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FM
Former Member

IDB President briefed on impact of Venezuela’s aggression on local economy

Written by  , Published in News, New York, United States – (September 25, 2015), Source

 

President of the Inter America Development Bank (IDB), Luis Alberto Moreno is now further aware of the details related to theimpactof the Venezuela territorial claim on Guyana’s economy.

 

President David Granger, during a meeting with Moreno, at the Guyana Permanent Mission to the UN office in New York, formally briefed him on the situation.

 

The IDB President was told that while the overall economy is being affected, the brunt of it is being felt by the five regions of the Essequibo.

 

“The claims have had a very negative effect over the years.It became worse in 2013 when that country expelled a vessel from our waters, and became much worse in May this year,” the President told reporters following the meeting. “The Venezuela claims have scared away investors and we made the President of the bank aware of the impact that the aggression has had on our economic development of that huge area,” President Granger said.

 

While the President declined to give details of the IDB’s position on the territorial dispute, he said that they are very interested in a peaceful resolution to the matter.

 

Also discussed during the meeting was Bank’s support for the development of renewable energy in Guyana. ”The bank, as you know, has responsibility for the disbursal of Norway funds and we would liketo work with the bank to ensure that Guyana satisfies the requirements of those funds, and at the same time satisfy the requirements for renewable energy,” the President added.

 

In addition, the President said there were discussions in broad terms,regarding access to concessionary funds,given the fact that the local economy showed signs of anaemia when the new administration got into office.

 

The President pointed out that there were challenges, in the rice, sugar, bauxite, and gold industries over the last twelve months. “So we have been pursuing a very important social agenda to ensure that we bring more people into the economy at the grass root level; through educational and poverty reduction programmes. So at the same time, we need to keep our economy buoyant andthe IDB is a very important partner in Guyana’s economic restructuring,” the President said.

 

Meanwhile, Foreign Affairs Minister, Carl Greenidge, who was present at the meeting, said that the IDB has signaled its commitment to working with Guyana in other areas of development. Some of these, the Minister said, will includemarine transport, infrastructure and more importantly the electricity sector.

 

”He (the IDB President) stressed how important electricity supply is, and its prices are for economic efficiency and productivity, and what impact it has on other sector such as manufacturing. Minister Greenidge added that the IDB President has also urged that Guyana cooperate for improving the efficiency of GPL as perhaps the highest priority in terms of their investment programme.

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President David Granger, Foreign Affairs Minister, Carl Greenidge, Director General, Ms. Audrey Waddell and IDB President, Mr. Luis Alberto Moreno, following the meeting today in New York.​ DSC_0076 [1).jpg

President David Granger, Foreign Affairs Minister, Carl Greenidge, Director General, Ms. Audrey Waddell and IDB President, Mr. Luis Alberto Moreno, following the meeting today in New York

FM

Smoking mirrors to get some relief due to PNC mismanagement.  What plans have the claim affected?  The fact that Exxon pulled out, well that was very likely given oil prices and was not an economic contributor anyway.  The fact that Venez cancelled the rice contract, well that's their prerogative.  PNC should have known there would be some reaction given they are viewed as hostile.  This is just part of their portfolio of mismanagement.

FM

Can p someone list one possible investor in the Essequibo who pulled out because of the border dispute. These officials at the IDB are not foolish people. They know what is happening. This is all about public posture. The PNC  and AFC killed the hydro power project, cut the bodget by billions over the two years of the  Ramoutar presidency thereby removing billions from the economy. Now they are in government, they mismanaged the border dispute file, the rice industry, increase uncertainty in the minds of investors as to future BOOT projects, their ability to manage the economy, their spend thrift having over 25 ministers and 4 Vice Presidents, etc. What, do they not realize that the economy has to grow to supply tax revenues for social  and physical infra-structure spending increases? To do otherwise will return us to PNC days when they used borrowed funds to finance these infra-structure and did not have funds for recurrent expenditures, to carry out the programs effectively after it was implemented. The result was what the PPP inherited in 1992.

Z
Originally Posted by Zed:

Can p someone list one possible investor in the Essequibo who pulled out because of the border dispute. These officials at the IDB are not foolish people. They know what is happening. This is all about public posture. The PNC  and AFC killed the hydro power project, cut the bodget by billions over the two years of the  Ramoutar presidency thereby removing billions from the economy. Now they are in government, they mismanaged the border dispute file, the rice industry, increase uncertainty in the minds of investors as to future BOOT projects, their ability to manage the economy, their spend thrift having over 25 ministers and 4 Vice Presidents, etc. What, do they not realize that the economy has to grow to supply tax revenues for social  and physical infra-structure spending increases? To do otherwise will return us to PNC days when they used borrowed funds to finance these infra-structure and did not have funds for recurrent expenditures, to carry out the programs effectively after it was implemented. The result was what the PPP inherited in 1992.

