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Jagdeo’s grand revival of a rotten idea
Kaieteur News – There are few things more dangerous in public life than a man with a failed idea who refuses to bury it. Mr. Bharrat Jagdeo, Guyana’s perennial prince of economic wisdom, has dusted off the cobwebs from one such idea—the reintroduction of a development bank, a notion that should have remained precisely where his government left it two decades ago: on the backburner, behind the kettle of discarded promises, somewhere next to the blueprint for sugar’s resurrection. In resurrecting this bank, Mr. Jagdeo is not so much offering policy as he is peddling nostalgia—nostalgia for a time when feasibility studies were commissioned and promptly shelved, when lofty rhetoric outpaced fiscal reality, and when “development” was the convenient cloak for state-sponsored bungling. In those heady early 2000s, when he was still burnishing his credentials as an economic modernizer, his government had the good sense (for once) to order a study into the viability of such a bank. The study, it was said, did not find the idea of a development bank appealing. It was even said that for such a bank to be viable the rates offered may not have been much different from those being offered by commercial banks. Afterwards, we did not hear much about a development bank. That was then. Now, awash with petrodollars, Jagdeo appears ready to plunge ahead, proposing an interest-free bank tailored—he says—for small and medium-sized enterprises. One suspects that this bank may be government-supported and that Jagdeo supposedly believes the oil money will lubricate this old machine and make it run smoothly. But Guyana, if it has memory, should shudder. We have walked this road before, and we know how it ends. It ends with the Guyana Agricultural and Industrial Development Bank—GAIBANK, they called it, though it might as well have been named GAIBLEED. Born under the PNC, GAIBANK was supposed to be the financial engine of rural upliftment and industrial advance. It turned out to be a giant sieve. Loans were given not on merit but on connection; projects were financed not on feasibility but on fantasy. The result: mountains of bad debt, a bloated bureaucracy, and a credibility deficit deeper than the Berbice River. The bank collapsed under its own weight. Did we learn? No. The PPP, upon taking office, chose not to clean up but to pile on. They absorbed GAIBANK’s debts into a “loan recovery agency”—a euphemism for financial hospice care—and merged it with GNCB, another tottering institution. The result? Still more haemorrhaging. Eventually, even the PPP could not deny the futility and quietly privatized the remains. So it is not just the PNC that owns the stain of development-bank disaster. The PPP, Jagdeo’s PPP, helped deepen it. An interest-free development bank is not merely a bad idea. It is an idea so utterly devoid of economic discipline that it borders on the delusional. Why, after all, would anyone repay a loan that costs them nothing to keep? What incentive remains when the invisible hand is strapped to a bureaucrat’s desk and the visible hand is giving handouts? An interest-free loan promotes moral hazard. It says to the recipient that this is not a commercial transaction; it is concession. A development bank tailored to offer interest-free loans would not just duplicate the functions of existing commercial banks; it would actively undermine them. Private banks, which survive on margins and risk assessment, would find themselves crowded out. Why would any borrower, when offered interest-free capital from a state institution, turn to Republic Bank or GBTI or Demerara Bank? The playing field, already uneven, would tilt sharply in favour of those with access to political connections. That is not financial inclusion; it is patronage in a lab coat. And who funds this fantasy? The government, of course because which private investor or international financial agency is going to finance an interest-free development bank. Such a bank has to be financed by the taxpayer. Or more precisely: the oil windfall, which we are told must be saved for future generations. But what generation benefits from a state-supported bank that subsidizes unviable projects and socializes private losses? This is not development. It is the slow siphoning of national wealth into a pit dug by hubris and lined with nostalgia. The dangers do not end there. A state development bank, especially one built on cheap or free credit, invites political interference. Loans will be directed not by rigorous underwriting standards but by phone calls from ministries. We have seen it before in Guyana. Every project gone bust will require a bailout. And each bailout will come with a press release, blaming global conditions or rogue managers, never the policy that bred the mess. Moreover, Jagdeo’s development bank gambit sets a chilling precedent. It signals that the government, rather than creating the conditions for capital formation, intends to become the capital provider. That’s not economic planning; it’s economic regression. It smothers competition and revives the state as a dispenser of favours rather than an enabler of enterprise. Mr. Jagdeo is often described as a man of vision. But even a blind man can have visions. The real test is whether those visions are grounded in reality, tempered by history, and shaped by prudence. His development bank proposal fails on all counts. It is an act of forgetting masquerading as leadership. (The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.) Read More →
Antigua and Barbuda hosts the OAS at a crucial juncture for the Americas
