Former Finance Minister Asgar Ally throws support behind PPP/C – chastises Greenidge for being main cause behind pre-1992 economic downfall
FORMER Finance Minister, Asgar Ally has once again thrown his support behind the People’s Progressive Party/Civic (PPP/C) leading into the May 11 General and Regional Elections.This announcement was made by Mr. Ally yesterday during an exclusive interview with the Guyana Chronicle, where he noted: “I am endorsing the PPP/C just like I did at the last elections because I believe that they have the capability of managing this country.”
Mr. Asgar Ally
According to the former Finance Minister, due to his past international affiliations he was barred from supporting any political party, but now that his contract has ended with the international organisation, he is free to work for the Government of Guyana and also throw his support behind any political party.
Mr. Ally, who apart from being the senior Minister of Finance in 1992 under the late President Dr. Cheddi Jagan, also held various portfolios such as Deputy Governor of the Bank of Jamaica, President of the International Investment Bank of Jamaica, senior advisor in the International Monetary Fund (IMF), and also a finance consultant in various organisations across the Caribbean and around the world.
Additionally he also stated that during his youthful days he was Chairman of the Progressive Youth Organisation (PYO) in West Demerara.
Meanwhile, Mr. Ally recapped on his tenure as Finance Minister, noting that when he became the Minister of Finance the Accountant General had revealed to him that the international reserves were very low.
“The treasury was bankrupt, the interest rate was high, and exchange rates were high, rice wasn’t doing well, sugar wasn’t doing well, and if the opposition come back into power and start spending that money the exchange rate is going to go up, people will take out their money because they cannot manage the country like the PPP/C, as we were able to bring down the deficit,” said the PPP/C supporter.
Due to this he underscored the fact that the economy won’t be able to grow because no one would want to invest, as the Government has to maintain the reserves, and it cannot spend it.
MIDDLE CLASS WIPEOUT
Sticking to the issue of bankruptcy prior to 1992, the former Finance Minister disclosed that Carl Greenidge, who was the finance minister under the leadership of Burnham, played an integral role in the mismanagement of the country which led to wiping out of the entire middle class.
“The economy became bankrupt in 1990 and they went to the IMF which later advised them to cut the budget, devalue the dollar but they didn’t manage the fiscal affairs, and the deficit widened making them unable to pay the debts,” said the former Minister of Finance.
Therefore, he noted, it didn’t have an alternative because the country was bankrupt and the IMF called the shots, and this led to the entire wipeout of the entire middle class, as people who were working for reasonable salaries were working for nothing because of the devaluation and inflation.
Mr. Ally announced that he will be joining the PPP/C’s campaign trail leading up to the elections which is just a few days away.
By Navendra Seoraj
