Dear Editor,
It was reported in SN of August 12, that Minister of Finance, Winston Jordan has requested the Inter-national Monetary Fund (IMF) and the World Bank (WB) to conduct an independent review of Guyana’s Financial Sector Assessment Programme and that this is likely to be carried out in 2016.
Guyana’s economy is in a poor state and with the misallocation of scarce resources on dubious projects by previous administrations, the APNU+AFC government appears bewildered as to what should be done to grow the economy to create the jobs that are so badly needed. Therefore, Finance Minister Jordan should request the IMF/WB to extend their financial review to include the economy as well, and for them to propose the right development strategies for the proper allocation of resources which the government could then implement to create the jobs necessary to improve the living standards of Guyanese.
In the 1950s the WB had prepared such a report for the then British Guiana and the recommendations made provided useful development strategies, many of which were implemented by subsequent governments.
The APNU+AFC government has many complex issues such as failing industries, crumbling infrastructure comprising ports, drainage, irrigation, and an unreliable countrywide electricity supply to deal with, and it does not have the competent personnel to provide the advice as to how the problems related thereto should be addressed and its scarce resources deployed for maximum benefit. This is where the experienced and knowledgeable staff of the IMF/WB staff come in and the APNU+AFC government should seek their assistance.
After all the aims and objectives of membership of the IMF/WB organisations are to help member countries who are in dire need to develop their economies for the well-being of their people.
Yours faithfully,
Charles Sohan