By Sir Ronald Sanders Kaieteur News – The 55th Regular Session of the General Assembly of the Organisation of American States (OAS) will be held in one of its smallest member states at a time of global political and economic uncertainty. That uncertainty is reflected across the Americas and within the OAS itself. In this regard, the General Assembly in Antigua and Barbuda, from June 25 to 27, takes on special significance: it must provide the atmosphere and leadership to reinforce the OAS as a relevant instrument for advancing both individual and collective interests in the hemisphere. Adding to the importance of this session is the first official appearance of the Organisation’s new Secretary-General, Albert Ramdin, who assumed office for a five-year term on May 26. He is the first national from the CARICOM group elected to this top post. For 40 years, CARICOM nationals held only the Assistant Secretary-General role, while Latin American countries dominated the leadership. His unanimous election, following a contest with Paraguay’s Foreign Minister, reflects confidence in CARICOM’s contributions within the OAS. CARICOM representatives have worked diligently in OAS councils, over many years, to earn this respect. The Government of Antigua and Barbuda, as host and chair of the assembly, is acutely conscious of its role in providing an environment and guidance suited to current challenges. This assembly takes place amid overlapping political, economic, social, security, and environmental pressures, and against a backdrop of longstanding institutional strains within the OAS. Those strains include chronic budget shortfalls, staffing gaps, and an overload of unfunded mandates, alongside the need to match aspirations with operational realities. Building Inclusivity amid Tensions in the Americas Trade and migration tensions among the organisation’s members, particularly Canada, Mexico, and the United States, remain public and ongoing. Ideological and other differences between Latin American states have surfaced in the OAS during elections for officeholders, such as the Assistant Secretary-General (now Colombia’s Laura Gil) and the commissioners of the Inter-American Commission on Human Rights to be chosen at this assembly. Amid these tensions, Antigua and Barbuda has advanced the theme of the 55th General Assembly: “Building resilient and inclusive economies in the Americas.” This theme captures pressing concerns across the region, emphasising resilience—strengthening economies to withstand external shocks, whether global market disruptions, climate events, or public health emergencies—and inclusivity, allowing each member and observer state, large or small, to articulate its priorities within a collective framework. It reaffirms that improving the well-being of every citizen in the Americas is a shared goal, and that collaboration, mutual respect, and solidarity are essential. It is in that spirit that Antigua and Barbuda—whose foreign minister, E. Paul Chet Greene, is expected to be elected chair—proposes to guide the assembly. Institutional Context: Chronic Strains and Mandate Overload Even with political will, progress faces an uphill battle due to inadequate funding. For years, the OAS Secretariat has contended with a persistent gap between assessed contributions and the costs of its core programmes. Overreliance on unpredictable voluntary contributions, including support from observer states, further exposes key programmes to abrupt suspensions. As delegates prepare to debate mechanisms for mandate management and to consider the organisation’s budget and funding sources, matching ambitions to resources remains vital for the OAS’s effectiveness and credibility. Governance and Humanitarian Pressures Democratic practices across member states show signs of strain. For example, a June 2025 assassination attempt on Miguel Uribe, a presidential candidate in Colombia, underscores risks to electoral integrity and citizen confidence. However, the most acute emergency grips Haiti, where armed groups now control the majority of Port-au-Prince, blocking basic state functions, precipitating a humanitarian catastrophe, and preventing the restoration of democratic institutions and the election of a representative government. At the General Assembly, it is incumbent upon the OAS and its member states, within the framework of the OAS Charter and their respective means, to continue demonstrating solidarity with the people of Haiti. Discussions in the Margins As important as the formal agenda is, equally vital are the informal discussions among high representatives of member and observer states that will take place outside public sessions. These exchanges on global economic and political realities often shape understanding and trust, informing official deliberations. And the international scene is not encouraging. Global growth projections for 2025 indicate subdued expansion, with the United Nations forecasting approximately 2.4 per cent growth worldwide. Regional estimates indicate growth near 2.5 per cent in South America, about 1.0 per cent in Central America and Mexico, and under 2 per cent in the Caribbean for 2025. Elevated debt burdens limit fiscal space for social investments. Inflationary pressures have resurfaced amid trade tensions. U.S. tariffs, imposed on all countries last April, have raised costs in hemispheric supply chains, intensifying cost-of-living strains even where measures have been paused. Concurrent reductions in US funding—for example, cuts affecting UN organisations, the Pan-American Health Organisation (PAHO), and the OAS—impact health programmes and emergency-response capacity, with knock-on effects on workforce productivity in these organisations and social welfare conditions in Latin American and Caribbean countries. These economic and social pressures underscore why the assembly’s consideration of financing the OAS’s Programme Budget for 2026 mirrors the broader fiscal constraints faced by member governments. The discussion will not be procedural; it will be vital. Spillover effects of conflicts The Russian war against Ukraine, the Israel-Hamas conflict in Gaza, and the high level of civilian deaths in both theatres have spilled over into the concerns of OAS member states as the prospect of global economic and political instability grows. Though not on the formal agenda of the assembly, delegates will hardly be able to avoid informal discussion of these issues in their private conversations. Conclusion: Seizing a Watershed Moment for the OAS Therefore, the General Assembly in Antigua presents an opportunity for member states to reclaim the relevance of the OAS and to deliver results that citizens truly value. Member States face a clear choice: allow another assembly to close amid familiar frustrations, or seize this moment with pragmatic actions to foster resilient, inclusive economies across the Americas for the benefit of all. (The writer is Antigua and Barbuda’s Ambassador to the US. He is also the Dean of the Corps of Ambassadors accredited to the Organisation of American States. The views expressed are entirely his own. Responses and previous commentaries: www.sirronaldsanders.com) Read More →
