Latest update March 29th, 2024 12:59 AM
Nov 28, 2018 News
At a time when Government boasts about preparation for first oil in 2020, Opposition Leader, Bharrat Jagdeo is of the view that the 2019 budget presentation delivered by Finance Minister, Winston Jordan, came up short on plans for the emerging sector.
Jagdeo said that Jordan’s over four-hour presentation on Monday in the National Assembly was a repetition of everything that has been in the newspapers for the last three years about the oil sector.
“It’s just like Jordan woke up yesterday and is now seeking to inform the National Assembly about key issues that have been exposed, debated and conclusions drawn in the newspaper for the last three years. He has not dealt with any of the critical issues,” Jagdeo said shortly after Jordan’s presentation.
He noted that while the Finance Minister spoke of the establishment of the Natural Resource Fund, he did not address the issue of Government’s heavy hand in the management as articulated in its Green Paper on the management of the Fund. This matter has been the subject of repeated criticisms in the media and by the Opposition.
Jagdeo said that these and other concerns were unaddressed in the budget presentation.
“What’s new? I thought a budget should really move the conversation forward. He has not moved the conversation forward on any count whatsoever–not on transparency issues; not on the model enshrined in the Green Paper; not on the oversight issues; not on the terms of reference between the PetroleumCommission and the Energy Department, the overlap there; not on the issue of bidding for new contracts.
“ None of those issues were elucidated. We are not clearer on any of these matter,” Jagdeo stated.
Jordan in his presentation outlined that Government intends to take advantage of oil revenue and will ramp up spending on infrastructure such as roads, bridges, airstrips, energy and telecommunications, in order to improve and induce domestic and foreign investment.
He stated that increased expenditure on education and healthcare is also projected, so as to ensure qualitative and quantitative enhancement of human capital.
“Further, through appropriate policy measures, we will ensure that the appreciable economic growth that is expected, is felt at all levels, especially among disadvantaged, vulnerable and underprivileged groups and communities,” Jordan said.
Jordan said that in 2020, Guyana’s real economy is preliminarily projected to grow by over 30 percent, and, as oil production ramps up, there will be further growth of over 20 percent and 10 percent in 2021 and 2022, respectively. At the same time, our non-petroleum economy is expected to experience accelerated growth, exceeding 5 percent in each of the years 2020, 2021 and 2022.
“Discovery of very significant oil reserves has put Guyana at a critical point in its history, providing us with the opportunity to shift our development path, modernise our economy and transform the lives of our citizens.
“We are poised for rapid economic expansion, and our Government is committed to pursuing economic and social policies conducive to equitable, sustainable and environmentally-friendly growth,” Jordan stated.
He noted that Government has embarked on a number of initiatives to ensure that we do not squander these resources.
The Finance Minister stated that in 2019, an Oil and Gas Unit will be established within the Large Tax Payer’s Unit of the Guyana Revenue Authority (GRA), dedicated to ensuring that the appropriate revenues are paid to the state by petroleum-producers, in keeping with their respective production sharing agreements.
Jordan stated that Government has secured the support of international institutions to undertake capacity building initiatives in the GRA and other institutions, providing expert advice in several areas, including cost-oil audit and production sharing agreements.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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