Economic improvements in Guyana

Monday, January 26, 2004

GEORGETOWN, Guyana: The International Monetary Fund (IMF), the World Bank's International Development Association (IDA) and the Paris Club have agreed that Guyana has taken the steps necessary to reach its completion point under the enhanced framework of the Heavily Indebted Poor Countries (HIPC) Initiative. Guyana becomes the ninth country to reach this point.

This relief granted under enhanced HIPC is US$413.6 million. 

Guyana's case came up at the IMF and World Bank in December, where the multilateral component of the HIPC relief was approved. In January the Paris Club approved the bilateral component of more than US$90 million. 

For the past two years Guyana has been working to reach the completion point under the HIPC Initiative, which means that creditors commit irrevocably to debt relief.

The credit, which was approved on December 17, 2003, supports Guyana's efforts to stimulating economic growth; increase the country's productivity in key sectors such as sugar; improve the accountability and transparency of the public sector; and improving the delivery of public services, including health, education, and water supply.

In a television interview President Bharrat Jagdeo noted that the institution's satisfaction with Guyana's economic policy is evident.

"Well I think that they (the World Bank, IMF and Paris Club) are very pleased that over the past decade there have been major improvements in Guyana's economy and the social sectors. They commend us for this and that is why they are very supportive," he said. 

According to Jagdeo , every Guyanese should be proud of Guyana, as the country has come a far way on the financial ladder.

"I feel very proud of our record. I feel very proud that we have taken a country that was bankrupt and restore it to viability, that we have moved Guyana from a low income country to a middle income country," he said. 

Jagdeo noted that this does not mean Government can become complacent, but rather it has to work harder to meet the demands of its people. 

"The task is not completed we still have a long way to go. We have many issues to tackle. We still have poverty and many social issues to tackle and to find jobs for our people," he acknowledged.

Jagdeo said his Administration is motivated to continue working for a better Guyana, as "It is always good to hear that international agencies say these things about our country. 

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