The government yesterday announced the receipt of a final tranche of €7.56 million ($1.7b) in budgetary support from the European Union (EU) as President Irfaan Ali reminded that the country is still a developing one and will need all the financial aid it can muster until it fully transitions to an oil state.
“There is a serious misconception in relation to Guyana being [an oil state].Yes, we are a new player in oil and gas. Yes, we are projected to grow tremendously and be a leading economy globally, but there is a transition time which brings with it a transition gap,” Ali yesterday told a news conference where the €7.56 million in budgetary support was announced.
“We are making the case that in that transition gap, Guyana still qualifies for concessional financing. We still qualify for support from international agencies because the strong flow of revenue from the oil and gas sector would not occur immediately. We still believe strongly that we qualify for support,” he added.
