When the decision is made in September on whether Guyana should establish a National Oil Company (NOC), it will be based on studies currently being undertaken by government and its “technical team” and not just blanket advice from organisations like the International Monetary Fund (IMF), Vice President Bharrat Jagdeo said on Friday.
“Often, the IMF doesn’t look out for our people, and I make this clear. The IMF has a different mandate. The IMF looks at, they were set up as an institution to deal with balance of payments problems around the world. They are not a development institution. They don’t even have expertise in oil and gas. They are a macro- economic type of organisation,” Jagdeo yesterday said as he updated reporters on the decision process for the potential establishment of an NOC here.
