A letter entitled “Notions that the level of borrowing is reckless are far-fetched” penned by Mr. Bhagwandin was published earlier this week in Stabroek News (August 8, 2023). The backdrop to this letter is as follows. The National Assembly approved, last week, a new debt ceiling to facilitate greater borrowing. Guyana’s domestic public debt ceiling…
US Ambassador Lynch is to be applauded for her strong statement in observance of International Anti-Corruption Day, which is an annual opportunity to bring attention to the continued importance of combating corruption, ensuring accountability, and fostering transparency. Around the world, corruption threatens security, hinders economic growth, and siphons away public and private resources. In Guyana,…
I would like to follow-up on SN November 18, 2021. Mere stating that an audit will be done does not mention if the 2016 Contract terms, Article 23 and Annex C will be renegotiated. There are also a number of unanswered questions that could secure Guyana’s interests. Will Guyana’s property and tax laws related to…
The city parking meters galvanised the people of Georgetown. Irrespective of race or political party, they came out to protest against the implementation of the meters. The major newspapers in Guyana covered the protests, giving nationwide visibility to the issue. The pressure was sufficient to get the meters removed. The debacle turned the passion in…
Introduction In last week’s column I had advanced the opinion that there were three policy priorities seemingly driving government’s approach to the development of the oil and gas sector. If taken in their widest meaning, these priorities can be said to represent the overwhelming bulk of government’s policy concerns, as publicly indicated to date. To…
Guyana’s oil economy is now mirroring its lopsided oil contract. The world’s highest growing economy in 2022 is not spreading the fruits of growth evenly across Agriculture, Manufacturing, and Services. Indeed, the rich versus poor is mirrored by oil and non-oil economy – the high growth oil sector registering 90% growth in the value-added income…
When Guyana’s oil contract was signed in 2016 world market prices per barrel averaged $65. All indications today are that future prices (next 5 -10 years) may average $110. The portion of higher average price ($110 minus $65 = $45) can be called the Russia-Ukraine war premium. Who gets to keep most of the $45…
I read without surprise, the August 10, 2024 KN clip “MP Vickram Bharrat provided misleading, deceptive information to Parliament on rate of oil production – David Patterson”. We all know that “misleading and deceptive” are parliamentary jargons for “lies”; but, in all fairness, let’s also charitably attribute some of the Honorable Minister’s mouthings to ignorance….
