In another sign of growing Western interest in how Guyana intends to utilise its oil revenues, Finance Minister Dr Ashni Singh yesterday explained to a visiting British Government team that the country is aiming to lay a path towards agriculture, transport infrastructure and other areas.
A release from the Ministry of Finance yesterday said that Singh met with Development Director for the Caribbean, Foreign, Commonwealth and Development Office and UK Director to the Caribbean Development Bank, Malcolm Geere and Economics Adviser, Team Leader, Inclusive Economic Growth, Caribbean, Foreign, Commonwealth and Development Office Liz Brower. British High Commissioner to Guyana, Jane Miller was also present at the meeting at the Ministry of Finance.
The release said that Singh outlined Government’s plans including to employ its oil revenue to diversify its non-oil economy “into a globally competitive one and to invest in citizens to create a suitably equipped and skilled workforce in line with the current and future demand for new sets of skills”.
Besides its introductory purpose, the release said that the meeting served as an opportunity for the British team to discuss with the Minister how the United Kingdom could partner with Guyana to mobilize more development support.
“Notwithstanding the commencement of oil production in Guyana and this illusion that there is windfall revenue, we still feel strongly about utilizing as much development support as we can,” Singh explained to the UK officials as he reminded that Guyana values its longstanding relationship with the UK.
Singh said that the Government plans to ensure that revenues earned from oil currently being extracted will be used to lay the foundation for the future as he listed agriculture, transport, energy infrastructure, physical infrastructure such as roads, bridges schools and hospitals and investing in people ensuring they are adequately equipped with the skills to meet new demands.
The Finance Minister also noted that Government intends to fully capitalize on its Low Carbon Development Strategy (LCDS) and will continue to manage Guyana’s tropical rainforest in a sustainable manner in order to be compensated for its forest conservation and clean air contribution.
The Minister also touched on Guyana’s Sovereign Wealth Fund which he reminded comprises part of the oil proceeds being put aside for future generations but added that along with this, Government wants to ensure the improved well-being of Guyanese such as allowing for them to have their own homes and marketable skills and careers.
