Guyana being transformed into a modern country – Minister Singh

– Govt, IDB sign loans worth US$30.2M 

The Finance Ministry and the Inter-American Development Bank (IDB) have signed three loan agreements for infrastructural works worth US$30.2 million.

The agreements, signed on Wednesday, December 07th, will pave the way for the extension of the four-lane highway from Providence to the Diamond Junction, the construction of a new city sewerage system, and the enhancement of government’s computerised financial management system.  

Finance Minister Dr Ashni Singh told the media that the four-lane extension project would cost US$22 million, of which US$20 million would be supplied by the IDB.

Dr Singh continued that, when implemented, the Georgetown Sanitation Programme would result in the restructuring of the current archaic sewerage system. That project is valued at US$10 million, and will be subsidised by a US$9.5 million loan from the IDB. The enhancement of the financial management function of government will be implemented at a cost of US$825,000, with US$750,000 of that money coming from the IDB. 

“A public signing gives us the opportunity to share information with the public on what we are doing to transform Guyana into a modern society,” Dr Singh said. He mentioned that Guyana has seen remarkable transformation in the past 20 years, since a trip to the Bank of Guyana from Pegasus Hotel, which took 20 minutes, now takes two minutes. The finance minister stated that street lights, traffic signals at critical junctions, and improved highways are all part of a vision to transform Guyana into a modern economy. 

 This development, he remarked, is also happening in the hinterland as part of the fulfilment of a commitment to modernise the country. “No one can deny that these things have been achieved.” 

IDB Country Manager Jerry Johnson said Guyana is the only country in the Caribbean with access to subsidised loan agreements from the bank. He echoed the sentiments of the International Monetary Fund (IMF), which said Guyana has effective financial controls.

He remarked that institutional changes being undertaken in the country are of significant value to a growing economy, but are often invisible and unappreciated. “These changes have made Guyana a leader in the Caribbean, and your financial management is the envy of many other countries,” Johnson pointed out. 

The country manager also applauded the dynamic development ongoing at the Diamond/Grove Housing Scheme, adding that Guyana has moved at a very fast pace in a short period of time.