DID LIBYA WRITE-OFF $100M OF DEBT TO GUYANA GOVT.?

Jun 13, 2011 Letters

Dear Editor,
Dave Martindale writing in the letter columns of the Independent KN (June 8th) and SN (June 9th) said: “Libya wrote off an almost $100 million debt incurred by the former PNC govt. as a result of Jagdeo’s visit to the Middle East”.
In today’s SN editorial (June 12th), I find this sentence: “Then there is Libya, where the President was hoping the mercurial Colonel Gaddafi would write off at least 85 percent of the US$41M debt contracted under Burnham in the 1970s”.
As a reader, I am wondering: what if any debt was written off at all? And, how many millions were involved?
Dave Martindale’s letters reflected equal measures of arrogance, pomposity, and passion in defending president Jagdeo’s so-called “Middle East foreign policy”. Mr. Martindale wrote in the KN’s version of the letter “It is a pity that the AFC and SN vision is being curtailed by a few Yankee dollars.
However, they are stupid to believe that the imperialists have no interest in the Middle East. They like, the govt. of Guyana, know the value of that region. The difference is that the GOG will pursue a policy of mutual benefit; imperialists’ vermin go for the kill”.
Consider the level of rage of this writer: He calls AFC and SN “stupid”, the United States “imperialists’ vermin”.
In my letter published in the SN of June 10, I have challenged Mr. Martindale to a debate at a public forum in Guyana to be scheduled for a date in July.
Unfortunately SN omitted my email address. I request Mr. Martindale to indicate his acceptance of my challenge to my email address: [email protected].
Mr. Martindale will be given a chance to defend president Jagdeo’s Middle East foreign policy as well as his reasons for calling AFC and SN “stupid” and the United States “imperialist’s vermin”. I will argue in opposition to all of Mr. Martindale’s positions.
(1) The United States today is home to an estimated 350,000 Guyanese. I probably reflect the views of most of these Guyanese when I say: “We are proud of America – its values, its multiculturalism, rule of law, and equal opportunities for all peoples”.
Yes, the United States once was an imperialist nation, it sided with dictators and overthrew many governments in its pursuit of “containment policy 1948-1989” (containment of the spread of communism). It once had slaves, and after slavery was abolished it denied African-Americans equal rights. Discrimination was widespread. All these things are in the past. Today America is a much changed nation.
Since the end of the cold war, America has not been involved in any “imperialist wars” or in any other engagement of a “containment sort”.
Two well-known letter writers and columnists, Mr. Martindale, and Dr. Misir, who works in the office of President Jagdeo have insisted on seeing the United States through the prism of a long bygone era.
Today America is a force for democracy, world peace and stability. It is also a great humanitarian nation. Today, America is not an imperialist nation. Period.
(2) Another flaw of Mr. Martindale’s: He bases Jagdeo’s “Middle East overtures” on the fact that their governments are the home of many of the wealthiest Sovereign Wealth Funds, SWF, hence target these governments for diplomatic and economic ties.
A good example of how SWF works is the Citibank case. In 2007 at the start of the financial meltdown, Citibank on the verge of insolvency obtained a $5 billion loan from one of SWFs – the interest rate was a whopping 11 percent, and allows for conversion to equities on the best terms. SWFs are like Venture Capitalists – looking to take advantage of opportunities and seek out high returns.
If Guyana is looking for investment money to build Hydro power plants or roads and bridges, it is advisable to go to the World Bank or friendly governments (China, Iran, Libya) where you will obtain a “sweet heart loan”. World Bank – no interest payment for 10-years and thereafter you pay back at the rate of 2-3 percent; “Friendly governments – you don’t pay back, just plead a case of poverty and hope they write-off the loan.
I don’t think Mr. Martindale or Dr. Misir understand how SWF’s work. Mr. Martindale says Guyana is pursuing ties with SWF countries for “mutual benefit” while “Imperialists’ vermin go for the kill”. He never explained the mutual benefit part.
Mike Persaud

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DID LIBYA WRITE-OFF $100M OF DEBT TO GUYANA GOVT.?

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