The Government of Guyana has received an encouraging report card from the International Monetary Fund (IMF) for making “good progress” in strengthening the country’s “anti-corruption framework and fiscal transparency.”
The IMF’s pronouncement was made on the heels of a virtual visit here by a team of officials in keeping with its obligations under the Fund’s 2022 Article IV Mission. The post-visit assessment by the Fund says that it supports further advances in this regard.
The Fund’s assessment names the Integrity Commission, the Public Procurement Commission, and the National Procurement and Tender Administration Board, as being among those “pillars of the anti-corruption framework” that have recently been strengthened. From a transparency standpoint the Fund also applauded the fact that audit reports of public expenditures, including expenditures relating to the official government response to the COVID-19 pandemic have been published. The Report also notes the Fund’s satisfaction over the fact that “asset declarations of a large number of public officials are submitted annually.”
Meanwhile, the report of the IMF team notes that in terms of transparency considerations, “public procurement tenders are streamed live. The report also asserts that the authorities in Guyana had “made progress in implementing the recommendations of the 2019 and 2021 Extractive Industries Transparency Initiative (EITI) reports, notably on the reconciliation with the fiscal regime.”
The IMF also took account of what it described as “some progress” that had been made by the Government of Guyana on “information-sharing and publication of extractive industries’ financial statements,” while acknowledging that “the authorities are strengthening capacity to address remaining gaps, including in moving towards electronic disclosure and adequate follow-up.”
Consultations under the Article 1V Mission allow for the Fund to secure information that positions it to assess countries’ economic health and to influence initiatives that could forestall future financial problems.
