-Jagdeo tells UN General Assembly
President Bharrat Jagdeo yesterday told the UN that vulnerable economies like Guyana will suffer from the crisis gripping financial markets and he assailed the EU over its proposed trade pact which this country has opposed and lobbied for climate change help.
Bharrat Jagdeo
Addressing the 63rd Session of the United Nations General Assembly in New York, Jagdeo said the troubles in the global financial markets will result in the loss of thousands of jobs worldwide and this will exacerbate the already flagging business and consumer confidence.
“Even if they are not fully integrated with the global financial system, small vulnerable economies such as Guyana will bear the full effect of these developments as demand for exports tightens, the cost of capital rises, foreign direct investment becomes scarce, and tourist arrivals and migrant remittances decline. In short, economic growth and poverty reduction efforts will suffer a severe setback and the Millennium Development Goals will become even more elusive”, he declared.
Noting the challenge posed to food security from price increases such as for oil – 148% this year alone – Jagdeo said that the international community must recognize the vital link between agricultural development and food security. And while there is a recognized comparative advantage for agriculture in relation to poverty reduction strategies, Jagdeo lamented that there had been a decline over the years in official development assistance (ODA) for the agricultural sector and rural development. He pointed out that the share of agriculture in ODA dropped from 17% in 1980 to 2.9% in 2006.
Citing the 2007 World Development Report which showed that growth generated by agriculture can be four times more effective in lowering poverty that growth from other sectors, Jagdeo argued that agriculture must be given a higher priority in national budgets as well.
“It is also urgently necessary for large developed countries to re-examine ways in which current inefficient and distortionary trade policies, particularly subsidies that support inefficient domestic production and tariffs that protect against more competitive imports, can be restructured to reduce distortions in the global marketplace”, Jagdeo contended.
The President also took the opportunity to raise the row that Guyana has with the European Commission (EC) over the signing of the controversial Economic Partnership Agreement (EPA) between the EU and CARIFORUM.
He charged that the agreement “may fundamentally affect development in our societies and jeopardize our future negotiating positions at the WTO”.
Jagdeo lamented that the “exploitation of the EU’s superior negotiating strength and the use of threats to get countries to sign are ironically how the EU hopes to start” the EPA partnership.
“Even at this late hour I wish to plead with the EU leaders to review these agreements before they irretrievably harm the good historic relations that have existed between the ACP and the EU”, he pleaded. Guyana and Haiti are the only two Caricom countries that are not prepared to sign the EPA.
Jagdeo also lobbied for recognition of the value of standing forests in the climate change battle. Pointing out that there is virtually no capital flowing to address tropical deforestation despite its 20% contribution to greenhouse gas emissions, Jagdeo said that negotiators must be set a clear direction for movement towards a post-Kyoto climate change agreement.
“Specifically, those of us who are leaders of rainforest countries need to understand that we provide services that are vital to the health of our planet, and that when we seek capital flows to compensate for this, we are not merely acting as passive poor countries looking for aid. We are providing a critical component of the climate solution, and we should be leading the design of mechanisms as we forge a post-Kyoto climate agreement”, Jagdeo posited. Jagdeo has proposed that nearly all of Guyana’s forests be deployed in the fight against climate change and the UK is intended to play a lead role in championing this cause.
The President also called for a reform of international institutions such as the World Bank and the United Nations.
No comment is the only comment …wondering how many people were in the assembly when he spoke.
Badlall I’m sure the president does not suffer from inferiority. He was addressing the UN Assembly so guyana assembly or any school assembly. He speaks anywhere he is not inferior like so many guyanese feel they are.
As it relates to the current financial crisis in the US it would be a good gesture on the president to remove the VAT tax that is currently being imposed upon guyanese charity begins at home, if you want the world to see with you ,you first have to see with your nation.You just can’t seek assistance and dont want to give it in return, the income tax that is being payed out of persons meagre salaries is sufficent, persons has to pay rates and taxes and still have to burn their own garbage and clean their own surroundings come on Mr. President start with the man in the mirror.
Sagga, income tax is only paid to those who are working. I know VAT is not a fair tax, as it burdens the poor. What is your alternative for revenue to cover all the services we are asking this government to provide?
Listen sagga VAT was implemented to replace some other tax, – consumption tax. If the gov’t reduced all the taxes because cost of living is high who will pay the public servants? I guess cost of living does not increase in Kayman or you are not taxed there.
” buddha b4 booker t. washington made known their expressions of hate ,, tho ,, milleniums apart……
buddha made known that ” hatred ,, does not cease by hatred ,, but only by love ;
this he concluded ,,, is the eternal rule. —–
booker t. either read buddha ,, or was motivated by the vibrations ,, of buddha ,, much like we,, each of us emit,, which envelopes us to behave the way we do ,,
because of hate,, which then bcomes painful for each of us when we encourage it…..
do u think booker T.’s statement here has any relationship to the thoughts of buddha ??,,,,,,,,
booker t.’s words ,, ” i shall never permit myself to stoop so low as to hate any man “……..
