World Bank award Guyana a US$35 million loan to strengthen financial fiscal system in preparation for oil revenues
By Kaieter News
Petroleumworld 06 26 2018
The World Bank has approved a US$35 million Development Policy Credit to Guyana. This sum is expected to support Guyana's efforts to strengthen financial sector development and fiscal management to better prepare the country to benefit from its newly discovered oil and gas reserves and transform its oil wealth into human capital.
While currently nearly one in four people in Guyana live in poverty, experts estimate that GDP will surge when commercial production of newly-discovered oil and gas begins. In response, the government has embarked on a series of reforms to diversify the economy and turn oil windfalls into human development and sustainable growth in the long term.
“Guyana is making important strides to promote financial resilience and improve fiscal management, and has embarked on a broad-based reform programme,” said Tahseen Sayed, World Bank's Country Director for the Caribbean.
“These reforms will be key to building a strong economy that is underpinned by a strategic management of public resources for the benefit of the Guyanese people.”
The World Banks said that the money will go towards enabling sound financial development to promote macroeconomic stability and long-term growth. In particular, the money will support banking reforms and depositor protection, the establishment of a deposit insurance scheme, implementation of a new insurance law, and the country's anti-money laundering efforts.
“This Development Policy Credit, the first of a series of two programmatic financial and fiscal development policy credits, is financed from the International Development Association (IDA).”
Minister of Finance, Winston Jordan, said, “This financing provides critical support to our reform agenda and efforts to strengthen institutions and build a resilient economy that is capable of withstanding both external and domestic shocks.
“These reforms will be key to guide the management of oil revenues for the benefit of present and future generations.”
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