The national character, a treacherous race to the bottom
Hard Truths… By GHK Lall Kaieteur News – Amid the swirl of stormy developments that engulfs Guyana, I am compelled to revisit that searing question, that concern: what is the national character of Guyana? And the associated question: what significance this holds for Guyanese? For me, for all citizens? Respect for truth-the courage to represent it, to stand for it-is a good starting place. What is truth? Where is that truth in Guyana, a kernel that comes close to it? Look at Guyana, a place on global exhibition. A place characterized by sometimes subtle, often blatant, falsehoods. The subtler ones are shrouded under the sugarcoating of deceptions; or, as is said before the bar of justice, misrepresentations. When perjury enjoys such paramountcy, then not much is to be expected of such a country. Locally, memory fails frequently. I have called that youthful dementia, when such applies. More fitting to the environment, I also discern self-inflicted derangement. Do anything to win the moment, to buy some respite. For time makes struggling citizens forget. In such conditions, a nation of amnesiacs is born, multiplies. The untouched citizen, one who searches for truth, is viewed as an abnormality, one who renders self an invalid in the great rush of events. When there is little to no truth as the predominant characteristic coursing through a society at all levels, then trust just died on the altars of convenience, prompts what inspires to greater deceits. Unsurprisingly, Guyana has mutated into a country where perversity with money and duty are what profanes, now worshipped as profoundness. Guyana’s highest house (parliament) is a dark web. Religious houses transform into mostly motheaten dens. The rich house that should be spacious, hospitable, accommodating, nothing but one of self-enrichment for the few, endless treacheries for the multitudes. Cumulatively, what ought to have inspired to rise above circumstances to glorious national heights, respected ones, has brought out the absolute worst-insatiable greed, a mountain of lies (and abuse), and self-congratulation-with two objectives ascendant: ride Guyanese into the ground, ride their hopes into oblivion. When statistics aren’t hidden, they are distorted. When information should flow, it is frozen. Forget about law and democracy. It is how a country dies, from the feet up. Because the head has given up; lolls in a grotesque rictus of insipidity and indolence. Plus integrity shattered on the shoals of unconcern, the abandonment of duty, the violation of all that was once held sacred. What is sacred in a country that is rudderless, spineless, headless? From the sands of local life, I detect heads that rot. Can Guyana and Guyanese still dare to think of, actually mention such hallowed substances as moral compass, ethical moorings? I see no foundation. Because of that the architecture represents nothing but a gaudy façade on the outside, merely a crumbling structure deep inside. Beneath the tall towers, and kilos of asphalt, the graveyard of a nation expands, flourishes. Great fortunes produced from the great crimes wreaked upon trusting, hopeful people. When a man, a citizen, gives his word and then tramples upon it at will, what is there to stitch the fabric of a nation, what to say of the thread that should have held, but didn’t? When I cannot trust one Guyanese to hold true to his or her sworn commitment, honour word tendered and depended upon, then I will be bold and assert, even attest, that there is no building. There is only subtracting, demolishing. Is this not what Guyanese have had, currently live with, despite all the fabricating, constructing? Because when the next citizen, then the other, expands and repeats the practice of breaking word and desecrating precious trust, then only the tatters of frauds and farces result. The national culture, the Guyanese character, is mutilated, transforms into one of condoning in partnership with covering up, then forgetting. The crippling of character comes from the amputation of memory. When morals and ethics, when principles and standards, when honour and self-respect, have been degraded below that of a peddler of flesh, then a nation stands before the abyss of self-destruction. All the investor interest in the world, all the capital, all the racing to prop up this ramshackle national edifice, are for naught. Others are masters of Guyana’s destiny. For Guyanese have willingly abrogated that duty. Neither courage nor substance (nor truth nor trust) existing; the absence of those feed such derelictions. In this Guyana, who is a role model, but a liar? Who is a hero, if not an impersonator and defrauder? Who are the figures beloved and belittled, other than cheap hucksters and national betrayers? Those that can’t be beaten are joined. Like captains, like most citizens. Thus, the rat race in the snake pit that’s Guyana. I submit the Guyana national character. Both the race of treachery to the bottom, the bottom breached, torn apart. (The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper.) Read More →
Weekend Cartoon
