IMF official impressed with ‘unparalleled economic expansion’ in Guyana
THE DEPUTY managing director of the International Monetary Fund (IMF), Kenji Okamura, has ended a visit here congratulating the authorities on Guyana’s “unparalleled economic expansion”.
“Guyana today is in the position to reap the benefits of rapidly increasing oil revenues due to the hard-won gains from implementing reforms and adjustment over the years,” said Okamura, who held talks with government and private sector officials on his first-ever visit to the Caribbean Community (CARICOM) country.
He said that the plans put in place by the authorities and the strong progress are benefiting the entire population through better healthcare and educational programmes, housing policies, energy, and transportation infrastructure.
“Most importantly, these plans are also providing current and future generations with entrepreneurial and work opportunities through very strong economic growth, and a more diversified and climate resilient economy.”
Okamura said he also commended the authorities for the visionary ‘Low Carbon Development Strategy 2030’, saying “the sale of carbon credits and use of these funds supports the Amerindian population, finances climate adaptation needs, and fosters renewable and cleaner energy needed for development”.
Okamura said the strategy, which includes marine conservancy and increased biodiversity goals, is ambitious.
“Notwithstanding the recent economic boom, Guyana still faces significant human and infrastructure development needs. I strongly support the authorities’ efforts to improve economic welfare through public investment, while avoiding the non-trivial risk of economic overheating.
“The authorities have managed this transformation successfully thus far, and we agreed that continuing to maintain macroeconomic stability and debt sustainability are paramount.
“In addition, we discussed the authorities’ efforts to develop a large skilled labour force to ensure a balanced growth path with low inflation and opportunities for well-paying jobs throughout the country,” he added.
Okamura said he also discussed, and has applauded the authorities for driving the charge to reduce food imports by 25 per cent in the Caribbean region by 2025 and move closer to the goal of achieving food security.
“Lastly, I gained a deeper understanding of Guyana’s impressive economic transformation, and I very much appreciate the excellent, longstanding relations between Guyana and the IMF,” he said, adding “I look forward to our continued partnership through regular policy dialogue and technical assistance, including through the Caribbean Region Technical Assistance Center”.
CMC