Guyana commended for its unmatched economic growth – IMF’s Deputy Managing Director

Deputy Managing Director of the International Monetary Fund (IMF), Kenji Okamura has commended Guyana for its unmatched economic growth, as the nation is well-positioned to benefit from the steadily rising oil revenues as a result of the hard-won gains from enacting reforms and adjustments over the years.

This was highlighted by the deputy managing director in a statement issued on Thursday as a result of his visit to Guyana.

“The plans put in place by the authorities and the strong progress are benefiting the entire population through better healthcare and educational programmes, housing policies, energy, and transportation infrastructure. Most importantly, these plans are also providing current and future generations with entrepreneurial and work opportunities through very strong economic growth, and a more diversified and climate resilient economy,” Okamura emphasised.

He also highlighted the government’s forward-thinking Low Carbon Development Strategy (LCDS) 2030. The purchase and sale of carbon credits generates revenue for climate adaptation, aids Native American communities, and promotes the use of cleaner, renewable energy sources for growth. The plan which is ambitious aims for greater biodiversity and marine conservation. 

Despite the recent economic growth, Guyana still has a lot of infrastructure and human resource development to do.

In light of this, he emphasised his support for government initiatives to enhance economic welfare through investments made by the general population while averting the serious risk of an economic overheating.

Okamura further stressed, “The authorities have managed this transformation successfully, thus far, and we agreed that continuing to maintain macroeconomic stability and debt sustainability are paramount…We discussed the authorities’ efforts to develop a large skilled labour force to ensure a balanced growth path with low inflation and opportunities for well-paying jobs throughout the country.”

Guyana received further recognition for spearheading the effort to lower CARICOM’s food import bill by 25 per cent by 2025 as it gets closer to attaining food security.

Additionally, he expressed his gratitude for Guyana’s outstanding and long-standing relationship with the IMF.

He noted forward to the continued partnership through regular policy dialogue and technical assistance, including through the Caribbean Region Technical Assistance Center,

Okamura, who expressed his gratitude for Guyana’s outstanding and long-standing relationship with the IMF, emphasised that he is looking forward to the cooperation through frequent policy discussions and technical support, particularly from the Caribbean Region Technical Assistance Centre.

President, Dr Mohamed Irfaan Ali, Vice President, Dr Bharrat Jagdeo, and Senior Minister within the Office of the President with responsibility for Finance and Public Service, Dr Ashni Singh met with the Deputy Managing Director of the IMF, Kenji Okamura and his delegation, on Thursday at the Office of the President.

Senior Economist in the IMF’s Strategy, Policy, and Review Department, Chad Steinberg; Executive Director for Guyana and Brazil Afonso Bevilaqua along with Mission Chief Alina Carare and Alternate Executive Director Reshma Mahabir were also in attendance.