Guyana's Finance Minister, Dr. Ashni Singh, reiterated the country's commitment to economic sustainability at the International Monetary Fund (IMF) and World Bank 2023 Meetings held on Monday. In his address, Dr. Singh highlighted the nation's robust economic performance, citing an average growth of over 40% per annum recently and a projected medium-term growth of over 20% annually.
The IMF forecasts a 38.4% GDP growth rate for Guyana this year and 26.6% in 2024, reflecting the country's positive trajectory. Dr. Singh attributed this progress to policies promoting private investment and trade, which have helped Guyana transition from a state of heavy indebtedness to a manageable debt-to-GDP ratio.
As part of the country's sustainability strategy, Dr. Singh pointed out several key initiatives. These include the Low Carbon Development Strategy (LCDS), jurisdiction-scale forest certification, and significant infrastructure projects such as a road to Brazil and a bridge to Suriname. He also referenced a $750 million agreement with Hess Corporation (NYSE:HES) under the LCDS that allows Guyana to sell carbon credits globally, marking it as the first country to certify its forests under the Architecture for REDD+ Transactions (ART).
The finance minister also underscored Guyana's shift away from an oil-dependent economy towards diversification. This includes focusing on food security and leveraging its comparative advantage in agriculture, alongside pursuing Caribbean Economic Integration.
Dr. Singh compared Guyana's current economic health with its struggles during the 1990s Economic Recovery Programme (ERP) when it was classified as a Heavily Indebted Poor Country (HIPC) with a debt-to-GDP ratio exceeding 600%.
Kenji Okamura, IMF’s Deputy Managing Director, acknowledged Guyana’s robust economic performance and policies during the meeting. This recognition by an international financial institution marks a significant milestone for the country, which has been striving to create a stable and sustainable economic environment.
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