Chang orders hold on IDB funds

This afternoon Acting Chief Justice Ian Chang issued an interim order that no money from two recently approved Inter-American Development Bank (IDB) loans can be expended before the matter is next heard on April 8th.

In March APNU Executive Carl Greenidge had lodged a writ seeking to prevent the government from accessing US$17M as part of two loans approved by the IDB arguing that the funds needed to be deposited into the Consolidated Fund first. A conservatory order directed to Singh and his delegates to prevent the spending of the funds pending the hearing of the substantive action was also sought by Greenidge.

Finance Minister Dr Ashni Singh and Attorney General Anil Nandlall were named as defendants. Neither were in court this afternoon but Nandlall did send a deputy.

The loans were signed on February 19th at the 4th IDB Caribbean IDB Governors Regional Meeting held in Freeport, The Bahamas. They are intended for the environmental sector as part of “a programme to support the consolidation of Guyana’s Low Carbon Development Strategy (LCDS) and REDD+ (Reducing Emissions from Deforestation and Forest Degradation). The activities under this operation include: (a) organizing multi-stakeholder consultations; (b) supporting the implementation of a transparent, rules-based, and inclusive accountability and enforcement system for forest governance; (c) aiding MNRE’s efforts to minimize and manage forest degradation from extractive activities, in particular from mining; (d) integrating land use planning; and (e) operating a reliable Monitoring, Reporting and Verification System (MRVS) for these activities.”

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