"The recent International Monetary Fund (IMF) mission which visited Guyana for the Article IV Consultation has cautioned the APNU/AFC Government over the growing number of non-performing loans, the increase in public expenditure and the need for moderating the growth of public sector wages."

Oww bhai kp,not a big warning no doomsday predicted,IMF said Guyana will grow 4.0 percent.

I  look at the title of this thread - IMF WARNS GRANGER - and read the substance of the article and find it misleading. These are the actual INF quotes - the rest is the article's commentary and opinion.

“Banks remain well capitalised, but heightened vigilance is warranted due to increases in nonperforming loans,” the IMF said in a statement on its website.

“In addition, the stress testing toolkit could be expanded to include shocks to loan collateral values and also take into account inter-linkages among economic sectors, borrowers, and financial entities,” it stated.

“The mission suggested moderating the growth of wages, as well as reforming public enterprises with a view to reduce their reliance on government support…Containing current expenditure would provide additional space for public investment while preserving debt sustainability,”

Granger was not summoned to some office and given a finger-wagging warning.

The import of the thread is to suggest that the current health of loans is somehow a consequence of the last 10 months or so. The public sector wage growth is another matter of discussion - is the APNU/AFC coalition to be blamed for the recent rises or the low level they inherited in an economy with some inflation.

So Ian has established himself as a PPP liar.

Kari posted:

I  look at the title of this thread - IMF WARNS GRANGER - and read the substance of the article and find it misleading. These are the actual INF quotes - the rest is the article's commentary and opinion.

“Banks remain well capitalised, but heightened vigilance is warranted due to increases in nonperforming loans,” the IMF said in a statement on its website.

“In addition, the stress testing toolkit could be expanded to include shocks to loan collateral values and also take into account inter-linkages among economic sectors, borrowers, and financial entities,” it stated.

“The mission suggested moderating the growth of wages, as well as reforming public enterprises with a view to reduce their reliance on government support…Containing current expenditure would provide additional space for public investment while preserving debt sustainability,”

 

Granger was not summoned to some office and given a finger-wagging warning.

The import of the thread is to suggest that the current health of loans is somehow a consequence of the last 10 months or so. The public sector wage growth is another matter of discussion - is the APNU/AFC coalition to be blamed for the recent rises or the low level they inherited in an economy with some inflation.

 

Bright boy Kari!!! What is misleading when the article state the " Warning Came after a IMF mission " ...

If you use your senses to fully apply WARN in the context that it was meant for, you will see the logics. you will agree that "WARN " was use to alert,   of a possible danger if the Government of the day do not contain their expenditures. 

You don't have to wag fingers to anyone to  define warn BRIGHT BOY KARI .

Mr.T posted:

So Ian has established himself as a PPP liar.

Na Mr T. Kari choose to define Warning to suit himself.  

ian posted:

Kari posted:

I  look at the title of this thread - IMF WARNS GRANGER - and read the substance of the article and find it misleading. These are the actual INF quotes - the rest is the article's commentary and opinion.

“Banks remain well capitalised, but heightened vigilance is warranted due to increases in nonperforming loans,” the IMF said in a statement on its website.

“In addition, the stress testing toolkit could be expanded to include shocks to loan collateral values and also take into account inter-linkages among economic sectors, borrowers, and financial entities,” it stated.

“The mission suggested moderating the growth of wages, as well as reforming public enterprises with a view to reduce their reliance on government support…Containing current expenditure would provide additional space for public investment while preserving debt sustainability,”

 

Granger was not summoned to some office and given a finger-wagging warning.

The import of the thread is to suggest that the current health of loans is somehow a consequence of the last 10 months or so. The public sector wage growth is another matter of discussion - is the APNU/AFC coalition to be blamed for the recent rises or the low level they inherited in an economy with some inflation.

 

Bright boy Kari!!! What is misleading when the article state the " Warning Came after a IMF mission " ...

If you use your senses to fully apply WARN in the context that it was meant for, you will see the logics. you will agree that "WARN " was use to alert,   of a possible danger if the Government of the day do not contain their expenditures. 

You don't have to wag fingers to anyone to  define warn BRIGHT BOY KARI .

Ian, it is standard IMF procedure to warn about increasing public sector wage bills. When the IMF becomes worried about it, they don't warn. They discuss about how the increasing wage bill threatens the viability of the economy.

Now as to increasing non performing loans. Well several years ago we warned that Guyana had a real estate bubble economy, and that there was massive speculation, and run away prices.  And that this was based on high gold prices, and money laundering and the under ground economy. Well with lower gold prices, and reduced underground activity, one can expect more non performing mortgages.

The IMF projects that Guyana's economy will continue to grow, DESPITE lower gold prices!  Now look over the borders to see what is happening in Brazil, Venezuela, and Suriname!  Not a lovely sight.

AFC/PNC goons destroyed Guyana:

"Shadow Opposition Finance Minister, Irfaan Ali in November 2015 warned that hundreds of Guyanese, many of them businessmen were on the verge of losing their properties as a result of inability to pay their mortgages, as the local economy continued to flounder.

Ali said based on data in his possession of his own investigations from many financial institutions, non-performing loans or loans where the borrower failed to pay instalment for three months, have increased by 69.7 per cent in 2015 and continues to skyrocket."

Guyana gone for Channa.

Ian, The IMF said the Guyanese economy remains resilient and continues to grow despite significant global headwinds. The government of Guyana projects 4.4 per cent growth in 2016, but the IMF said it is likely to grow by 4.0 per cent.

PPP gave Guyanese Milk and Honey.

AFC/PNC goons gave Guyanese Black Tea and Destruction.

"Meanwhile, the IMF warned that the increasing current expenditure of the government will crowd out space for public investment, despite significant donor support"

IMF is sounding the warning bell. These AFC/PNC fools and idiots better take warning about the state of the economy.

Guyana gone fun channa.

Yet these AFC/PNC fools are spending Billions for an upcoming FETE. Old people were 1000 percent accurate that test people cannot even run a cakeshop.

Yugi, you are nit picking pieces of the article,and does not get the whole picture,Guyana is not in a financial crisis,i concluded that after reading the articles in Stabroek News and other media sources.

IMF team urges rapid action on outstanding anti-laundering steps.

https://guyana.crowdstack.io/topic/im...nti-laundering-steps

IMF cautions Guyana against wage growth, non-performing loans

https://guyana.crowdstack.io/topic/im...non-performing-loans

Ian, I wonder what this report would have looked like 12 months ago?

I see the word "warns"  being used as "urges".

I would like to see our economist friend TK's comment on the IMF's assessment. The only part I'm concerned with is the IMF recommendation to moderate the growth of public sector wages. This is not good news for public servants. The IMF recommendation also undermines a call by Opposition Leader Jagdeo for a 50% salary increase for public servants.

Gilbakka posted:

I would like to see our economist friend TK's comment on the IMF's assessment. The only part I'm concerned with is the IMF recommendation to moderate the growth of public sector wages. This is not good news for public servants. The IMF recommendation also undermines a call by Opposition Leader Jagdeo for a 50% salary increase for public servants.

The savings can be made by reducing the wages of the ministers and advisers, without having any impact on the rest of the public sector.