As usual, bro michael, you make absolutely NO SENSE!!!!!!!
What is ur point?
….. the cost of capital rises, foreign direct investment becomes scarce, and tourist arrivals and migrant remittances decline. In short, economic growth and poverty reduction efforts will suffer a severe setback and the Millennium Development Goals will become even more elusive”, he declared.
The cost of capital in Guyana has risen significantly since the implementation of VAT. Guyana has not had any foreign direct investment eversince the Hoyte administration attracted OMAI, BARAMA,AROAIMA, and a few others.This country has not had economic growth, what we’ve had is macroeconomic stability-stable exchange rate, stable or consistent inflation rates. And this was not as a result of any brilliant or new ideas from the Jagdeo admin.
Mr Jagdeo is simply making further excuses for his failed economic policies and his stranglehold on the socialist/Marxist ideology which to date still characterises his style.In other words Guyanese, expect more hard times because Jagdeo has failed to transform this economy during his disastrous tenure.
Since you are so wise and brilliant in ur narrative, shall we elected you as the next disaster president on Guyana? Guyana can never be an attraction for investors unless the IDB or IMF plays a dominant role. For the few you mentioned can you explain how does the Government benefited from these investor, what condition of work and level of management Guyanese who work for these company face? What is happening here it is all about the Bush administration and because 99.99% of Guyanese are foreign minded and only want foreign stuff this is what Guyana and others have to put up.
Ultimately the economic policies based on marxist/socialist idealogies cannot compete with capitalism – Jagdeo had youth on his side when he began but has only managed to prove that without a strong commitment to capitalism the growth of the Guyanese economy will forever be restricted by corrupt cliques who hold power and poorly managed government programs that give low quality service to the masses. Without change this is an economic nose dive to nowhere and putting the rainforest on the auction block means the true capitalist opportunity is lost in the communist fog. Guyanese will always be taken advantage of by the world because they will not stand up for themselves or elect people that will do that for them – too much resistance to change and no one wants to bite the hand that feeds them – there’s enough money in the Guyanese economy to set the ship on a straight course but who in power really wants that to happen? I’d be there to participate if it was a fair market but I know to succeed in Guyana I have to work and live alongside those who are corrupt and those that are disadvantaged because of the corruption. The time is right for civil rights and economic change but has that ever happened outside of a democracy? We have yet to live this part of our history as Guyanese – if not now, when?
Signing the EPA will not be bad for Guyana, yes some econonic setbacks are ovious, but if we can put strategies in place interms of Vat reduction better salaries, employment etc. our human resources will be encouraged to stay in this blessed country and contribute to the development of Guyana instead of having to migrate to the very countries who we claimed are unfare to us, for better living and in doing so we are contributing to their development . We need to work on other methods for economic stability that would make us less dependant.
According to this Stabroek News article which reads in part; “President Bharrat Jagdeo yesterday told the UN that vulnerable economies like Guyana will suffer from the crisis gripping financial markets and he assailed the EU over its proposed trade pact which this country has opposed and lobbied for climate change help.
Addressing the 63rd Session of the United Nations General Assembly in New York, Jagdeo said the troubles in the global financial markets will result in the loss of thousands of jobs worldwide and this will exacerbate the already flagging business and consumer confidence….”
From the above, can anyone on this God’s “Greening” Earth say what was it that folks (like those in Guyana who are/were in positions of responsibility) were doing all along that they could not have seen the current financial and “e_c_o_n_o_m_i_c” that is gripping the world coming; and, is their any wonder that that “The U.S. Federal Bureau of Investigation” (FBI) has been reported to have “launched a probe of the four U.S. financial institutions at the center of the crisis on Wall Street.” see link attached:
“FBI looks into financial crisis”
http://www.kansascity.com/news/nation/story/811168.html
A question to be asked therefore about Guyana as this world financial and economic crisis unfolds is – Has the present Guyana Government explained the wisdom of the closure by the Government of Guyanese Financial Institutions (COFA Institutions) that were established under the L.F.S Burnham Administration. And, with the establishment of “Development” Banking Institutions such as the Guyana Co-operative Agricultural and Industrial Development Bank (GAIBANK) Guyana Mortgage Finance Bank, GNCB Trust….) from all appearances – L.F.S. Burnham had it right.
Now, like the investigations in the U.S.A by the FBI… a call for similar investigations by the “relevant” authorities in Guyana.
