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Absentee PNC executive, co-owner of controversial D’Urban Park company given $1/2M monthly salary for mystery job


Director of Public Works, Mr. Larry London

Larry London, once listed as co-owner of the controversial Homestretch Development Inc, the company behind the Durban Project, was given a mystery job by the Granger administration, according to Attorney-General and Minister of Legal Affairs Anil Nandlall.
During an interview on the National Communications Network programme ‘Government in Focus’, was addressing the issue of political appointments made by the coalition government during their time in office.
“You have some jobs, I have never heard about” Nandlall told NCN Editor-in-Chief Leeron Brummell, adding that one such position was a designation listed as “Director of Public Parks”.
According to the AG, the occupant of the post was in receipt of a net salary of $500,000 monthly along with additional perks being footed by the state, including home security services, a personal driver and car, as well as duty free allowances and a 22 ½ % gratuity twice yearly despite the fact that the person rarely resided in Guyana.
“This is a guy when I find out, is hardly ever in Guyana but he is the ‘Director of Public Parks’. What is that? And you have hundreds of those creations over the ministries, in Office of the President, in every ministry, you have a whole set of them,” Nandlall added.
While Nandlall did not directly name the person referred to in the interview, Kaieteur News was reliably informed that the position was occupied by Larry London, an executive member of the People National Congress/Reform. London was listed as part owner of Homestretch Development Inc (HDI), a single-purpose company created and engaged by the coalition government to overlook the controversial D’Urban Park Project in 2016.
The company was supposedly formed to expedite the building of the stadium-like structure in time for the 50th Independence Anniversary celebrations but was quickly mired in controversy because of the expenditure of over one billion dollars, with the government of Guyana eventually assuming a liability of hundreds of millions of debt owed by HDI to contractors. As of January of this year, an Audit Office probe into the company, launched in 2017, was yet to be completed, with HDI having since folded.
During his interview, Nandlall also noted that there are a number of other political appointments that the government will be addressing frontally.
The AG further explained that these “sinecure appointments” can be seen scattered across the public sector by the dozens and will “necessarily have to be terminated” since they placed a “bloat on the public sector wage bill”.
Nandlall stated that during the new week, the current administration will be releasing the details of dozens of contracts of political appointees and that ministers will be holding press conferences concerning the matter.
“Then you will see the raw deal the people got from the previous administration,” he added.      https://www.kaieteurnewsonline...ary-for-mystery-job/

 

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Word on the street is that this crook is in Guyana right now. They should grab him before he disappears from the country.

Just like some PPP ministers and officials disappeared from Guyana, immediate after the 2015 election. The governments of Guyana sets the tone, for the people to be one of the most crooked in the world. 

Tola

Guyana president Donald Ramotar using his office budget to hide paying PPP cronies big $

Fat cats unmasked… ‘Disgraceful’ OP operating ‘Dharm Shala’ for friends, cronies
JULY 29, 2012 | BY KNEWS | FILED UNDER NEWS

