The recent US$900 million loan taken by the Government from the Islamic Development Bank (IsDB) is a source of deep concern; as Guyana’s debt portfolio is slated to take a sharp hike.
less in a given year – now, to spend on a work programme to be completed between this year and 2020, seems far-fetched,” he pointed out.
“The Bank fielded a programming mission in December 2017, where a work programme for the three-year period 2018-2020 was formalised. Financing and technical assistance of about US$900 million will be directed to key development areas; including economic infrastructure, rural development, human development, and trade and competitiveness,” the Minister explained.
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PNC keeps digging a hole and bankrupting Guyana. They do not know how to save for a rainy day.
LOL
Copycat plus pulling that trash from Guyana Times.
I said from the beginning that that this is a dangerous loan because it has to be payed back. I cannot for the life of me see the PNC doing the same mistakes that they did in the past. Borrow loans and behave as if these loans are grants. It is history repeating itself.
yuji22 posted:PNC keeps digging a hole and bankrupting Guyana. They do not know how to save for a rainy day.
Guyana is never out of debt and may never will. Every country borrows money for infrastructure, social, educational development, etc, and Guyana is no exception to the borrowing rules. Your heading speaks for itself. (Afro-Government).
I see this as an attempt by the PNC to buy the next elections because the oil money will not be available to them before then. However, I do not think that it will work because there is a long span between project conceptualization and implementation by this government. Since assuming power, they have struggled to implement effectively their public investment programme. There has been some improvement but not enough.
Django posted:LOL
Copycat plus pulling that trash from Guyana Times.
So, you have a problem with the comments articulated in the column and the fact that it was from the Times. All of the newspapers in Gutana have their bias, as do others from other countries. What do you see as trash in the column? Impress us with your profound economic analysis!
Zed posted:Django posted:LOL
Copycat plus pulling that trash from Guyana Times.
So, you have a problem with the comments articulated in the column and the fact that it was from the Times. All of the newspapers in Gutana have their bias, as do others from other countries. What do you see as trash in the column? Impress us with your profound economic analysis!
Looks like you are a fan of Ramsaroop.
Prince posted:yuji22 posted:PNC keeps digging a hole and bankrupting Guyana. They do not know how to save for a rainy day.
Guyana is never out of debt and may never will. Every country borrows money for infrastructure, social, educational development, etc, and Guyana is no exception to the borrowing rules. Your heading speaks for itself. (Afro-Government).
Borrowing to invest and borrowing to squander are two different things. This money is to give the PNC a lil hold on until the oil money starts to flow. If it doesn't then the PPP will have to figure a way to pay it back. Like they did in 1992 when they inherited a bankrupt, debt laden country from the PNC.
Bibi Haniffa posted:Prince posted:yuji22 posted:PNC keeps digging a hole and bankrupting Guyana. They do not know how to save for a rainy day.
Guyana is never out of debt and may never will. Every country borrows money for infrastructure, social, educational development, etc, and Guyana is no exception to the borrowing rules. Your heading speaks for itself. (Afro-Government).
Borrowing to invest and borrowing to squander are two different things. This money is to give the PNC a lil hold on until the oil money starts to flow. If it doesn't then the PPP will have to figure a way to pay it back. Like they did in 1992 when they inherited a bankrupt, debt laden country from the PNC.
Of course there are two different things,some of the boys in the PPP were good at squandering.
Seriously though, other than the Durban park fiasco, what has this Coalition government planned and built since taking office in 2015? We were asked to judge them in 100 days. Then that got pushed to a year since Ramjattan argued that he wasn't doing anything until after the Jubilee celebrations because he was too busy with Jubilee celebrations plans. Now is nearly 3 years and Ramjattan still hasn't sobered up from the Jubilee celebrations.
The PNC will copycat the PPP strategy, with election around the corner the PNC securing funding to implement their own pre election handouts - OLPF [one laptop per family], food hamper and $10,000 per voter..
ksazma posted:Seriously though, other than the Durban park fiasco, what has this Coalition government planned and built since taking office in 2015? We were asked to judge them in 100 days. Then that got pushed to a year since Ramjattan argued that he wasn't doing anything until after the Jubilee celebrations because he was too busy with Jubilee celebrations plans. Now is nearly 3 years and Ramjattan still hasn't sobered up from the Jubilee celebrations.
