China, IDB loans take external debt to US$1.1B

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Former Member

China, IDB loans take external debt to US$1.1B

Jun 21, 2017 News, http://www.kaieteurnewsonline....rnal-debt-to-us1-1b/

Guyana’s external debt now stands at US$1.1B. External debt speaks to the amount of money owed to foreign banks and companies.
The Bank of Guyana has reported, “The stock of external debt increased to US$1,174 million on account of higher disbursements by the Inter-American Development Bank (IDB) and the Exim Bank of China.”
The Bank of Guyana said that the external debt service ratio declined to 4.8 percent from 5.1 percent at end-March 2016, which is far below the liquidity threshold of 20 percent.
The Bank of Guyana said that the Inter-American Development Bank (IDB) and the Exim Bank of China disbursement increased by US$5.4 million and US$9.8 million respectively. The money was reportedly disbursed for financing of infrastructural upgrade and the Cheddi Jagan International Airport (CJIA) expansion project.
Further, the Bank of Guyana reported that the external debt service is estimated to increase in 2017 “on account of higher scheduled principal and interest payments to bilateral creditors.”
Guyana and China signed an agreement for the facilitation of the US$130 million to help fund the airport expansion.
The CJIA project is said to be 62 percent complete. The entire project is to be completed by year end.
This project entails the construction of a new terminal building, work on which commenced a few months ago.
Additionally, the existing terminal building will be modernized and used for departures only.
Both ends of the runway have been extended by 710 metres to the North-East and 840 metres to the South-West, with sand filling and concrete filling to commence soon.
Works are currently ongoing to relocate two cargo hangers and a Rubis filling station; these are buildings between the control tower and current departure building.
The construction is complete for the new diesel generator room while construction of a new fire pump station and the implementation of a new boarding corridor with bridges are to begin shortly.
However, the projected yearend deadline is challenged by delays which occurred under the previous administration.
Project Manager, Kevin Lui of China Harbour Engineering Company Limited (CHEC), the company contracted for the airport expansion project, said daily meetings are being held to address the challenges facing the completion of the project.
Lui explained that normal airport operation is one reason for the sloth of the project. He explained that no one party can solve the issue, since the various airlines and higher authorities will have to collaborate to resolve these challenges.
However, Lui expressed gratitude for the government’s role in the project.
The airport expansion project commenced on January 16, 2013, but due to several delays the date was extended.
The Government of Guyana was forced to call in CHEC to renegotiate the terms after it became clear that the Chinese company was way behind.

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PrashadSenior Member

When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.

6/21/176:07 AM

Former Member

Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.

History is repeating itself. Can we say "EMPTY TREASURY" again? Oh how we love our dear PNC bwoys!!!!

6/21/179:08 AM

Former Member

Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.

The benefaction of western powers forgo most of the debt of the burnham era. Our present debt is a consequence of boutique projects of the PPP such as the Skeldon plant, stadium, the failed Amalia falls road project, the failed cable drag from brazil etc. Over a half of a billion is owed to the Chinese who being flush with cash used it to lure in leaders of impoverished, cash starved nation into giving them perks for exploitation. The Chinese do not forgo debt. As I said, it is the string with which they create third world puppets.

6/21/179:16 AM

Former Member

D2 posted:
Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.
The benefaction of western powers forgo most of the debt of the burnham era. Our present debt is a consequence of boutique projects of the PPP such as the Skeldon plant, stadium, the failed Amalia falls road project, the failed cable drag from brazil etc. Over a half of a billion is owed to the Chinese who being flush with cash used it to lure in leaders of impoverished, cash starved nation into giving them perks for exploitation. The Chinese do not forgo debt. As I said, it is the string with which they create third world puppets.

Can you list some of the REAL accomplishments of your PNC since 2015? Please, don't use you vivid imagination.

6/21/179:28 AM

Former Member

skeldon_man posted:
D2 posted:
Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.
The benefaction of western powers forgo most of the debt of the burnham era. Our present debt is a consequence of boutique projects of the PPP such as the Skeldon plant, stadium, the failed Amalia falls road project, the failed cable drag from brazil etc. Over a half of a billion is owed to the Chinese who being flush with cash used it to lure in leaders of impoverished, cash starved nation into giving them perks for exploitation. The Chinese do not forgo debt. As I said, it is the string with which they create third world puppets.
Can you list some of the REAL accomplishments of your PNC since 2015? Please, don't use you vivid imagination.

