…insists citizens will never “just sit down at home, receive a cheque from Govt & stop working”
“We’re not borrowing to eat; we’re borrowing to invest to get wealthier” – VP Jagdeo – Guyana Times
Guyana is pursuing a path of sustainable borrowing, Vice President Dr Bharrat Jagdeo has reinforced, insisting that there will be no harm to the economy, which is projected to continue down a path of rapid growth, at 34.3 per cent this year, on the heels of an incredible 33 per cent expansion is 2023.
At a previous press conference, the Vice President had recalled that in the early 1990s, Guyana’s Gross Domestic Product (GDP) was around US$300 million, with an external debt stock of US$2.1 billion. According to the Vice President, the size of Guyana’s economy now stands at approximately US$22 billion, with US$1.8 billion in external debt — lower than it was in the 1990s.
Lowest debt-to-GDP ratios
“We believe that the interest rate spike is at its peak now. In fact, many central banks around the world are talking about interest rates coming down,” he disclosed.
$8M handout? Dangerous
He admitted that, over time, the resources in the oil and gas sector will accumulate at a magnitude wherein the government will be able to, in a growing way, address more and more needs of the population.
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