throughout the Regions

Georgetown, Ministry of Finance, August 3, 2022: Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, while in Region Six today, handed over to the Regional Health Department a quantity of cleaning and sanitizing supplies to be distributed to various health institutions in the East Berbice/Corentyne Region. The Minister was visiting the Region to spearhead Government’s ‘Because We Care’ cash grant initiative at the J.C. Chandisingh Secondary School and stopped at the Health Department to hand over the essential supplies on behalf of the Basic Needs Trust Fund (BNTF), a sub agency of the Ministry of Finance which receives financial support from the Caribbean Development Bank (CDB). Prior to handing over the supplies, the Minister also took the opportunity to remind health officials that they all play an important role in ensuring that quality health care is provided to citizens.

Minister Singh alluded to the recent sod-turning ceremony on Saturday last for a new maternal and paediatric care hospital being constructed by Government and also emphasized to those in attendance that Government wants to ensure that all mothers, expectant mothers and newborn infants enjoy quality and modern health care. He added that Government is also committed to constructing six new modern Regional Hospitals with one to be constructed in Region Six, as well as more health centres countrywide including a new one soon to be completed at Fort Ordinance.

“In addition to this, recognizing the unique geography of Guyana, we want to make sure also that we deliver quality health care even to remote communities, including hinterland communities and small Amerindian village, and we are going to be developing four telemedicine centres so that we can use the expertise that is located at the major centres like Georgetown, New Amsterdam and elsewhere and deploy that expertise to the benefit of remote communities as well,” Dr. Singh explained.

‘Whatever job you do, you are providing a critical service to a large population base and you are providing that service to people at a time when they are most vulnerable,” the Senior Finance Minister concluded as he urged that health officials in the Region ensure that they deliver quality care to patients in a ‘sensitive, attentive and compassionate manner’ while Government will continue to ensure that they are provided with the infrastructure and all the essential health supplies to carry out this service.

In excess of $700 Million in grants to be disbursed in Region Six-Finance Minister says while spearheading ‘Because We Care” cash grant distribution at J.C. Chandisingh Secondary School

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Georgetown, Ministry of Finance, August 3, 2022: As Government continued its second day of roll out of its ‘Because We Care’ cash grant today, Senior Finance Minister Dr. Ashni Singh while addressing parents and students at the J.C. Chandisingh Secondary School in Berbice, said Government will be expending in excess of $700 Million in cash grants to Region Six (East Berbice/Corentyne).

“I don’t want you to view this cash grant as an isolated initiative,” the Minister explained as he noted that it represents a much larger policy initiative being implemented by Government. We will ensure adequate access and we are building out enough infrastructure. I know that you have a high level of trained teachers already in Region Six. but you are not at 100 percent. Our objective is to achieve 100 % trained teacher status. Thirdly, we are committed to ensure that all schools are equipped to deliver quality education,” Dr. Singh added.

The Senior Finance Minister posited that Guyana is currently undergoing dramatic changes with its economy being among the fastest growing in the world. He also told parents that, as such, with all the opportunities being made available, their children face the brightest prospects over prior generations in the history of Guyana.

“Every parent wants their children to enjoy a life that is better than the life they(the parents) had. We all have an interest in ensuring that our children have a good education. It will not only have an impact on the children, but also your entire families, the community in which you live and the country as a whole,” Dr. Singh concluded.

The Finance Minister, during his visit to Region Six, was accompanied by Regional Chairman David Armogan and acting Regional Executive Officer, Mary Samaroo.

More than 23,000 students across East Berbice Corentyne are expected to receive the grant which started in New Amsterdam on Tuesday, on the Lower Corentyne today, and Upper Corentyne on Thursday. A total of over $719M is expected to be distributed in that Region.

Meanwhile, while in the Region, Minister Singh also visited the Port Mourant and Cropper Primary Schools where he checked on the status of the ‘Because We Care’ cash grant distribution and interacted with teachers and parents at those schools.