Government grateful for ITEC programme
- 44th anniversary observed
Georgetown, GINA, November 20, 2008
The initiative which started 44 years ago by the Government of India to establish a programme of technical and economic cooperation has enabled a significant number of Guyanese to gain expertise in various career fields.
The Indian Technical and Economic Co-operation (ITEC) programme was launched in September 1964 as a bilateral programme whereby, countries in the developing world would be given the opportunity to visit India and benefit from the various empowerment programmes offered. Currently 156 countries are benefitting from the programme.
Prime Minister Samuel Hinds addresses those gathered at the National Cultural Centre, at the evening of song and dance to mark ITEC day
Over 500 Guyanese have gained scholarships in several fields including culture, agriculture, Information Technology (IT) and health.
The Public Service Ministry which administers the programme locally has begun a process of monitoring and evaluation of beneficiaries to determine their level of contribution to Guyana.
Minister of Public Service Dr. Jennifer Westford reported that the results have been surprising since about 99 percent of those trained have been giving their services to Guyana.
“We are seeing quality improvements within our services and I must say congratulations to the Government and people of India… You are surely making us work better and making Guyanese enjoy better services from the Public Service and the private sector,” Minister Westford said.
Prime Minister Samuel Hinds and other Government Ministers among the gathering at the evening of song and dance held at the National Cultural Centre, on the occasion of Indian Technical and Economic Cooperation (ITEC) day
She made these remarks during ITEC’s anniversary programme which was commemorated by an evening of dance and music at the National Cultural Centre (NCC). The event organised by the Indian High Commission featured performances by dancers and musicians from the Guyana Hindu Dharmic Sabha, the Guyana Police Force Band, Indian Arrival Committee and Indian Cultural Centre.
Among those present were Indian High Commissioner to Guyana Subit Kumar Mandal and members of the diplomatic community.
One of the highlights of the event was a Kathak dance done by Kenrick Cheeks, a beneficiary of the ITEC programme who gained a Kathak dancing scholarship.
The Prime Minister recognises the programme as a tangible example of South-South co-operation noting that Guyana’s development programme has benefited from the wide range of expertise provided by the progamme.
“The Government of Guyana is appreciative of the Government of India to increase the number of slots available to Guyana and I wish to assure you that every effort will be made to take full advantage of this extended facility,” the Prime Minister said.
Guyana Hindu Dharmic Sabha’s students perform a folk dance
The Indian High Commissioner said that while the Guyana Government is thankful for being a beneficiary of the programme, the Indian Government is also filled with the same gratitude for making the ITEC programme in Guyana successful.
He commended Guyanese ITEC beneficiaries who have made significant contributions to the promotion of the Guyana /India relations.
Representative of the ITEC association in Guyana Irfaan Ally said that India must be commended for this ‘gesture of friendship, goodwill and interest, and cultural fusion, which has been promoted through the ITEC programme.
“India’s contribution to global development dates back to as long as recorded history. We must remember that we were trained in a country and by people who invented the numerical system, established the art of navigation and the game of chess,” Ally said.
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17th COHSOD addressed critical issues in education sector
Georgetown, GINA, November 20, 2008
The 17th meeting of the Council for Human and Social Development (COHSOD) examined a number of issues that are relevant to the Region’s education sector and major implications.
A communiqué released by CARICOM at the culmination of the meeting stated that among the issues highlighted were rules of services related to mutual recognition of educational qualifications within three years, training with respect to foreign languages, business techniques and measures, data bases and access to independent professionals for legal advisory services, computer and related services, research and development services.
CARICOM stated that the major implications for the educational sector in the Caribbean, is in the ability to capitalise on initiatives for increased competitiveness, innovativeness, networking alliances, adaptability and flexibility.
The COHSOD meeting underscored the need for giving priority to building human resource capability, merging Information and Communication Technology (ICT) and Information and Communication Management (ICM), and constantly assessing the link between training and academic education, particularly as they relate to “background” skills required to keep pace in a variety of areas ranging from intellectual property to market access.
“In this way the negative consequences for public universities will be reduced, market commitments of EU suppliers stimulated, and permit education suppliers to respond more adequately to the requirements of the labour force of the second millennium,” CARICOM said.
Deputy Senior Director, Caribbean Regional Negotiating Machinery (CRNM), Carl Greenidge at the opening ceremony noted that under the Cultural Protocol of the Economic Partnership Agreement (EPA), artists and other cultural practitioners will be able to travel to the EU to collaborate on projects and acquire training.
