Dear Editor,
I would like to take this opportunity to thank Ram & McRae for their analysis of Guyana’s budgets over the decades including the most recent “Focus on Guyana’s National Budget 2019”. While at times the analysis is heavy going I am more informed about the economic performance of Guyana by this analysis.
I would like to ask what does it mean when we have a Current Account Deficit (CAD) of US$463.8m (over 12% of GDP)? When a GYD52.16Bn shortfall in revenue needs to be financed by new loans (foreign and domestic debt)? As well as, what can the depletion in foreign currency reserves from US$581m to US$477m (US$104m) be attributable to? Sugar?
Clearly, what the APNU+AFC Government of President David Granger is doing is borrowing on “credit cards” to finance Guyana’s development. Shouldn’t we be looking more at achieving a Balanced Budget as opposed to trying to “leverage” the economy as noted in the analysis?
Basically, what this budget signifies to me is that Minister Winston Jordan is borrowing on “credit card” pretending that Guyanese are getting The Good Life when in fact only a few will be getting The High Life while the poor will remain poor, the destitute will remain destitute and the unemployed will remain unemployed.
There is no significant job creation strategy other than “await the oil money”. Since the APNU+AFC Government of President David Granger has sacked nearly 10,000 people since coming to power shouldn’t they be looking to create 10,000 jobs opportunities?
Once again, thank you Ram & McRae as well as Stabroek News for publishing the analysis.
Yours faithfully,
Sean Ori
