Financial outlook for Guyana improving
Monday, February 13, 2012
Source
President Donald Ramotar indicated that bauxite companies operating in the country will provide jobs especially with a mine expected to be constructed shortly.
GEORGETOWN, Guyana, Monday February 13, 2012 – Guyana is poised for growth, but existing issues which have the potential to slow the economy must be rectified.
That has been the assessment of President Donald Ramotar as he addressed the official opening of the 10th Parliament recently.
He noted that the Guyana economy in 2010 was valued at US$2.261 billion, compared with US$317 million in 1991, while the per capita income moved from US$304 to US$2, 533 in 2010.
In addition, private sector loans increased from GUY$7 billion to GUY$112 billion as interest rates slid from as high as 35 per cent to between five and 11 per cent.
“Without a doubt, our economy and country have come a far way from the time that our country was forced to enter an IMF agreement in 1989. At that time, our country was a Heavily Indebted Poor Country (HIPC) where almost nothing worked,” Ramotar said.
He further pointed out that the country’s external debt now stood at US$1 billion down from US$2.1 billion, while external reserves stand at US$780 million up from US$123.
However, the president made it clear that more reliable energy sources will encourage a stronger, modern economy while enhancing manufacturing and agro-processing and adding value to the country’s minerals.
In addition, the productive sectors that include sugar, rice, bauxite and also agriculture were identified as being critical to development. “Clearly, with the pressure on lands, food prices will rise, as is already happening,” he said.
Ramotar also indicated that bauxite companies operating in the country will provide jobs especially with a mine expected to be constructed shortly.
Monday, February 13, 2012
Source
President Donald Ramotar indicated that bauxite companies operating in the country will provide jobs especially with a mine expected to be constructed shortly.
GEORGETOWN, Guyana, Monday February 13, 2012 – Guyana is poised for growth, but existing issues which have the potential to slow the economy must be rectified.That has been the assessment of President Donald Ramotar as he addressed the official opening of the 10th Parliament recently.
He noted that the Guyana economy in 2010 was valued at US$2.261 billion, compared with US$317 million in 1991, while the per capita income moved from US$304 to US$2, 533 in 2010.
In addition, private sector loans increased from GUY$7 billion to GUY$112 billion as interest rates slid from as high as 35 per cent to between five and 11 per cent.
“Without a doubt, our economy and country have come a far way from the time that our country was forced to enter an IMF agreement in 1989. At that time, our country was a Heavily Indebted Poor Country (HIPC) where almost nothing worked,” Ramotar said.
He further pointed out that the country’s external debt now stood at US$1 billion down from US$2.1 billion, while external reserves stand at US$780 million up from US$123.
However, the president made it clear that more reliable energy sources will encourage a stronger, modern economy while enhancing manufacturing and agro-processing and adding value to the country’s minerals.
In addition, the productive sectors that include sugar, rice, bauxite and also agriculture were identified as being critical to development. “Clearly, with the pressure on lands, food prices will rise, as is already happening,” he said.
Ramotar also indicated that bauxite companies operating in the country will provide jobs especially with a mine expected to be constructed shortly.