The Deputy Senior Director noted that there is provision for training in a variety of areas including foreign languages, tourism service providers, Intellectual Property Rights (IPRs), and business techniques and methods.
Greenidge said that, “although the direct references to education and education services are limited, the implications of the agreement for the education sector are very extensive when viewed from the perspective of the regional economics as a whole. One set of these has implications for the education sector as regards training and certification related issues.”
Greenidge noted that if challenges are to be met in the area of science and technology, the education sector will need to adjust. He said that if enterprises are to be flexible, it will be necessary to revisit the curricula since the labour force will have to be equipped and that, “it is hoped that the working commitment will stimulate EU suppliers to invest in the Region and provide needed educational services.”
Functional Cooperation in Education
The communiqué stated that CARICOM through an assessment at the meeting recognized that there were still deficits in this area, although some countries like Barbados had exceeded the goals of tertiary level education. The assessment also revealed that many strides have been made in increasing language competences, especially Spanish and in national literacy and numeracy standards. Early childhood education had exceeded the targets set in the Millennium Development Goals (MDGs).
It was also revealed that progress had been made in the areas of Health and Family Life Education, the Caribbean University Programme for the Integration of Distance Education (CUPIDE), the Caribbean Learning and Knowledge Network which is a web based system of connecting tertiary level institutions, teacher training and the strategies for increasing access to secondary education.
With respect to the Caribbean Examinations Council (CXC), the COHSOD agreed that if the education agenda was to contribute meaningfully to the development of globally competitive human resources, greater emphasis must be placed on information and communications technology throughout the school system and tertiary level institutions and other agencies must facilitate research and development.
Director for the Caribbean Examinations Council (CXC) Dr. Didacus Jules told the Government Information Agency (GINA) that he presented the initial ideas on the repositioning of CXC and that stakeholders across the Region, including students, teachers, and the 3500 markers who work with the Council every year, contributed to the plan.
The Director noted that all the stakeholders’ suggestions have been incorporated into the Plan.
Minister of Education, Sport, Youth Affairs and Human Resource Development of Dominica, Vince Henderson had told the media one of the main aims is to create a technology-based system to make tasks less time consuming including the marking of CXC papers.
He said the system will also facilitate better delivery of a number of services provided by the CXC including the implementation of an electronic test-taking system whereby students can take exams by using technology and computer programmes for some CXC courses.
The CXC is reviewing the Caribbean Advanced Proficiency Examination (CAPE) with the aim of further enhancing it and in terms of new programmes, the Council is also moving to develop the Caribbean Vocation Qualification (CVQ) since it is critical to the movement of skilled persons throughout the Region, he said.
Henderson said that the implementation of a Caribbean Competent Level Certification (CCLC) in Secondary schools has commenced. He said that this course coupled with the CVQ will provide the opportunity for early school leavers to acquire a certificate which can benefit them both nationally and throughout the Region.
Improving access through Distance Education
The meeting examined the issues and challenges confronting the Caribbean Knowledge and Learning Network (CKLN) which was established to build capacity at the tertiary level in increasing greater access to quality tertiary education in the Region, using distance modalities. Issues and challenges related to establishing the regional network, collaboration, platforms and technology infrastructure and shared resources were identified as critical elements in achieving a measure of success in E-learning. Strides in the process of bridging teacher training institutions within the Caribbean; facilitating consultations in Information Technology; providing technical assistance to Ministries of Education to develop IT policies and providing training in content development for delivery of tertiary services were examined.
The initiatives and perspectives outlined in the presentation were further discussed and recommendations were made for the way forward, including functional cooperation and establishment of the regional network.
Regional Framework for Action for Children
The implementation of the Regional Framework for Action for Children was examined in areas including child protection, early childhood development, infant and maternal mortality, retention of children in school and respect for the rights of children.
CARICOM said that “Ministers noted that recent emphasis on climate change had led to a focus on actions and concerns relevant to children facing emergencies. The Meeting agreed that Member States should undertake national consultations to review their progress regarding the goals and targets set out in the Revised Framework and advised the CARICOM Secretariat of the actions taken to date to advance the goals outlined in the Framework.”
The two-day conference was held at the Guyana International Conference Centre (GICC) and addressed other issues such as reforming teacher education and training, and gender issues in education.
