Joint World Bank Mis­sion in visit

Stabroek News Sunday - - LETTERS -

The Min­istry of Fi­nance is cur­rently host­ing a Joint World Bank Mis­sion com­pris­ing the In­ter­na­tional Bank for Re­con­struc­tion and De­vel­op­ment (IBRD), the In­ter­na­tional De­vel­op­ment As­so­ci­a­tion (IDA) and the In­ter­na­tional Fi­nan­cial Cor­po­ra­tion (IFC) - the pri­vate sec­tor arm of the Bank.

In a state­ment is­sued yes­ter­day, the min­istry said the visit, which runs from Oc­to­ber 1st to Oc­to­ber 9th, is for the ini­ti­a­tion of dis­cus­sions on the sec­ond tranche of the Pro­gram­matic Fis­cal and Fi­nan­cial Sta­bil­ity De­vel­op­ment Credit (DPC) and to con­tinue en­gage­ments with govern­ment of­fi­cials and the wider stake­holder com­mu­nity on the prepa­ra­tion of a Sys­tem­atic Coun­try Di­ag­nos­tic as­sess­ment for Guyana. “The first tranche was suc­cess­fully ne­go­ti­ated ear­lier this year and dis­bursed to Guyana, [and] the Sec­ond DPC will be ne­go­ti­ated and dis­bursed in 2019,” it ex­plained.

The Sys­tem­atic Coun­try Di­ag­nos­tic As­sess­ment, the min­istry noted, is a pre­cur­sor to de­vel­op­ing a full Coun­try En­gage­ment Strat­egy that will in­form the Bank’s fu­ture pro­gram­ming for Guyana within the next in­vest­ment cy­cle of the Bank (IDA 19).

Ac­cord­ing to the min­istry, the visit sig­nals the Bank’s con­tin­ued con­fi­dence in the macroe­co­nomic sta­bil­ity of the econ­omy and grow­ing in­ter­est in Guyana’s De­vel­op­ment Agenda, while the in­clu­sion of the IFC un­der­scores the im­por­tance govern­ment has placed on en­sur­ing that the new World Bank part­ner­ship frame­work in­cor­po­rates poli­cies and mea­sures to sup­port the de­vel­op­ment of a vi­brant pri­vate sec­tor that is geared to ben­e­fit from, and to com­ple­ment the emerg­ing oil and gas sec­tor.

It added that dur­ing its en­gage­ment with Min­is­ter of Fi­nance Win­ston Jor­dan and his tech­ni­cal team, the Bank com­mended the min­istry for the high stan­dard of Guyana’s Green Pa­per on the Sov­er­eign Wealth Fund (SWF) and com­mit­ted to pro­vid­ing more tech­ni­cal guid­ance and sup­port as Guyana moves to­wards the com­ple­tion of the draft SWF Leg­is­la­tion. In this re­gard, the draft SWF Act was shared with the Bank to so­licit its tech­ni­cal re­view and ad­vice given its vast ex­pe­ri­ence with such leg­is­la­tion in oil pro­duc­ing na­tions.

The Mis­sion is be­ing led by Galina Sotirova, Coun­try Man­ager for Guyana with re­spon­si­bil­i­ties for the Caribbean Coun­try Man­age­ment Unit, and in­cludes Ju­dith Green, Prin­ci­pal In­vest­ment Of­fi­cer of the IFC, and eight other se­nior tech­ni­cal ex­perts, in­clud­ing ex­perts in the area of oil and gas.

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