Here is a Project not heard of due to it's in the bush.
Django posted:ksazma posted:Seriously though, other than the Durban park fiasco, what has this Coalition government planned and built since taking office in 2015? We were asked to judge them in 100 days. Then that got pushed to a year since Ramjattan argued that he wasn't doing anything until after the Jubilee celebrations because he was too busy with Jubilee celebrations plans. Now is nearly 3 years and Ramjattan still hasn't sobered up from the Jubilee celebrations.
Here is a Project not heard of due to it's in the bush.
Django bai, maybe it is poor reporting but what exactly is dpi saying?
Zed posted:Django posted:LOL
Copycat plus pulling that trash from Guyana Times.
So, you have a problem with the comments articulated in the column and the fact that it was from the Times. All of the newspapers in Gutana have their bias, as do others from other countries. What do you see as trash in the column? Impress us with your profound economic analysis!
The very first line of the article is incorrect.
"The recent US$900 million loan taken by the Government from the Islamic Development Bank (IsDB) is a source of deep concern; as Guyana’s debt portfolio is slated to take a sharp hike."
http://demerarawaves.com/2018/...g-jagdeos-criticism/
Guyana has not borrowed from Islamic Bank, but US$900 million is available– Finance Ministry, following Jagdeo’s criticism
Posted by: Denis Chabrol in Business, News, Politics April 7, 2018 1 Comment
The Ministry of Finance on Saturday said Guyana has not borrowed any money from the Islamic Development Bank (IsDB), but could potentially tap into a total of US$900 million in loans and grants
“Guyana has not received any loans from the Islamic Development Bank,” the Finance Ministry said after Opposition Leader Bharrat Jagdeo criticised government for borrowing US$900 million from the IsDB as reported in sections of the media.
“Contrary to that conclusion, the IsDB has a resource envelope of US900M that is potentially available from which the Government of the Cooperative Republic of Guyana can borrow,” the Finance Ministry added.
In his speech to the 43rd Annual Meeting of the IsDB Group, the Finance Ministry said Minister Winston Jordan was clear in his identification of the named sum.
“The current package of potential projects, consisting of proposed grant and loan operations is valued at approximately US$900M. The Government is currently in the process of designing projects to commence accessing some portions of the IsDB resources,” the ministry added.
The Ministry explained that during the period 27-29 November 2017, the IsDB mounted a mission to Guyana to develop a medium term work plan for the period 2018- 2022. That work plan outlines a pipeline of projects that the Bank can support over the next 5 years.
The potential areas of collaboration between the Bank and the Government of Guyana cover several development sectors including agriculture, banking and finance, human development, energy and rural development.
The Opposition Leader had moments earlier issued a statement criticising government for borrowing US$900 million from the IsDB, accusing the David Granger-led administration of resorting to large scale borrowing to finance the massive national budgets mainly on consumption.
“This failed approach to national economic management was tried in the past. It led to a bankrupt country and resulted in devastating consequences for our people. I am sure everyone would recall that the external debt was over 900 per cent of GDP in 1992, which was reduced to 36 per cent of GDP in 2015. They plan to double it again within give years,” said Jagdeo a former Finance Minister.
He said borrowing without feasibility studies and spending haphazardly with no vision or plan, “particularly in the wasteful and corrupt manner that is now the hallmark of the Granger-led Administration will not solve the economic malaise that we face, but lead to pawning the well-being of current and future generations of Guyanese.”
Mars posted:The very first line of the article is incorrect.
"The recent US$900 million loan taken by the Government from the Islamic Development Bank (IsDB) is a source of deep concern; as Guyana’s debt portfolio is slated to take a sharp hike."
http://demerarawaves.com/2018/...g-jagdeos-criticism/
Guyana has not borrowed from Islamic Bank, but US$900 million is available– Finance Ministry, following Jagdeo’s criticism
Posted by: Denis Chabrol in Business, News, Politics April 7, 2018 1 Comment
The Ministry of Finance on Saturday said Guyana has not borrowed any money from the Islamic Development Bank (IsDB), but could potentially tap into a total of US$900 million in loans and grants
“Guyana has not received any loans from the Islamic Development Bank,” the Finance Ministry said after Opposition Leader Bharrat Jagdeo criticised government for borrowing US$900 million from the IsDB as reported in sections of the media.