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Consultation held in Linden on reform of divorce laws
Georgetown, GINA, November 20, 2008
The Ministry of Human Services and Social Security is currently conducting a nationwide consultation on the reform of the divorce laws in Guyana to provide people with a more conducive, practical law that will allow for a the disintegration of a marriage in a more civil manner.
The Ministry is proposing to introduce the “No Fault Divorce,” whereby parties applying for a divorce will no longer have to prove fault on the other person.
On November 19 at the Linden Constabulary Recreational Hall, Minister of Human Services and Social Security, Priya Manickchand told the gathering that it is the preference of all for couples to stay together and preserve the marriage. However, that is not always the case as situations change and people find that they can no longer live together.
Minister Manickchand addressing the gathering at the consultation on the reform of the divorce laws at the Linden Constabulary Recreational Hall
The present divorce laws, contained in the Matrimonial Causes Act, Cap 45:02 were first enacted on December 30, 1916. The last amendment was made in 1953. Since then, Minister Manickchand noted, “We have changed as a country, socially, culturally, religiously, economically since 1953 and certainly in 1916 when women were viewed as property.”
The constitution has been amended and states that all sexes are equal, however, the divorce laws remain the same. There are essentially three main “faults” that the court accepts in granting a divorce in Guyana; adultery, cruelty or malicious desertion. A fourth considered is insanity in one party.
In order to obtain a divorce one party would then need to prove fault on the other for the breakdown of the marriage or by committing a matrimonial offence.
The new proposal claims that fault-based divorces create animosity that is counter-productive to the parties moving on and having amiable post-divorce relationships.
The Minister noted that if parties do not want to stay in a marriage but still want to be a family and parent to their children this can be done if there are “sensible laws” that create a conducive environment.
A participant expressing her view on the reform of the laws
Addressing other aspects of the law, Minister Manickchand stated that a party not only has to prove fault on the other person but it has to be done beyond a reasonable doubt in court, if this cannot be done then he/she will have to remain in the marriage.
“The law that we have right now is forcing people to dehumanize, demean themselves and lie to the court,” she added.
Two other important aspects that Minister Manickchand noted will be abolished are “collusion and connivance” which means that if one party has committed adultery but the spouse decides to stay in the marriage then the court sees that as condoning the act and a divorce will not be granted later. The second clause allows for restitution of conjugal rights.
In the “no-fault” divorce laws there will be several clauses to make the process more conducive to providing a civil dissolution of the marriage.
Some of these include:
- If the parties do not consent to a divorce then they have to be separated for a year
- If they do consent, they will still need to be separate for six months
- All ancillary matters (custody, division of property and maintenance) should be resolved before the divorce is granted. If persons agree on these matters a divorce will be granted. If they do not, then they have to work with a mediator for six months in order to come to an agreement.
Minister Manickchand urged the audience to give their comments and suggestions in order that the best can be achieved for Guyana with a law that is suitable for all.
Some suggestions included:
- Religious leaders to be trained to provide counselling for marriages and work also as mediators in resolving of ancillary matters.
- A family court be set up and
- awareness sessions to be held on this issue throughout the country.
Minister Manickchand informed them that the family court will be established to handle all family matters.
This consultation will be held next in Essequibo.
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President Jagdeo chairs fifth meeting of National Competitiveness Council
Georgetown, GINA, November 20, 2008
President Bharrat Jagdeo chaired the fifth meeting of the National Competitiveness Council (NCC), Guyana’s highest level body for dialogue between the Government, the business community and organized labour. The meeting held on November 19, focused on advancing key economic priorities in the country.
President Jagdeo and stakeholders at National Competitiveness Council meeting at Office of the President
The Takutu Bridge between Guyana and Brazil will soon be opened, increasing trade opportunities with Brazil. The Infrastructure Strategy Group – Guyana’s Public Private Dialogue Body on infrastructure – presented its recommendations to the NCC, in order to make the most of these opportunities.
The NCC agreed that the priority areas are the provision of leases in the Lethem area to potential investors and making the Lethem Power Company an effective and efficient provider of electricity to the Lethem community. The NCC also agreed that the Ministry of Transport & Hydraulics should work with the Chamber of Commerce to ensure the highest quality in the maintenance of the Linden-Lethem road. The year-round functionality of this road is key to allowing Guyana to maximize its trade potential with Brazil, once the Takutu Bridge is opened.
Organized labour presented their proposal to undertake an outreach campaign that would sensitize workers to the role they play in improving competitiveness and the potential for them to benefit from it. The NCC endorsed the proposal and the President stressed that it was important to sensitize workers, as well as all other stakeholders of the NCC.
