Opposition preaching “Jumbie economics” – Min Jordan

DPI, Guyana, Friday, December 7, 2018

Finance Minister Winston Jordan clarified that the Opposition was not facing reality when it comes to Guyana’s economic performance under the Coalition Government.

Defending Budget 2019, the Minister cited the example of purchasing oil on the international markets. He explained that claims made about prices falling did not reflect the reality of the local markets. Guyana was hampered by the fact that its oil and petroleum purchases were constrained since it was a small buyer and its facilities could not take up larger tankers that could have been berthed locally.

“Prices were set when our vessels berthed overseas and the price on that day, was what had to be paid,” Minister Jordan explained. The fact that sugar prices were low despite the advent of new markets must not be forgotten, the minister noted.

The Opposition’s reference to the past performances of commodities such as gold was reflective of those past days, he posited. The price of rice, for example, the Minister reminded, was still lower, though favourable with the Panamanian market, than what obtained for the defunct Venezuelan market.

“The world’s economies have changed and many should be aware of the various factors that drive and shape prices, and Guyana’s was no different,” Minister Jordan said.

He assured that the local economy will improve even further with the advent of oil within two years. The Opposition had no suggestions or alternatives, Minister Jordan pointed out, “Except for MP Odinga who suggested that the Budget be taken to the Select Committee.”

The economy is projected to expand by more than three percent for 2019 according to the Finance Minister.

Paul Mc Adam.

Images: Keno George.