March 12 2019
President David Granger (right) with IDB President Luis Moreno at State House yesterday. IDB Representative here, Sophie Makonnen is in the background. (Ministry of the Presidency photo)
President of the Inter-American Development Bank (IDB), Luis Alberto Moreno, yesterday pledged continued support to the Government of Guyana, while commending President David Granger on his leadership in preparing for management of the oil and gas sector.
This is according to a release from the Ministry of the Presidency, which related that the two met for a meeting yesterday at State House. Moreno was accompanied by IDB’s Country Representative, Sophie Makonnen.
“I think when people write the history of Guyana some years from now, they will look at this period in time and see how the Guyanese people and the Guyanese leadership thought about how they can deal with one of those things that can only happen in once in a lifetime. It is in this regard that we have been privileged to work with you President Granger, as you prepare things that are so timely like your Sovereign Wealth Fund and as you continue to push forward. Your leadership in this has been very central and we are very happy to be side to side with you. I am convinced that the best days of Guyana are ahead of us and they would be materialised largely for all the work that you have been doing to cement that future for the Guyanese people,” Moreno stated, according to the release.
The release reported that the president welcomed the bank’s support and stated that he is looking forward to working more closely with the institution in upcoming months, specifically in relation to climate funding, infrastructural development and migrant support.
Also included in their discussions was the Guyana/Venezuela border controversy.
“I want to express our appreciation to you for your concern towards Guyana. We are certainly very appreciative of your stewardship and we wouldn’t have gotten this far if you didn’t have Guyana at heart. We have a long-standing relationship with the Bank and especially with your support in the oil and gas sector. The Bank has been at the forefront and has given significant support. We will continue to look forward to your support as we try to build very strong, sturdy and robust policies for the sector,” President Granger stated.
The release highlighted that last month, the country received two loans from the bank valued at US$31 million for the establishment of an Electronic Single Window for Trade and the Energy Matrix Diversification and Institutional Strengthening of the Department of Energy.
Additionally, in December 2018, an agreement was signed for a US$11.6 million loan intended to prepare Guyana for its transition toward a major oil and gas producing State. The release said this particular project is designed to “support the strengthening and the sustainability of the energy sector in Guyana by contributing to the institutional development of oil and gas governance and the development of cleaner energy sources for electricity generation”.
It was further reported that Minister of Finance Winston Jordan, during a special luncheon held at the Baridi Benab at State House following the meeting, said that Moreno’s visit, the first under this government, is a testimony to the long and enduring friendship between the bank and Guyana.
“It signals the Bank’s commitment to the development of Guyana and is also an indication of your deep interest in the development of Latin American and Caribbean countries. During your stewardship, much has been achieved, including a major increase in the Bank’s capital and increased emphasis on climate related matters, which are dear to Guyana. As Guyana stands on the cusp of a transformative development, made possible by our growing oil resources, the Government will be looking to its development partners such as the IDB to assist in strengthening institutions, policies, legislations and systems toward ensuring that the Guyanese populace [benefit] from the country’s endowment,” the minister stated.
Moreno’s visit comes in the midst of a deepening divide between the government and the opposition on the way ahead following the successful December 21, 2018 motion of no confidence in parliament. The government is yet to set a date for elections and the opposition says that without a satisfactory date there will be no extension of the period for the holding of election which it says means that the government would be illegal after March 21st.
Were this to happen, sources say that the IDB, a major financier of the country’s infrastructure programme and other areas will have to decide how to treat with the government.
