Over last five years… PDF Print E-mail
Monday, 18 June 2012 22:54
Guyana’s fiscal deficit reduced by 6%
- Finance Minister says economy is now viable, viewed internationally as credit worthy
FINANCE Minister Dr. Ashni Singh has expressed the Guyana Government’s pleasure with the strong support given by the United Nations (UN) toward human capital development as he explained the positive developments of the country over the recent past. “It would be fair to say that we have, as a country, recorded considerable progress in addressing main development challenges that we have faced…Guyana has been able to bring the country from bankruptcy to one where today, its economy is now viable and viewed as credit worthy by the world at large,” he said.
Minister Singh stated that over the last five years, Guyana’s fiscal deficit has decreased from 10 to four percent of Gross Domestic Product (GDP), as government continues to invest in critical productive sectors.
“We have moved today from a place where we had effectively no external reserves to a point today where we have an equivalent of five months of imports covered in external reserves,” he said.
Minister Singh was at the time speaking at the United Nation’s Development Programme’s Country Programme Action Plan (CPAP) consultation at the Guyana International Conference Centre (GICC) in the presence of other government officials, members of the diplomatic corps and other high-ranking dignitaries.
Dr.  Singh said UNDP and the United Nations (UN) family of agencies have collaborated with government over the years, to design and implement a wide range of programmes which have achieved momentous developmental results.
Touching on the recent high food prices which have plagued many countries in the past, the Finance Minister stated that the Administration has invested tremendously in agriculture which has helped the country to reap benefits, making reference to the rice sector which is currently benefiting from strong external prices.
“On all these efforts, we have failed no effort as a government to establish and strengthen the environment we require for long-term growth and development…we have continued to invest in people and have achieved significant gains,” he said.
Dr. Singh stated that while the Administration is ensuring that the country develops at a rapid rate, the continued support of development partners is critical.
The UNDP’s new five-year Country Programme Action Plan (2012-2016) was presented for discussions and for agencies to identify ways in which they can join alliances for its implementation.
Meanwhile, UNDP Resident Representative Khadija Musa expressed pleasure at the agency’s collaboration with the Government of Guyana to provide support, even as the country is undergoing noteworthy changes.
“Guyana is experiencing significant changes in all sectors of the country, and in addition to the exploration of oil, if successful, will expand the development opportunities available to Guyana in the coming years,” she stated.
The process of developing the Country Action Plan commenced in May 2010, when the UN initiated planning for successful implementation of the 2006-2011 United Nations Development Assistance Framework (UNDAF).
Government and the United Nations, after intense consultations among stakeholders signed the UNDAF on August 10, 2011. It identifies important areas for UN support in Guyana which are;- Inclusive Growth, Inclusive Governance, Human and Social Development and Environment and Sustainable Development.
Among the many areas in which the UNDP Country Programme provides assistance to Guyana, are in promoting and catalyzing of poverty reduction and supporting inclusive growth strategies which target the most vulnerable groups in society.
“A collective achievement of these goals contributes tangibly to the fourth pillar of the UNDAF which is human and social development. The CPAP entails our broad intentions which we plan to take over the next five years. It takes into account what UNDP is able to do globally and our experience as a development partner in Guyana since 1977,” Musa said.
The CPAP Country programme will address pertinent areas including Inclusive Growth and Governance and Environment and Sustainable Development.
While strategic and acceleration plans for the development of the Millennium Development Goals (MDG) will be developed, operational tools for the three Rights Commissions and the Guyana Elections Commission (GECOM) will also be addressed.
 
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