The standard of living in Guyana continues to be improved significantly while the levels of poverty are on the decline as the country’s economy continues to register strong economic growth despite the challenges posed by an unstable political environment and other extraneous financial challenges.
This is the position of Finance Minister, Dr Ashni Singh, who explained that the ruling People’s Progressive Party/Civic (PPP/C) administration is extremely proud of the gains made, but has certainly not lost sight of the “struggle” to continuously develop Guyana’s economy.
Dr Singh was speaking during an exclusive interview on Current Issues and Analysis aired on Television Guyana, Channel 28.
He said that all Guyanese must take credit for the performance of the economy over the last decade as they too played a part in ensuring that the levels of productivity remained high by keeping the wheels of industries turning.
He said the economic accomplishments of Guyana cannot be easily downplayed, noting that by any measure they are “stellar” and “outstanding”.
Growth rate
Dr Singh maintained that the overall five per cent on average growth rate recorded over the last six years is inextricably linked to the development of households and individuals, explaining that the signs of personal development can be found in every nook and cranny of Guyanese society.
“This achievement has been by no stretch of our imagination an accidental one,” he reported, while boasting that in 2013, the government continued to manage the economy prudently, rolling out responsible macro-economic policies and demonstrating mature fiscal management of resources.
Speaking ahead of the presentation of his third budget under the Donald Ramotar administration due later this year, the finance minister said that inward foreign direct investment remained strong over the past year with the other coordinates of good economic performance sustaining the buoyancy.
Dr Singh said that loans to the private sector continued in 2013 with all of the other key macroeconomic fundamentals remaining on a favourable trajectory while further explaining that interest rates were on the decline as well as inflation.
“The last two years have not been without challenge, least of which is the political environment in the country,” the minister stated, while further opining that “this political reality has proven to be a test to our constitutional and legislative framework and a stern test to the work of the legislature and how this work affects the executive…. As a government, we have not been daunted by this reality since it exists.”
“We are unprepared to let it slow our intention to grow and develop Guyana,” he insisted, noting that most, if not all, of the positions adopted by the opposition on economic matters have posed a threat to the transformation of the economy as they were “inimical to economic growth”.
The finance minister admitted that despite the politicking by the parliamentary opposition parties on clear-cut issues, there has been incremental improvements and in some cases, massive advancements in the lives of the ordinary citizens.
