Minister of Finance Dr Ashni Singh yesterday met World Bank Executive Director Dr Samy Watson and a delegation that are currently on a three-day visit to assess the bank’s work in Guyana.

Watson represents Guyana on the Executive Board of the World Bank, along with Canada, Ireland and a number of Caribbean countries.

His delegation comprised Ishmael Lightbourne, Alternate Executive Director and Carl Oliver, Advisor.

According to a Ministry of Finance press release, in his discussions with the delegation, Singh stressed the need for the bank’s assistance in securing the committed contribution of the World Bank HIPC Trust Fund, which is earmarked to assist Caricom Multilateral Credit Facility creditors to facilitate debt relief to Guyana. During 2006, the bank’s Multilateral Debt Relief Initiative (MDRI) resulted in the cancellation of US$218 million owed by Guyana to the World Bank.

Singh updated the delegation on recent economic developments in Guyana and the outlook for the medium term, the release said.

The minister highlighted a number of recent private sector developments, including interests in oil exploration – which will now recommence with the resolution of the maritime boundary between Guyana and Suriname – bauxite and renewable energy.

Singh emphasised the importance of continued access to concessional financing as government continues to focus on the importance of the development in the social sector.

Presentations were also made on a number of the World Bank funded projects currently being executed in Guyana, including the Water Sector Consolidation Programme, the HIV/AIDS Prevention and Control Programme and the Conservancy Adaptation Project.

The other large World Bank funded intervention is the Education for All/Fast-Track Initiative Programme.

During the three days, Watson and his delegation will be visiting a number of sites of the World Bank-funded projects and other major developmental interventions, including the health clinics, water treatment plants at Eccles and Covent Garden and the Skeldon Co-generation Plant.