President Jagdeo flanked by Government Ministers at the meeting at Office of the President
The Competition Commission has been set up in order to ensure a healthy and competitive business environment in Guyana. The NCC is now working to ensure that this Commission attains full capacity as soon as possible and that its mandate is in line with the best practice in the region. In addition, the NCC discussed the Government’s commitment to prioritise the enactment of the Consumer Protection Bill – the legislation needed to ensure that consumers in Guyana receive fair treatment when they purchase goods and services. President Jagdeo emphasised the importance of protecting Guyanese consumers to ensure that retailers passed on reductions in global commodity prices to consumers.
The NCC reiterated the importance of supporting small businesses. The Small Business Association which represents small businesses was asked to prioritize the 10 opportunity areas where small business growth could be accelerated. The Government will set up the Small Business Bureau, an office which will allow start-ups and small businesses to receive valuable business advice and assistance needed to help their business to grow, next year. President Jagdeo emphasized the need for the Minister of Tourism, Industry and Commerce and the President of the Small Business Association to work closely and deliver results rapidly.
Members of the NCC recognized the ongoing work to improve customs performance, but acknowledged that more needs to be done to meet minimum standards. In order to assess where improvements are needed, the Government and the private sector will jointly monitor processes, with support from the NCSU.
A communiqué will be issued outlining the actions agreed on at Wednesday’s meeting. The NCSU will continue to lead ongoing monitoring activities to ensure that all actions are progressed in accordance with the agreements reached at the National Competitiveness Council meeting. The next meeting of the Council will be held within the next three months.
Stakeholders at the National Competitiveness Council Meeting
Attending the meeting on behalf of Government were President Bharrat Jagdeo, Prime Minister Samuel Hinds, Minister of Finance, Dr. Ashni Singh, Minister of Tourism, Industry & Commerce, Manniram Prashad, Minister of Transport & Hydraulics, Robeson Benn and the Chief Executive Officer of GO-Invest, Geoffrey Da Silva. Minister of Agriculture, Mr. Robert Persaud and the Minister of Foreign Trade & International Cooperation, Dr. Henry Jeffrey sent their apologies for not being able to attend.
Representing the private sector and organized labour were: Gerry Gouveia, Chairman of the Private Sector Commission, Daniel Gajie, President of the Association of Regional Chambers of Commerce, Ramesh Dookhoo, Chair of the Private Sector Commission’s Trade and Investment Sub-Committee, Patrick Zephyr of the Small Business Council, Carvil Duncan of the Federation of Independent Trade Unions of Guyana and Gillian Burton, representing the Guyana Trades Union Congress.
Supporting the Council were Presidential Advisor Kevin Hogan, Coordinator of the Support for Competitiveness Programme, Merlin Udho, and Jonathan Said, Senior Economist and Mr. Bobby Gossai, Economist, both of the NCSU.
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Government committed to providing safe learning environment
-UG back to normalcy and new works on-stream
Georgetown, GINA, November 20, 2008
Minister of Education Shaik Baksh said that he is happy that the University of Guyana, Turkeyen Campus has returned to its normal operations and that staff and students are currently engaged in the registration process.
Minister Baksh said that about $200M was spent to remove the asbestos from the university because government wanted to ensure the safety of its staff and students since it is committed to providing safe learning environments.
“The asbestos project had entailed the removal of asbestos from several buildings and I must mention that the Institute of Applied Science (IAST) building was lately included to that project and all the asbestos were disposed and we also did air testing to ensure quality of the air by testing for asbestos fibres. We also did vacuuming, painting of floors and buildings. This was a joint effort between the Ministry, the contractors and the university to ensure safety of the buildings. That was our number one priority and I am happy to note that the team worked assiduously and completed the works,” Minister Baksh said.
Additionally works will be done at the university to cater for a safer electricity system, the Minister said and explained that $4M was spent on rewiring the Education Faculty building and that additional sums will be invested to rewire other buildings shortly.
The Minister noted that $12M was spent to rehabilitate and repair the floor of the university library.
Meanwhile, Minister Baksh said that he was informed that some students had problems registering on November 19 due to the failure of some lecturers to submit their grades.
“This is totally unacceptable and the UG administration should take measures to discipline those lecturers who failed to do so because it means that those students’ registration will be incomplete and we are not tolerating that,” he said.
The asbestos testing and removal exercise began in July immediately after the closure of the last semester.
