Guyana and the Wider World

Introduction Today’s column continues the discussion of the tenth (and final) item on my list of “top-10 development challenges”, which as I have indicated, Guyana will face when spending Government Take from its coming petroleum sector.

Introduction In last week’s column, I had indicated that there were two proposals, which I wished to offer on the tenth topic on my list of “top-10 development challenges.”

Introduction Today’s column starts consideration of the final topic (number 10) on my list of the top 10 development challenges, which I anticipate that spending Government’s Take from its coming petroleum sector, scheduled to be on-stream in early 2020, will have to confront in the coming years.

Introduction Today’s column concludes the discussion on the challenges facing Guyana in managing public expectations when spending its Government Take from the coming petroleum sector.

Introduction Last week’s column dealt with a few of the more theoretical aspects of the role that “public expectations” play in general economic growth theory and the modelling of natural resources policy management.

Introduction A number of readers have indicated to me I should have placed much more emphasis on the great extent to which the Permanent Income Hypothesis (PIH) fiscal rule for natural resources revenue management,no longer finds favour, even among its most ardent initial supporters.

Introduction This week’s column addresses the Permanent Income Hypothesis (PIH) fiscal rule as applied to Natural Resources Funds (NRFs).

Introduction Today’s column concludes my overall assessment and evaluation of Guyana’s Green Paper on its proposed Natural Resources Fund (NRF).

Introduction Today’s column continues to advance my overall assessment/evaluation of Guyana’s Green Paper, which proposes to establish a Natural Resources Fund (NRF) next year.

Introduction Having previously dealt with 1) aspects of the organizational and legal framework of Guyana’s intended Natural Resources Fund (NRF) (October 7, 2018) and 2) the fiscal rules governing its operations, today’s column turns to its overall assessment and evaluation.

Introduction Today’s column is numbered 16 in the sequence devoted to evaluating the “top-10 development challenges” that I predict spending Guyana’s Government Take from the coming petroleum sector  has to navigate.

Introduction Today’s column starts my evaluation of the Green Paper on Guyana’s Sovereign Wealth Fund (SWF), laid by the Government of Guyana (GoG) in the National Assembly on August 8th, 2018.

SWFs &Global Capital Circuits Today’s column revisits my earlier discussion (January 8 to February 5, 2017) of Sovereign Wealth Funds (SWFs).

Introduction Today’s column considers the challenge of navigating external pressures on Guyana to pursue a spending path for its expected Government’s Take, which conforms with what economists term the “permanent income hypothesis (PIH) budget rules”.

Introduction Today’s column starts with a wrap-up of the discussion on intergenerational equity.

Wrap-up: Implementation Lags As promised last week, today’s column first indicates the main lessons to be learnt from other developing countries’ experiences in dealing with implementation lags when preparing for the coming on-stream of a relatively massive extractive petroleum sector such as Guyana’s.

Introduction: “Oil for Cash” This week’s column addresses the development challenge posed by implementation lags.

    Introduction This week, I conclude my discussion on the requirements for avoiding the perils of enclave-type development in Guyana’s economic structures.

Introduction Today’s column wraps-up my consideration of absorption capacity. This is the fourth on the list of top-ten development challenges, which spending Guyana’s expected significant Take (petroleum revenues) has to navigate in coming years in order to achieve sustained development.

Introduction Today’s column continues the discussion on absorption capacity. This is on my list of top-ten development challenges, which spending of Guyana’s expected significant Government Take from first oil and first gas will have to contend with, starting 2020.