…super salaries being paid to do little or nothing, “mostly nothing” – Moses Nagamotoo
Attorney-at-law Moses Nagamootoo, who made headlines on Nomination Day when he defected from the Peoples Progressive Party Civic (PPP/C) and campaigned for the Alliance for Change, says that the latest revelation coming out of Office of the President has vindicated his position during the recent Budget Cuts.
Nagamootoo coined the phrase ‘fat cats’ in reference to persons at Government agencies being paid huge amounts and while he was unable during the budgetary process to unveil them, he says that the information which has been now made public demonstrates that “Office of the President is running a Dharm Shala for friends and cronies.”
Nagamootoo said that it is clear as day to see that there are persons being paid by Office of the President “to do little or nothing, mostly nothing.”
Nagamootoo, during an interview yesterday, said that it is clear as day to see that there are ‘Sinecure appointments’ (persons past political prime)” being paid by Office of the President as well as numerous Freedom House operatives.
He said that it is unfair of the government to be asking sections of the population such as Linden to take on additional hardships while others are being rewarded for next to nothing with super salaries.
Nagamootoo reminded of a proposal recently to pay cane cutters $800 per punt of cane when others were being paid more than 800 per cent above the average worker.
He said that “it is disgraceful that Office of the President would be running a Dharm Shala for friends and cronies.”
Nagamootoo was adamant that it is equally “disgraceful that this is happening under the watch of a government that champions the working class.”
The AFC Member of Parliament pointed to what he called persons being paid by Office of the President to be ‘ghost writers.”
He identified a David DeGroot and asks, “What else could this man be paid for? What else does he do at Office of the President?” asked Nagamootoo.
He was adamant that this has nothing to do with personal attacks against individuals, but he queried how the Freedom House Secretary, Chitraykha Dass, could be earning more than $250,000 payable from Office of the President.
As the House prepared to debate a motion of no confidence against Home Affairs Minister Clement Rohee this past Wednesday, the information was made available as a result of a request by A Partnership for National Unity’s Joseph Harmon.
The APNU Executive Member had requested the names and designations of persons terminated as a result of the 2012 Budgetary Cuts.
The question was posed to Finance Minister Dr. Ashni Singh, where it was revealed that another Freedom House operative is paid almost $400,000.
According to the information which was presented by Dr. Singh in the House on Wednesday, Mahendra Roopnarine, earns $395,000 per month and the salary is paid by Office of the President.
His designation is listed as “Press Undersecretary, OPL” whose salary payable at the end of last month was $395,000.
Roopnarine currently hosts the weekly programme “Getting it Right,” which was previously undertaken by the then Junior Health Minister Bheri Ramsaran.
Roopnarine was also a staple on pro-government television channels during the 2011 Election Campaign.
Controversial Office of the President figure, in the person of the President’s Information Liaison Officer, Kwame McCoy is being paid $334,850 per month. McCoy’s designation is listed as a ‘Communications Coordinator.’
It was also revealed that Government Information Agency (GINA) which had its Budget reduced to $1, pays its Director Neaz Subhan $295,530, while GINA’s Editor-in-Chief Shanta Goberdhan earns $295,460 per month.
Head of the Presidential Secretariat Dr. Roger Luncheon, is listed as being paid by Office of the President, a salary of $895,326 while his Deputy, Hydar Ally is paid $550,064.
Office of the President also pays the son of Former Attorney General, Charles Ramson, $430,196 for the position of Technical Legal Director.
Major General (ret’d) Joseph G Singh who has been retained by Office of the President as a Special Assistant to the President is paid some $667,440 for his services while OP’s Protocol Advisor Eshwar Persaud is paid $268,000.
A Cabinet Monitor Officer named Leroy Cort also earns from Office of the President some $155,628.
“Presidential Pol. Liaison Officer” Chitraykha Dass earns $255,000 for his services while Parliamentarian Reverend Kwame Gilbert also receives $294, 585 for his services as a ‘Community Develop. (Social Policy Officer).’
Cheddi Jagan 11, the Attorney-at-Law earns from Office of the President $489,666.
Desmond Kissoon, the Presidential Political Liaison Officer Region Nine, earns some $280,000 while Clive Lloyd, the President’s Advisor on Sports earns $721,000 in this capacity.
Reepu Daman Persaud the ailing Pandit is listed on the June payroll for Office of the President to receive $412,320 for his services as an Advisor to the President while former Regional Chairman for Region Six, Zulfikar Mustapha earns for himself as Head, Community Relations Liaison Officer some $307,600.
Presidential Advisor Gail Teixeira, earns for herself $967,985 from Office of the President in that capacity, a salary greater than her boss Dr. Luncheon.

Mitwah
Last edited by Mitwah

All of this was happening under the nose of the supposedly ethical AFC.  

Why should posters not allowed to name the title of their posts?  The title of this post is not misleading. 

The AFC along with the PNC (APNU) turned out to be the biggest con men and thieves.  No wonder the very same people who voted out the PPP in 2015 were the same ones who tossed out APNU/AFC in 2020.

 

 

Billy Ram Balgobin
@Former Member posted:

Although they have barely scratched the surface, the stench of the Granger administration corruption is already overwhelming.

What were the stench of the Jagdeo and Ramotar administration ?  Your racism is starting to show a repeat of your true self. 

Tola
@Tola posted:

What were the stench of the Jagdeo and Ramotar administration ?  Your racism is starting to show a repeat of your true self. 

I am not sure what I stated that is racist. Please point it out to me. Thanks.

FM
@Former Member posted:

I am not sure what I stated that is racist. Please point it out to me. Thanks.

A white supremacist might not indicate physically that they hate blacks, but the words they used to describe an African person  could show their racism. This scenario was used as an example to make a point and does not indicate in any way that you are with white supremacy.

