Natural Resources, Finance Ministries to address GFC financial issues

DPI, Guyana, Wednesday, August 7, 2019

It was brought to the attention of the Cabinet that the Guyana Forestry Commission is currently experiencing financial constraints. This was disclosed by Director-General (DG) to the Ministry of the Presidency, Joseph Harmon at a post-Cabinet press briefing.

The matter was taken to Cabinet by Minister of Natural Resources, Hon. Raphael Trotman. The main issue affecting the financial liquidity of the GFC was the use of over $600M by the previous PPP/C administration to purchase a property on High Street, Georgetown.

The Director-General noted that “Cabinet agreed that the Ministers of Natural Resources and Finance will meet to examine short – and medium-term remedies to address the cash flow issue. A report will be submitted to Cabinet following their discussions.”

Government will be also looking at ways, under the Guyana/Norway agreement, to have funds available for the GFC. In July 2018, Guyana was able to secure close to $27Billion following fruitful talks in Oslo, Norway. The fund was made accessible after the government of Norway was impressed with the Coalition administration’s 2025 energy-mix proposal, Guyana’s deforestation rate of 0.05 (one of the lowest) and His Excellency, President David Granger role’s in championing sustainable development.

“We are reviewing some of the arrangements under the agreement to see whether the Forestry Commission can be paid for the service which they provide – ensuring that our forest coverage remains as it is and that deforestation levels do not rise.  This has made us one of the best countries in the world with respect to deforestation,” the Director-General stated.

Image Kawise Wishart