Improvements in social, cultural and economic areas expected – Min. Jordan

DPI, Guyana, Wednesday, October 31, 2018

With at least US$300M projected to be had for the government’s coffers from ExxonMobil’s LIZA One well during the first year’s projection, Finance Minister Winston Jordan stated that there will many expected improvements.

“There will be improvements in the cultural, social and economic areas.”

The minister said this in response to a question at his press briefing about the expected revenues from initial First Oil, in 2020. Minister Jordon cautioned that funds will be spent carefully and in accordance with proposed legislation intended to govern the use of the Sovereign Wealth Fund (SWF). This legislation is being finalized by the Ministry of Legal Affairs, with assistance from stakeholders from Commonwealth, Caribbean Development Bank and the Inter-American Development Bank.

Minister Jordon explained that the expected funds will be kept in the SWF, then transferred to the Consolidated Fund, before it can be utilized. He posited that one area of example being considered for improvements is the pensions of former managers and other government officials who, as a result of currency devaluations and other factors, receive a basic minimum pension. This is something that he feels needs to be adjusted along with public assistance offered to the elderly and those in need.

Guyana is projecting First Oil by 2020 and a substantial boost to the local economy is projected. According to the government, other areas of priority include infrastructural development and agricultural, housing and manufacturing sectors.

Paul Mc Adam.

Image by Kawise Wishart.

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