PPP/C will keep promises fiscally responsible – Dr Jagdeo

General Secretary of the People’s Progressive Party Dr Bharrat Jagdeo on Thursday defended his party’s cautious approach to spending, stressing that promises to voters will be honoured but must remain tethered to what is considered fiscally responsible.

“Because we are responsible, and there are so we put a minimum figure, like an old age pension. So you know for sure the ones we announced that that will be up to that level,” Dr Jagdeo said at a news conference at the party’s Freedom House headquarters.

Responding to a question from the media as to why a specific number was not assigned to promised cash grants, Jagdeo added that benefits such as cash grants would continue but remain conditional on government revenue.

Dr Jagdeo underscored the factors that complicate Guyana’s economic outlook, pointing to climate risks, shifting trade regimes and oil price volatility.

“I sought to address some of those variables at the (manifesto) launch,” he said.

“There is an international variable, because in the international variable, trading regimes change as well as markets change. So, the price for oil could fluctuate. It could go up or it could come down.”

In a swipe at political rivals, Dr Jagdeo criticised pledges that tie cash distributions solely to oil production.

“Can you imagine a political party like my ball saying now we will have X number of FPSOs, therefore we will give you X amount of money. It’s not how many FPSOs you have, it’s what the price for oil is,” he said.

The general secretary said, “If anyone tells you that they can see clearly the framework for the next five years, then they are lying.”

The PPP/C, Jagdeo insisted, is determined to keep its promises “realistic and generous,” while leaving space to adjust for the uncertainties of global energy markets.

“The last thing you do is to put an enormous figure there that you can’t actually fulfil,” he said.

“We are the only party that has left room for that, and we made it conditional upon the revenue stream of the future,” he posited.