Amaila highlighted as most noteworthy disappointment of 2013

- will continue to be a focus of this Administration – Luncheon

HEAD of the Presidential Secretariat (HPS), Dr. Roger Luncheon, in recapping the events of 2013, made it clear that the rejection of the Amaila Falls hydropower project stands out as the most noteworthy disappointment of the year.

“We join the popular public sentiment to say that the 10th Parliament is a disappointment….as an institution, it failed to live up to expectations.” – Luncheon

And also noting the treatment by the Opposition of the Anti-Money Laundering Bill, Cabinet Secretary Dr. Roger Luncheon, speaking at a press conference on Tuesday at the Office of the President, said: “Amaila Falls is

Dr Roger Luncheon

here to stay and will continue to be a focus of this Administration.”
The Head of the Presidential Secretariat pointed out that the treatment of the project by the Opposition in the National Assembly will not be forgotten and echoed a sentiment previously expressed by President Donald Ramotar, that the act had impacted political relations going forward.
“We join the popular public sentiment to say that the 10th Parliament is a disappointment….as an institution, it failed to live up to expectations,” Luncheon said, referring to the use of the one-seat majority by the Opposition.
According to him, the acts reflected a move to “disrupt, delay and deny” the government’s pro-development thrust.
Project’s Redesign
Luncheon stated that the government is engaging interest from neighboring and other countries and efforts are ongoing on the project’s redesign.
He pointed out however, that efforts are “nowhere” near the state it was when the project was presented to Parliament for approval.
On that note, the HPS acknowledged that Sithe Global’s licence expired on December 31, adding that there is no rush to pursue renewal since the redesign is still in the early stages.
“This is the mother of all projects,” Luncheon said, stressing its importance to the development of Guyana.

HIGH POINT
Luncheon stated that the major high point for the year was the fact that Guyana recorded growth for the eighth consecutive year – the result of both prudent management and the application of sound macro-economic policies.
A release by the International Monetary Fund (IMF) had stated that Guyana’s macroeconomic outlook was generally positive for 2013 and the medium term. Growth was projected at 4.8 percent in 2013, continuing the broad-based robust expansion in economic activity.
It said during the last decade, Guyana’s strong macroeconomic performance has contributed to a reduction in public debt levels and sustained poverty reduction.
Uninterrupted Growth
“The economy has experienced seven years of uninterrupted growth, averaging about four percent annually. The key pillars of the macroeconomic resurgence have been sustained reforms, in particular the implementation of VAT, favourable commodity prices, significant inflows of Foreign Direct Investment (FDI) and debt relief under the Heavily Indebted Poor Countries Initiative (HIPC) and Multilateral Debt Relief Initiative (MDRI) initiatives,” the statement disclosed.
The IMF added that real economic activity expanded by 4.8 percent in 2012 on the back of broad-based growth in agriculture, manufacturing, mining, construction and other services.
Twelve-month inflation, it pointed out, remained low at 3.4 percent, notwithstanding higher energy and food prices.
Meanwhile, the banking soundness indicators have remained strong, with capital adequacy ratios well above the regulatory minimum requirement, non-performing loans (NPLs) between 5 and 6 percent over the last three years, and provisioning for bad loans at comfortable levels.
Social Services
According to Luncheon, the gains on the economic front, as it relates to facilitating the distribution of wealth among all Guyanese, saw particular focus on social services and improving the lives of vulnerable classes.
In 2014, the HPS stated that the Guyanese people will see a recommitment by the current administration in meeting their expectations at all levels, particularly as it relates to repairing the “damage done” at the level of the National Assembly and greater efforts to ensure continued growth.

(By Vanessa Narine)