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Guyana’s religious tolerance can be a role model for the world
– President tells leaders at Religious Conference
Georgetown, GINA, November 20, 2008
President Bharrat Jagdeo today at the first Religious Conference held in Guyana, encouraged religious leaders to be the ones leading others to peace, harmony, tolerance and respect and to mend the wounds that were made during the period when Guyana was racially divided by foreign intervention.
He advised them to create standards that are appropriate to society and not ignore the many good standards that are generated around the world.
President Jagdeo addressing the gathering at the Religious Conference
The conference bearing the theme ‘Propagating faith in a multi-cultural, multi-religious society’ commenced earlier today at the Guyana International Conference Centre (GICC) Liliendaal, and attracted participation from leaders of various religious faiths.
President Jagdeo in his address stated that Guyana can teach the rest of the world about good governance because developed countries preach about good governance and dialogue but this is only done at an elite level.
He said that Guyana can be a role model for other countries in the world particularly in the area of religious tolerance since it has managed to forge a society that is united and peaceful despite challenges derived from foreign intervention which has played a crucial role in the challenges facing Guyana today.
Religious bodies, he said should also look at other areas which do not have the harmony that is present in the religious sphere.
President Jagdeo addressing participants at the Religious Conference at GICC, Liliendaal
He referred to Guyana’s history in the early 1960s which was troubled with ethnic problems, resulting in race riots and in reviewing these events, he said it was clear that they were fostered by the machinations of foreign intervention which played an active role in dividing Guyana along racial lines because of self-interest and fear that their regional interest would have been subverted by processes in Guyana.
The President cautioned that Guyanese protect themselves from being accepting of certain foreign teaching which contradicts what society teaches. He said the religious community needs to desist from the belief that one type of religion is acceptable and the others are not, since this type of belief is alien to the Guyanese society where everyone is free to practice his/her religion.
“You build relations, faith and respect for religious leaders when you do not only focus on preaching the scriptures. The scriptures all relate to people’s lives,” the President said.
A section of the gathering at the Religious Conference
He urged the religious community to also address issues that are prevalent in society such as alcoholism, domestic violence and child abuse since all religious faiths teach against these issues in their scriptures. These issues he said transcend faith, class and race and because Guyana has a 95 percent religious population they (religious leaders) need to work together to solve these issues with the support of Government.
The conference which was funded entirely by the Government and organized by the Ethnic Relations Commission (ERC) saw participation from the Rastafarian, Muslim, Hindu, Bahai and Christian communities.
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US team hands over two completed projects
Georgetown, GINA, November 20, 2008
Crew members from the United States vessel, the USS Kearsarge today handed over two completed projects to Guyana; a play park rebuilt at the cost US$12,000 for the children of South Ruimveldt Gardens and a US$31,000 canteen at the West Demerara Regional Hospital, Region Three.
The USS Kearsarge, an 844 –foot long vessel, docked off Guyana’s coast since November 9, brought medical aid and other forms of relief to Guyanese.
Karen Williams Chief of Mission of the US Embassy and Captain of the USS Kearsarge cut the ribbon to open the play ground in South Ruimveldt Gardens
The team is comprised of engineers and medical personnel from the US Public Health Service.
In collaboration with local health personnel, the US ranks carried out medical outreaches to residents of Mabaruma, Port Kaituma and Santa Rosa in Region One.
The ship’s crew also conducted renovation and repairs work at four sites in Georgetown, including the Houston Community High School.
United States Ambassador to Guyana John Melvin Jones said he counts himself proud as an American and hopes that the administration and staff of the West Demerara Regional hospital will make full use of the canteen.
Captain Fernandez Ponds addresses the gathering at the handing over ceremony of the West Demerara Regional Hospital canteen
“I want to ask the citizens of Guyana to accept this small but precious token as a continuing friendship between the United States and Guyana,” the US Ambassador said.
Karen Williams, Chief of Mission of the American Embassy said that she is proud of the USS Kearsarge’s team for a job well done and hopes that the children of the community will make full of the play park.
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Berbice River Bridge set for December 23 opening
Georgetown, GINA, November 20, 2008
Many Guyanese will have their dream of a bridge across the Berbice River fulfilled when the 1.5-kilometre long structure that stretches from D’Edward village on the western end to Crab Island on the east, becomes operational on December 23.
Media operatives checking out a completed stretch of Berbice bridge during a tour on November 20, 2008
The Board of Directors of the Berbice Bridge Company Incorporated (BBCI) made this announcement today during a press conference at the bridge site. This was followed by a media tour of the structure.
