It has become necessary to underscore the fact that a new trend seems to be developing, whereby persons wishing to etch their names in the public psyche, latch onto a prominent individual in society, which more often than not these days, is former president and current Opposition Leader, Bharrat Jagdeo – an art that some could argue has been perfected by columnist, Freddie Kissoon. A recent iteration of this has been evident in a recent letter penned by Saieed I Khalil, headlined ‘Jagdeo is no Lee Kwan Yew’ and published in the September 19, 2017 edition of the Stabroek News.
The letter writer attempts to discredit Jagdeo’s stewardship of Guyana’s economy and credit our country’s consistent economic progress, under his tenure, to favourable global conditions. Students of economics, at least should possess the basic understanding that global conditions alone do not translate to economic progress, even when those global conditions are favourable, which is why our leaders are tasked with advancing policy direction to enable future and sustainable growth. Guyanese did not enjoy over a decade of economic progress under Jagdeo and the former PPP/C administration because of favourable global conditions; they did so because of the careful planning on the part of the Jagdeo and the PPP/C. One only has to look at the letter writer’s own arguments understand this.
Khalil contends that: “Oil prices are now lower than they have been in more than a decade…the US economy is in the middle of an eight yearlong upswing and stocks are 235% higher than they were in 2009.” Yet, what is our current economic position? Where are the foreign direct investments? Where are the jobs? Where is wealth being created for average Guyanese? What is the position of our foreign exchange? These are only a few of the many criticisms voiced about the current APNU+AFC Coalition Government’s management of the local economy.
The reality is that despite the favourable global conditions cited by Khalil, Guyana is not doing well due to the lack of coherent economic policy from the current government – a vastly different state of affairs compared to the policies put in place by Jagdeo and the former PPP/C government. The letter writer also failed to recognise that there has to be a profound analysis of several interrelated issues, including several major transformational projects, to improve the general understanding of the economic situation at that time – as opposed to the simplistic expression Khalil offers.
What Khalil does is ‘name drops’ disparate and unrelated economic concepts, including mention of the global financial crisis, in an attempt to lend depth to his supposed analysis. He also mentioned the Economic Recovery Programme (ERP), but it must be noted that there is no analysis of the ERP that was offered, nor is there an acknowledgment of the fact that the ERP, by its very nature, exposed the situation that the former PPP/C government took over in 1992.
Khalil stated only that “the Economic Recovery Programme (ERP), a package of reform measures overseen by the late President Desmond Hoyte to ease the economy away from decades of debilitating, cooperative socialism”and towards a market oriented economy, was beginning to pay dividends. Guyana went through an ERP because the country was bankrupt – a fact acknowledged by then Finance Minister, Carl Greenidge, who said that 153 per cent of revenue was being used to service debts at the time.
Guyana, having to go through an ERP, set the starting point of what the then PPP/C government inherited from the People’s National Congress (PNC). Khalil goes on to say that Guyana received “roughly US$1 billion aid package from the European Union granted in compensation for the impending 36 per cent cut in the preferential price for Guyana’s sugar heading to the bloc.” The reality is that Guyana only received US$138M – nine times less than what Khalil claimed. Interestingly, this ‘student of economics’ could not differentiate between US$1B and US$138M.
That said, there are fundamental transformative moves that can be directly credited to Jagdeo and the former PPP/C administration including the facts that: 1. A bankrupt country was transformed to a country that was the most viable in the Caribbean. If Khalil was analysing a trend then he would have recognised this fact; 2. All the macro-economic fundamentals advanced by the PNC had been transformed from unsustainable ones to those that are highly conducive to growth and development; 3.The biggest single constraint to growth was debt, which was reduced substantially; 4. Guyana was moved beyond stabilisation to a growth era; 5. Growth areas were identified to create the wealth for the future.Oil and gas was one of those. Also, in pursuit of the said growth areas, the Low Carbon Development Strategy was one of the most transformative and progressive in the world, which led to Guyana being recognised globally; and 6. Guyana was leading in CARICOM with an initiative that had Jagdeo’s name on it a- an initiative relative to food security.
Adrian Anamayah MP
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