As I said, smoking mirrors.  Sometimes I wonder who they think they speaking to.

FM
Originally Posted by Zed:

Can p someone list one possible investor in the Essequibo who pulled out because of the border dispute. These officials at the IDB are not foolish people. T

Please outline the IDBs position on the Amaila Falls.  They didn't seem to be too enthused by it.

 

Many oil exploration projects were halted by Venezuela, and indeed a vessel was even seized.  Exxon only managed this last time as the US gov't intervened with threats should Venezuela seize US property.

 

Its amazing how you endorse Maduro, even as his soldiers invaded Guyana on MANY occasions, at times even ATTACKING Guyanese. This occurred while the PPP was in power.

 

The IDB AND the UN are favorably disposed to this gov't, for the time being at least.  They find them more cooperative.

 

The Berbice Bridge was pure PPP corruption.  Don't fool yourself that it was a valid BOOT project.  Ditto Marriott.

 

If the oligarchs and Jagdeo wish to have a childish tantrum because they cannot run Guyana, as their counterparts in Honduras, Guatemala, and Paraguay run those nations, TOUGH!  No society where the oligarchs use their monopolistic control over the gov't to rape the country, can sustain itself.

FM
Last edited by Former Member
Originally Posted by baseman:

Smoking mirrors to get some relief due to PNC mismanagement.  What plans have the claim affected?  The fact that Exxon pulled out, well that was very likely given oil prices and was not an economic contributor anyway.  The fact that Venez cancelled the rice contract, well that's their prerogative.  PNC should have known there would be some reaction given they are viewed as hostile.  This is just part of their portfolio of mismanagement.

What have they mismanaged? You are that nasty vestige of racism that plagues us. Exxon has not pulled out. They insist they are there for the long haul. Even jagdeo's friends smell money so they are still pursuing the search in their zone. I hope they find none during the tenure of their lease because they are another berbice river bridge. We know nothing of the arrangement between them and the state and given it is the PPP that fabricated it we should expect another loot scheme.

 

The Venezuelans advised they will pull out before the elections. Any pretense that the APNU caused it by some action is not only ridiculous but a fabricated narrative meant to rehabilitate the corrupt PPP. In all their looting of the Petro Carbide fund they made no effort to find alternative markets for rice not did they seek to diversify the products to be sold from rice. They were more intent on their usual habit of being crooks.

FM
Originally Posted by Zed:

Can p someone list one possible investor in the Essequibo who pulled out because of the border dispute. These officials at the IDB are not foolish people. They know what is happening. This is all about public posture. The PNC  and AFC killed the hydro power project, cut the bodget by billions over the two years of the  Ramoutar presidency thereby removing billions from the economy. Now they are in government, they mismanaged the border dispute file, the rice industry, increase uncertainty in the minds of investors as to future BOOT projects, their ability to manage the economy, their spend thrift having over 25 ministers and 4 Vice Presidents, etc. What, do they not realize that the economy has to grow to supply tax revenues for social  and physical infra-structure spending increases? To do otherwise will return us to PNC days when they used borrowed funds to finance these infra-structure and did not have funds for recurrent expenditures, to carry out the programs effectively after it was implemented. The result was what the PPP inherited in 1992.

Amalia falls needed to be killed. It was another loot scheme. BOOT as fabricated by the PPP is simply theft.

 

I have more faith in this administration as being the best they can be than in any remote possibility of seeing the state in PPP hands anytime soon.

FM
Originally Posted by Danyael:
 

Amalia falls needed to be killed. It was another loot scheme. BOOT as fabricated by the PPP is simply theft.

 

I have more faith in this administration as being the best they can be than in any remote possibility of seeing the state in PPP hands anytime soon.

APNU needs to get its act together though as their support base is getting restless.  The economy has slowed to a complete stop.  The reasons for this have more to do with the PPP.  However people voted for them to clean up the PPP mess.

 

At some point very soon, we need to hear concrete plans about what APNU/AFC plan to deal with the economic problems left by the PPP. As well as other more long term plans to move the economy further up the value chain.  How do they plan o deal with the energy problem. Amaila was bad, but what's the alternative?

 

 

The fact that their corruption will be less blatant (but it will exist, as these old men need to ensure that they aren't living off only gov't pensions, when they stop working).

 

Word is that this gov't is extremely short of talent when it comes to issues surrounding economic development, or being able to engage the business sector.

FM
Originally Posted by caribny:
Word is that this gov't is extremely short of talent when it comes to issues surrounding economic development, or being able to engage the business sector.

Lacking the components for economic development, a major aspect for forward progress, is indeed another of the large number of handicaps for the current government.

FM

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