Dear Editor,
As the country prepares to draw down on its oil revenues early next year, there are heightened expectations that the proceeds will catapult the economy to higher levels of performance. The economic ‘tsunami’ is expected ‘to lift all boats’, thereby providing an enhanced quality of life for all Guyanese, in particular the less advantaged in our society. I refer specifically to those who are living on pensions, single parent families and low income earners, many of whom fall in the category of the ‘working poor’.
There are far too many who cannot afford the cost of medical care especially those types of illnesses that are considered catastrophic. These include the high, and, in some cases, prohibitive cost of dialysis and cardio-vascular treatments, which are outside the financial reach of many, in particular, those not covered by the National Insurance Scheme( NIS).
I note with concern that the NIS is now in a deficit mode. According to media sources, the deficit, by the end of this year, is projected at $546.7 million, which resulted in part from the declining number of individuals who once contributed to the scheme. This is indicative of higher levels of unemployment. If this trend persists, pensions and other benefits to qualified beneficiaries could be put at risk.
Given the above situation, government may, at some point in time, have to consider providing a subsidy to the NIS in order to sustain existing benefits to subscribers, as well as making the necessary adjustments to pension payments to cater for inflation. Some of the projected oil revenues could be utilised in this regard.
The poor and the marginalised will always be an integral part of our societal make-up regardless of the size of the economy or the Gross Domestic Product (GDP). The true test of development and progress, however, resides in the policies and programmes that are in place to help the poor and the needy. Already, serious concerns are being expressed by oil and gas experts regarding the generous terms and conditions given to oil companies, which, if carefully managed, could free up billions of dollars to minimise poverty.
Yours faithfully,
Hydar Ally