Why should that be my burden to detail to you? Your imagination that such is my obligation is only driven by your pathetic racism. As I said, check SN if you think I care much about them. While they are not the cancer that is the PPP they are a wee bit less malignant. There are no great separation since we are bifurcated by race. On the APNU sides are many like you with with as morbid racist thoughts as well

6/21/179:39 AM

Former Member

D2 posted:
skeldon_man posted:
D2 posted:
Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.
The benefaction of western powers forgo most of the debt of the burnham era. Our present debt is a consequence of boutique projects of the PPP such as the Skeldon plant, stadium, the failed Amalia falls road project, the failed cable drag from brazil etc. Over a half of a billion is owed to the Chinese who being flush with cash used it to lure in leaders of impoverished, cash starved nation into giving them perks for exploitation. The Chinese do not forgo debt. As I said, it is the string with which they create third world puppets.
Can you list some of the REAL accomplishments of your PNC since 2015? Please, don't use you vivid imagination.
Why should that be my burden to detail to you? Your imagination that such is my obligation is only driven by your pathetic racism. As I said, check SN if you think I care much about them. While they are not the cancer that is the PPP they are a wee bit less malignant. There are no great separation since we are bifurcated by race. On the APNU sides are many like you with with as morbid racist thoughts as well

And yet you think of them as choir boys and Catholic priests. You need to get your fantasy brain examined.

6/21/179:42 AM

Former Member

skeldon_man posted:
D2 posted:
skeldon_man posted:
D2 posted:
Prashad posted:
When President Jagdeo left office the debt was 880 million. It was an achievement because he had inherited a debt of over one billion dollars when he became President. I said it here that the future administrations should watch their borrowing. Now this.
The benefaction of western powers forgo most of the debt of the burnham era. Our present debt is a consequence of boutique projects of the PPP such as the Skeldon plant, stadium, the failed Amalia falls road project, the failed cable drag from brazil etc. Over a half of a billion is owed to the Chinese who being flush with cash used it to lure in leaders of impoverished, cash starved nation into giving them perks for exploitation. The Chinese do not forgo debt. As I said, it is the string with which they create third world puppets.
Can you list some of the REAL accomplishments of your PNC since 2015? Please, don't use you vivid imagination.
Why should that be my burden to detail to you? Your imagination that such is my obligation is only driven by your pathetic racism. As I said, check SN if you think I care much about them. While they are not the cancer that is the PPP they are a wee bit less malignant. There are no great separation since we are bifurcated by race. On the APNU sides are many like you with with as morbid racist thoughts as well
And yet you think of them as choir boys and Catholic priests. You need to get your fantasy brain examined.

My image of guyanese politicians are not ever of any religion. I think of them as vipers; labarias, morabanas or bushmasters who must be treated with respect not because they have good intentions but because they will live according to their natures. If our natures were different we would be different ( to paraphrase a philosopher) We are of such debased stock ( abused peoples; slaves, dalits, and amerindians) we are yet to find our grace.

6/21/1710:19 AM

Former Member

I believe that D2 have become a turncoat from the PNC. He supported them initially despite the warnings of many of us. Now he relented and abandoned their ship leaving django, cain , warrior, tola and the other brain washed individuals to bear the burden of fetching their slop can.

6/21/1710:20 AM

NehruBig Mouth Member

Guyana will once again deep in Debt. It will take the PPP Govt to clean the ship up. In the meanwhile, the POOR gets POORER and the quality of life is Haitian!!!!!!

6/21/1710:21 AM

Former Member

Drugb posted:
I believe that D2 have become a turncoat from the PNC. He supported them initially despite the warnings of many of us. Now he relented and abandoned their ship leaving django, cain , warrior, tola and the other brain washed individuals to bear the burden of fetching their slop can.

I supported them ( as explicitly stated here and the record is still on the board) because a change was necessary to bring the craven unchecked corruption of the PPP to an end. It was never of the expectation that there will be difference even if the remote possibility was not a hope.

You cannot lift yourself out of the completely partisan rut to think of possibilities for ameliorating what is nothing less than protracted political evil on our people. You waste your time diluting your inner urging for better with these made up stories about who fits what slot without seeing the mind of the people behind it but that is not helpful but as a salve to the raw reality of a history if necrotizing corruption since the British left.

6/21/1710:28 AM