BBCI’s Chairperson Geeta Singh-Knight said that it will initially be opened to light weight vehicles because miscellaneous works will still be ongoing.
The company said that a toll structure has been prepared and will be presented to President Bharrat Jagdeo for his approval, after which it will be published. Toll fees will be paid on the D’ Edward side of the bridge. The bridge has a vehicle weight limit of 40 tons and heavy vehicles will be required to pay according to their weight.
Winston Brassington, Secretary of the BBCI, Geeta Singh-Knight, Chairperson, Will Mass, Project Manager, Paul Bowan, Consultant and CEO Omadat Samaroo at the BBCI press briefing at the Berbice bridge
The Chairperson noted that the toll is expected to be 5 to 10 percent higher than the existing fare charged by the Rosignol/New Amsterdam ferry, she said.
At present contractors are working on the structure’s retractor span while scales are also being constructed at both ends.
To date all 39 pontoons which serve as the base for the floating bridge have already been installed and the high span completed. The bridge’s 70-metre retractor span will cater for large vessels plying the river, while the high span will allow smaller vessels up to 40 feet or 11.9 metres to pass under without affecting the flow of traffic.
A section of the Berbice Bridge
Works on the 0.8 km access road on the western end and 3.5km on the eastern end are ongoing. The road on the eastern side is being constructed by Government through the existing mangrove swamp on Crab Island.
The project was awarded to the European Consortium of Bosch Rexroth B.V. and Mabey and Johnson while materials for the construction were sourced from the United Kingdom, Holland, United States, Vietnam and China.
The completion of the GPS survey allowed for the contractors to establish a position for the bridge’s alignment for the installation of the anchors below the river bed. Seventy eight of them have since been installed, while 35 spans are assembled and in position. These include the erection of west and east retractor spans which is 80 and 60 percent completed respectively. The bridge protection systems for the high retractor spans have also been installed.
The retraction span of the bridge that is to be completed
The Company reported that construction of the western abutment is complete while works on the eastern abutment is ongoing.
General buildings at D’ Edward and Crab Island were constructed and connection of primary power by the Guyana Power and Light Company (GPL) on the western side is already established. Electricity will be installed shortly on the eastern side.
Meanwhile works on administrative buildings, sanitary facilities and toll plazas are ongoing. These are expected to be completed shortly.
The BBCI will operate the bridge for a period of 21 years, after which it will be transferred to government at no cost.
The company said that it will be monitoring the speed limit on the bridge and drivers who do not adhere will be sanctioned, as the company plans to install cameras.
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Guyana’s economy remains stable despite global recession – President
Georgetown, GINA, November 20, 2008
Despite recession in the developed world, Guyana has been spared the ravages that other countries have encountered and will end the year with a positive growth rate of about three percent which is slightly below the projected rate.
This is according to President Bharrat Jagdeo during an interview today at his State House residence with the National Communications Network (NCN).
The President said that Guyana’s economy has not experienced any significant decline although he anticipates that it will be affected in the future by lower remittances, less demand for Guyana’s products and less inflow of investment and tourism flows.
He said although in this country it may not be a large financial sum it can affect the entire region. “Although these issues may be solved by stimulus packages when you have a fiscal deficit that is already large, the fiscal deficit would expand further and probably be inflationary,” the Head of State said.
The President believes these issues have to be ‘thought out’ and a set of consistent policies has to be developed to analyze how the global prices will impact on the local economy before an appropriate strategy could be implemented.
“I think we need to bring the sectors together; I have already been having discussion with the private sector, with different groups of people and the government will look at trying to balance between two forces, that is, trying to spend more to stimulate demands, but in a labour intensive way, whilst at the same time by spending more we can drive up inflation because the demand for foreign currency would be higher and stuff like that. We have experienced some down turn in inflationary trends in the world now particularly we have to be cognizant of building a government policy both fiscal and monetary around those two variables of stimulating some demand through greater employment and spending in a different way” President said.
The President said that Guyana’s financial and insurance sectors and pension fund investments have been reviewed, and despite some minor issues the overall system is secure.
According to the Head of State, a lot of the companies are repatriating to Guyana because people now recognize that they could lose their capital, so across the Caribbean many people are now repatriating funds even if they have to have a lower rate of return of investment on their capital.
There is no fear of any major collapse in any of these sectors because they are not very integrated into the world’s financial market, the President said
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