Economist Peter Ramsaroop says that Guyana should apply immediately for an international credit rating given that its pending oil wealth would make it even more difficult to access financing.
In a statement, he said that Guyana finds itself in a precarious position where it is classified as neither rich nor poor but with the prospect of enormous wealth. This has led to a situation where the country is unable to access critical financing on favourable terms.
The prospect of oil coupled with the country’s elevation out of the Heavily Indebted Poor Country (HIPC) category to that of a Low Middle Income one, means that aid, grants and concessionary loans that were previously available from bilateral partners and donor countries will be no more, he said.
The discovery of billions of barrels of oil
