Dear Editor,
Reading the IMF 2019 Staff Report on Guyana was quite instructional. Page 7 guides us to the outlook for Guyana and this information is vital in understanding how best to navigate the medium term. The IMF is quoted as saying that “increased dependence over time on oil revenue could expose the economy to oil price volatility. In addition, excessively rapid increases in government spending from oil revenues could subject Guyana to the `natural resource curse,’ with significant inflationary pressures, eroding competitiveness, and governance concerns. A slowing global economy could also affect non-oil exports, particularly sugar, rice, and other commodities.”
These are weighty and vital statements since they highlight the fundamental risks facing the nation. Our technicians at the Ministry of Finance cannot claim that they did not know of these issues now that they are in the public domain. With an illegitimate Minister of Finance imposing himself on the nation, it is imperative that the legitimate Finance Secretary of the Ministry of Finance, as the most senior finance official in the country, step up and engage this nation on the plans in place to mitigate these risks. Additionally, some sort of options analysis has to be done so that the incoming Minister of Finance in 2020 can be properly advised on the choices for the short and medium-term.
This period of political flux should not and must not interfere with the nation’s business even with no Minister or Cabinet in place. I am humbly suggesting that the Finance Secretary must and should see himself as a temporary Minister until the elections are held.
Yours faithfully,
Sasenarine Singh
