‘Every household will benefit from a robust economy’
─ Min. Jordan on IMF report
DPI, Guyana, Monday, June 24, 2019
“Once the economy is growing the average housewife or worker can expect better payment, and if that economy is growing with low inflation, they can also expect stable prices,” said Minister of Finance, Winston Jordan.
The minister spoke with the Department of Public Information (DPI) on the recently released International Monetary Fund (IMF) report, which projected a 4.4% growth in Guyana’s economy in 2019.
The report also indicated that this trend would stay the course once driven by continued strength in the construction and services sectors, ahead of oil production in 2020. It also revealed that inflation remained steady at 1.6% at the end of 2018, on the back of stable food prices and exchange rates.
Minister Jordan reemphasised that the IMF report also showed steady growth since 2015 when the current Coalition administration took office. He noted the recently held Carnival in Guyana, as another clear example of economic growth and money filtering down.
“You can feel the effects of a 4.1% growth in the economy, just a short while back there was the Carnival in Guyana and over that week you did not have a single complaint about money not flowing… the restaurants, the side vendor, the taxi driver, everyone even the private sector was moved to indicate that indeed things were happening in the economy. This trend will continue as we approach First Oil in 2020,” he stated.
In the meantime, the minister said the government is also heeding the recommendations of the report, to ensure it stays the path of economic stability.
“No report, however rosy, will not be without its cautions; therefore, we were advised in a couple of areas, and pointed to some areas where we could improve or adjust some parts of it that will give us a better return.”
The Finance Minister was also pleased to announce that the government’s Natural Resource Fund (NRF) came in for high praise from the IMF.
The NRF has been put in place to manage the country’s wealth for present and future generations. Via an Act to govern this, a legal framework sets the tone to ensure accountability and proper management of income earned by Guyana from the utilisation of its natural resources. (https://dpi.gov.gy/guyanas-natural-resource-fund-now-law/)
Image: Department of Public Information