Finance Minister Dr Ashni Singh has said that government remains steadfastly focused on development, and is unwavering in its quest to achieve the Millennium Development Goals. (MDGs) In an overview on the 2011 MDG Progress Report, Dr Singh said the MDGs form the core values of the country’s wider national development agenda, and substantial progress has been made in achieving them.
Finance Minister Dr Ashni Singh and other officals at the launch of the MDGs on Friday
“Firstly, the nexus between social sector outcomes and macroeconomic performance is one which cannot be overlooked. Our government has placed the highest priority on implementing carefully crafted and disciplined macroeconomic policies, with the aims of promoting economic growth and social development while achieving and maintaining fiscal and external sustainability,” he noted.
The minister pointed out that the stability and growth achieved over the past decade stand loud testimony to the appropriateness of the policy stance adopted, especially when cast against the dismal external conditions that have confronted small, vulnerable economies like Guyana’s in recent years.
The resilience achieved by the Guyanese economy, he stressed, was amply demonstrated most recently by the achievement of five consecutive years of positive economic growth since 2006, through the first half of 2011, as was recently reported in the 2011 Mid-Year Report, which was presented to the National Assembly last Thursday, September 8.
“To more fully appreciate the macroeconomic gains that we have made since committing to the MDGs in 2000, consider that (i) the size of the domestic economy is measured today to be 3.5 times larger than it was in 2000, and (ii) per capita GDP in 2010 amounted to US$2,501.7 compared to US$804.4 in 2000. Consider also the gains made by our country in improving its liquidity and reducing its indebtedness: (i) our gross external reserves today amount to US$780 million, 2.5 times the level of US$295.8 million in 2000, and (ii) our external debt stock in 2010 amounts to 46 per cent of GDP, compared with 170 per cent of GDP in 2000.” Dr Singh added: “These developments have not gone unnoticed by the private sector, and they have responded accordingly with (i) private sector credit virtually doubling over the decade, from Gy$59 billion to Gy$112 billion, aided by the fact that (ii) the weighted average lending rate of commercial banks has declined from 17.68 per cent in 2000 to 11.95 per cent in 2010, all the result of sound macroeconomic management.” The resultant manifest growth in the economy has created fiscal space to enable us to sustain and expand investments in the social sector, which encapsulate several key goals within the Millennium Development framework, contributing in no small measure to the achievement of the outcomes reported.” According to the minister, the nexus between social sector outcomes and the significant improvements made to the country’s legislative and institutional frameworks cannot be ignored.
In this regard, he said, the reform agenda implemented over the past decade has been comprehensive and transformative in virtually every aspect of life in the country.
“Whether it be: (i) the historic constitutional reforms of 2001 which introduced parliamentary sectoral committees to improve oversight and accountability, or those that established constitutional rights commissions to promote and enhance fundamental rights and strengthen social justice; whether it be (ii) legislative enactments to strengthen supervision and management of the financial sector to ensure stability and soundness; or whether it be (iii) founding of institutions to protect our children, like the recently established Child Care and Protection Agency and/ or to empower our women, like the Women of Worth programme, these deliberate policy choices by this PPP/ Civic government, over the past decade, have all contributed to the enabling environment within which the MDGs and our closely aligned national development objectives have been pursued and achieved,” the minister noted. The 2011 MDG Progress Report, themed “Keeping Our Promise, Meeting the Millennium Development Goals by 2015,” encapsulates the country’s collective commitment to achieving the goals by 2015.
Dr Singh said Guyana is on track to meet most of the goals, and where required, stands ready to accelerate effort to reach the targets.
“We have already met the targets for nutrition and child health, and are on track to achieve the goals relating to education, water and sanitation, and combating HIV/AIDS. We have identified key priorities in all areas, and particularly for those goals which will require more concentrated efforts in the years to come.
“The successes that Guyana celebrates today belong to everyone. They are the result of our joint commitment and efforts, and our shared vision for the future of our country,” he said.
Achieving the MDGs at the national level in any country, including Guyana, could not be limited to a domestic or national effort. It is a global undertaking, and success is dependent on effective partnerships, he underscored.
He said the country’s best national efforts must be matched by adequate, predictable and consistent support from its development partners in helping to respond to dynamic development needs.
It comes as no secret that the achievement of adequate levels of predictable development financing, flowing from developed to developing countries to support MDG attainment, continues to elude the international community.
“For us in Guyana, achieving and even exceeding the MDGs by 2015 is possible if we all work together – government, development partners, the private sector, civil society, the media, and all other stakeholders alike,” he said.
He emphasised that the government pledges to build on the gains already made, and to ensure steady advances in improving the circumstances of the country and its citizens.
Achieving an improved standard of living for all Guyanese, he said, continues to be the highest priority of the PPP/C administration.
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