Mangal criticises Sovereign Wealth Fund model released by gov’t

Dr Jan Mangal, the former petroleum advisor to President David Granger yesterday strongly criticised  the  Sovereign Wealth Fund (SWF) model contained in the long-awaited Green Paper tabled by the government in parliament on Wednesday.

In a post on his Facebook page yesterday, Mangal said: “Did those in charge not learn from the Petroleum Commission Bill? We seem to be trying our best to repeat the same mistakes now with the SWF, with respect to politicizing the oversight of the SWF by placing too much power with a Minister.

“The Commonwealth Secretariat, who drafted the SWF, seems uninterested in bringing best practices that help the people of Guyana? I say this because they drafted the completely unacceptable Petroleum Commission Bill, and now this SWF. And the World Bank, they seemed content with the lack of progress over the last three years. I do not trust these two institutions to help the poor people of Guyana…..