Guyana’s burgeoning oil revenues and robust forecasts of Gross Domestic Product (GDP) growth have resulted in the European Union (EU) making the decision to decrease funding to the country.
“So yes, the amount of money will be less and the higher the GDP of Guyana, the less you will get. The money has been fixed for the coming four years. That is less than it was before and that reflects the progress that you’re making,” new EU Ambassador, Rene van Nes yesterday explained when asked by the Stabroek News if the EU’s budgetary support will decrease because of Guyana’s oil revenues.