Great question. Can Jagdeo explain how the current financial crisis will affect Guyana…no bull just plain facts and analysis….look at the statistics on the areas he sited and analyse the responsiveness to the negative stimulus, you will see there is no direct correlation (with the exception maybe of remittances and IDB loans). What exports is he talking about, tourism and so on. Come on get real. He omitted personal private investments of some of the cabal members who might have had tracks to a number of these financial institutions to hide their ill gotten gains.
Despite his nonsensical list of impact on Guyana, the most significant is in relation to remittances and multilateral credit both which are savings from other countries given to Guyanese by their relatives abroad and foreign investors and depositors.
These talk shop opportunities where the these guys meet for their annual reunion should be better served. He had the opportunity to launch into quiet diplomacy on his fight with the EU over the EPA. But no, he started to make inimical statements in his sppech like if the EU owes Guyana “its living”. Jagdeo must stop “busing” people, this behaviour continues to set us back in our relationship with countries that matter. Quiet diplomacy with important EU member countries is what is needed if he is to wipe the egg he got in his face from his CARICOM colleagues and the DR.
Corrections: “financial and e_c_o_n_o_m_i_c crisis” instead of “financial and e_c_o_n_o_m_i_c”; and, “there” instead of “their”.
Mr Jagdeo should stop stifling his concience & get Guyanese out of the VAT. Bread now raise. What next.
so you dont pay taxes in the US right……..ehehehe tell us
Jagdeo should learn a bit about Governance from the US. Here is my case:
People: Bush is not smart but he has surronded himself with people that can advise him. As a result, Bernake and Paulson will pitch their case to congress to inject $700B … bottom line DO SOMETHING!! What would Jagdeo do? Cry to World Bank and IDB (see article above). What should he do? I would say use NARI and MOA to help people plant their own food, try to secure a loan to build a railway line along the coast and to Brazil. Ambitious but fortune favours the brave.
Change:
Because of the crisis, US is open to moving from market driven economy to a Keynesian state. Why? To preserve the financial health of the USA. What would Jagdeo do? Cry to World Bank and IDB (see article above). What should he do? Focus on the country’s human capital (which is quite underestimated) and develop patriotism among the masses so that we stay in Guyana and embrace the change for a better country.
Accountability:
Twenty six companies are being investigated by the FBI (with the help of the SEC and IRS). People will go down. What would Jagdeo do? Find a fall guy. What should he do? Fire people and step down if he cannot get the job done.
Legal Framework:
Legislation is passed from every fallout. The US learnt from its mistakes dating back to the Great Depression starting in 1929 (laws on more Government power, minimum wage laws, home insurance, social security, worker and plant safety) to as recently as the failures of large organizations — Enron, Worldcom, Arthur Anderson (laws were passed to enhance corporate governance and ethics — see Sarbanes-Oxley). What would Jagdeo do? Blame the world economy. What should he do? Tap into his knowledge of economics, read the Intelligent Investor (Benjamin Graham) and use our glut of lawyers for the good of the country.
Learning from Mistakes:
Through the fallout in the US, all sides ask — what can we do to prevent this from happening to the American people again? Blame is passed, but mostly as a mechanism to pin accountabilty (not used to shy away from the subject). Americans improve because they learn from their mistakes and emerge stronger (even if it takes years). What would Jagdeo do? Lay blame and then find something else to do. What should he do? Capitalize on the human capital and document every issue that adversely affects our economy and assign a task force to each problem (we do have enough educated people locally and abroad).
Conclusion:
Like many before him, Jagdeo has fallen woefully short in pushing Guyana forward by incurring debt that does not provide benefits up to and beyond the debt maturity. The world is moving towards a Darwinistic existence — survive or die (see the recent mining and bank mergers and acquisitions for proof) while Guyana needlessly is sinking into the abyss (see President’s College, University of Guyana, mass exodus to Canada, Caribbean, USA)
Why did I write this:
I love Guyana and the longer I live in Canada, the more I realize how much we — Guyanese — are letting slip away because of GREED, CORRUPTION and SELFISHNESS. This was not meant to be an attack on Jagdeo, but as the President he MUST be held ACCOUNTABLE.
JN
Well said JN…you and I should meet when i get to Canada
Obviously the President is at a loss for remedies and can only spit poison at the EU as a gesture, in an effort to blow smoke. Many families are in a bind with the direction this government has taken.Guyanese cannot be happy with this performance of its Head of State.
Maybe Jagdeo should look up the late LFS Burnham’s doctrine and learn to be a strong leader and participant on this enormous World Stage.
Jagdeo could never fill Burnham’s shoes. A mouse might roar one day but he’ll never be a lion.
1)Guyanese get up off your Knees and do for your self.
2)Forget about what the president is doing and not doing……what r u doing?.
3)I know Vat,coolie this, black that,PNC this,PPP that……….compare guyana to trinidad and star back crying to me…….jerms65@hotmail.com