Nation’s treasury in $60B deficit, says Finance Minister …external loan debt stands at US$1.6B

THE Consolidated Fund, the nation’s treasury, is $60B in deficit, the nation’s external loan debt stock stands at US$1.6B and its domestic loan is appreciating significantly.This was the report handed to the National Assembly yesterday by Finance Minister Winston Jordan, who was at the time adding his voice to a motion in the House, approving the charge delivered by Head of State, President David Granger, when he convened the 11th Parliament. Finance Minister Jordan, addressing his portfolio’s remit of reducing poverty and increasing Government’s accountability, said corruption is also a critical scourge that has to be frontally addressed by the Administration. According to Minister Jordan, an unaccountable government fosters poverty and he pointed to measures the Administration would have already begun implementing, with a view to increasing transparency. He said on the revenue side, a number of bank accounts have already been closed with the monies being transferred to the Consolidated Fund. The Finance Minister told the House that these accounts left circumstances where theft was palpable and prone to nefarious acts. He also used the opportunity to address critics of the widespread audits that have been launched across a number of Government agencies. Minister Jordan explained that any Government assuming Office after two decades, would no doubt want to ascertain its inventory and holdings. Pointing to the treasury’s heavy deficit of some $60B, he drew reference too, to a number of agencies that hold onto revenues earned. According to Minister Jordan, this was never the intention of the operations of the numerous semi-autonomous agencies such as the Guyana Forestry Commission (GFC), the National Frequency Management Unit (NFMU) and the Guyana Geology and Mines Commission (GGMC), among others. Every measure, he said, will be taken to ensure that money which is supposed to be placed in the Consolidated Fund does in fact reach there. Government, he said, will correct the incorrect positions. “This is what we have to do,” said Jordan, as he added that persons who placed their hands in the proverbial ‘cookie jar’ will have to be dealt with. On the matter of a more accountable Government, the Finance Minister announced too that the Integrated Financial Management and Accountability System (IFMAS) which seeks to computerise Government’s expenditure and revenues currently operates with a number of glitches. The Finance Minister said that of the seven modules built into the system, only five have actually been implemented, but they are not glitch free. As such, he said, the Ministry will have to remedy the glitches in the five operational IFMAS modules, before implementing the two that have never been used. These two modules, according to Minister Jordan, will have to be held in abeyance. The Minister noted too that Government will be forging ahead with its reform of its procurement systems. Jordan told the House the current board of the National Procurement and Tender Administration Board (NPTAB) will be disbanded by the end of the coming week. It was acknowledged that the names of the Public Procurement Commission (PPC) could not be provided or finalised until the political Opposition takes up its place in the House. He did urge members of the Government to press ahead as far as they could, ahead of the Opposition taking up its place in the House.

By Gary ELeazar