This coming from the ministry headed by Jordan who blatantly lied about the signing bonus until he was forced to acknowledge it after Exxon Mobil confirmed that it existed. Jordan's credibility is highly suspect. Even if this is accurate, accepting anything that Jordan says is difficult. Maybe we will find out later that the USD900M is also in a Defense Savings Bond account.
ksazma posted:Mars posted:The very first line of the article is incorrect.
"The recent US$900 million loan taken by the Government from the Islamic Development Bank (IsDB) is a source of deep concern; as Guyana’s debt portfolio is slated to take a sharp hike."
http://demerarawaves.com/2018/...g-jagdeos-criticism/
Guyana has not borrowed from Islamic Bank, but US$900 million is available– Finance Ministry, following Jagdeo’s criticism
Posted by: Denis Chabrol in Business, News, Politics April 7, 2018 1 Comment
The Ministry of Finance on Saturday said Guyana has not borrowed any money from the Islamic Development Bank (IsDB), but could potentially tap into a total of US$900 million in loans and grants
“Guyana has not received any loans from the Islamic Development Bank,” the Finance Ministry said after Opposition Leader Bharrat Jagdeo criticised government for borrowing US$900 million from the IsDB as reported in sections of the media.
This coming from the ministry headed by Jordan who blatantly lied about the signing bonus until he was forced to acknowledge it after Exxon Mobil confirmed that it existed. Jordan's credibility is highly suspect. Even if this is accurate, accepting anything that Jordan says is difficult. Maybe we will find out later that the USD900M is also in a Defense Savings Bond account.
Speculation! Deal with the reality. No loans have been taken so far. A credit line is available but not yet used. Do you think they could hide $US 900 million if it was already taken?
Mars posted:ksazma posted:
This coming from the ministry headed by Jordan who blatantly lied about the signing bonus until he was forced to acknowledge it after Exxon Mobil confirmed that it existed. Jordan's credibility is highly suspect. Even if this is accurate, accepting anything that Jordan says is difficult. Maybe we will find out later that the USD900M is also in a Defense Savings Bond account.
Speculation! Deal with the reality. No loans have been taken so far. A credit line is available but not yet used. Do you think they could hide $US 900 million if it was already taken?
Nothing reality about Jordan. His credibility is highly suspect. The granting of a loan does not necessarily mean the full disbursement of that loan.
ksazma posted:Django posted:ksazma posted:Seriously though, other than the Durban park fiasco, what has this Coalition government planned and built since taking office in 2015? We were asked to judge them in 100 days. Then that got pushed to a year since Ramjattan argued that he wasn't doing anything until after the Jubilee celebrations because he was too busy with Jubilee celebrations plans. Now is nearly 3 years and Ramjattan still hasn't sobered up from the Jubilee celebrations.
Here is a Project not heard of due to it's in the bush.
Django bai, maybe it is poor reporting but what exactly is dpi saying?
"The Ministry of Business has responsibility for industrial estates at Lethem, Belvedere, Eccles, and Coldingen. The latter two, which have a combined total of 120 developed plots, houses close to 60 developed estates providing jobs for about 4,000 Guyanese.
The main industries are wood-processing, cement and block-making, food processing, fish processing, furniture manufacturing, metal fabrication and pharmaceuticals.
In the 2016 National Budget, the government allocated $212M for the development and repair of the industrial estates at Belvedere and Lethem."
Bhai,this is what the article says.
ksazma posted:Mars posted:ksazma posted:
This coming from the ministry headed by Jordan who blatantly lied about the signing bonus until he was forced to acknowledge it after Exxon Mobil confirmed that it existed. Jordan's credibility is highly suspect. Even if this is accurate, accepting anything that Jordan says is difficult. Maybe we will find out later that the USD900M is also in a Defense Savings Bond account.
Speculation! Deal with the reality. No loans have been taken so far. A credit line is available but not yet used. Do you think they could hide $US 900 million if it was already taken?
Nothing reality about Jordan. His credibility is highly suspect. The granting of a loan does not necessarily mean the full disbursement of that loan.
The Guyana Times article clearly states that the loan was taken. Why don't you tell us what account the money is sitting in if it already taken?