Acknowledging that Guyana’s non-oil economy is growing rapidly, the International Monetary Fund (IMF) is echoing its Article IV recommendations that this country institute policy priorities to prevent the economy from overheating, but according to former minister of finance Winston Jordan this country is already overheating.
“IMF staff recommended (during the 2023 Article IV) policy priorities to avoid overheating, including tightening the monetary policy stance and using macro prudential tools (as needed), and designing a comprehensive fiscal policy framework that guides public spending decisions based on a medium-term fiscal framework,” IMF officers recently said in response to questions from St Kitts-based journalist Jermaine Abel.
As the organization prepares for its October meetings this week, Abel asked about the IMF’s position on Guyana being the fastest growing economy in the region, yet showing signs of stagnation.