Guyana is a place where many of us were influenced by negative deeds done by the other race and I am no exception. But I learned to choose my words carefully when I describe the people who did unpleasant things to me. Because I know the consequences and I TRY to keep my words as uncritical as possible, especially when describing the other race.

Racism in Guyana does not seem to have an end and the more we dwell on [racial] negativism, the more it seems racism will grow. Because negative words like scourge or stench to describe another race, does not help to heal a nation.       

Tola
Last edited by Tola
@Tola posted:

What were the stench of the Jagdeo and Ramotar administration ?  Your racism is starting to show a repeat of your true self. 

Why the RASS you attacking the Poster, labelling people a RACIST. 

One out of the THREE MODERATOR should make you an example, sly mongoose.

K
@Tola posted:

If it is a sourced document, why are posters allowed to modify media headings, with their own comments ? 

You have a craving to be the Moderator. I post my opinion, deal with it..

   PNC CROOKS GOING TO JAIL. I like!!!

K

A person doesn't have to openly make racist statements for h/is sentiments to branded racist.  However, on this forum and elsewhere blatant expressions of hate for Black people have been written.  For those who haven't openly expressed their hatred it is displayed in other ways.  For example, despite incontrovertible evidence that the Coalition has managed the economy well and controlled corruption those ignoring such evidence and insisting on the opposite are engaging in racist actions.  It doesn't bother them that the Indo Pradoville thieves have openly stolen from the state but if a Black person gets a decent official salary it is fraud.  Any way you twist or turn it the biggest crooks in Guyana are Indo and it is racist not to condemn their actions.  It is impossible that Jagdeo's Pradoville mansion was honestly built and that is only one example of theft by Indo PPP politicians and friends.

T
@Tola posted:

A white supremacist might not indicate physically that they hate blacks, but the words they used to describe an African person  could show their racism. This scenario was used as an example to make a point and does not indicate in any way that you are with white supremacy.

Guyana is a place where many of us were influenced by negative deeds done by the other race and I am no exception. But I learned to choose my words carefully when I describe the people who did unpleasant things to me. Because I know the consequences and I TRY to keep my words as uncritical as possible, especially when describing the other race.

Racism in Guyana does not seem to have an end and the more we dwell on [racial] negativism, the more it seems racism will grow. Because negative words like scourge or stench to describe another race, does not help to heal a nation.       

So the word stench caused you to think I was making a racist comment. If so, then I herewith withdraw the word stench from my earlier statement.

FM
@Tola posted:

A white supremacist might not indicate physically that they hate blacks, but the words they used to describe an African person  could show their racism. This scenario was used as an example to make a point and does not indicate in any way that you are with white supremacy.

Guyana is a place where many of us were influenced by negative deeds done by the other race and I am no exception. But I learned to choose my words carefully when I describe the people who did unpleasant things to me. Because I know the consequences and I TRY to keep my words as uncritical as possible, especially when describing the other race.

Racism in Guyana does not seem to have an end and the more we dwell on [racial] negativism, the more it seems racism will grow. Because negative words like scourge or stench to describe another race, does not help to heal a nation.       

White racists hate anyone who is not a Christian and is not white. Even though Jesus was a Jew, they hate Jews also. Almost all of Trump's supporters are racists, almost 40% of the whites. They had in them all along, only now they have a spokesperson who is a president to speak for them. Blacks, Chinese, Indians, and even Hispanics are racists. Just hear them speak in private.

FM
@Mitwah posted:

Guyana president Donald Ramotar using his office budget to hide paying PPP cronies big $

Fat cats unmasked… ‘Disgraceful’ OP operating ‘Dharm Shala’ for friends, cronies
JULY 29, 2012 | BY KNEWS | FILED UNDER NEWS

…super salaries being paid to do little or nothing, “mostly nothing” – Moses Nagamotoo
Attorney-at-law Moses Nagamootoo, who made headlines on Nomination Day when he defected from the Peoples Progressive Party Civic (PPP/C) and campaigned for the Alliance for Change, says that the latest revelation coming out of Office of the President has vindicated his position during the recent Budget Cuts.
Nagamootoo coined the phrase ‘fat cats’ in reference to persons at Government agencies being paid huge amounts and while he was unable during the budgetary process to unveil them, he says that the information which has been now made public demonstrates that “Office of the President is running a Dharm Shala for friends and cronies.”
Nagamootoo said that it is clear as day to see that there are persons being paid by Office of the President “to do little or nothing, mostly nothing.”
Nagamootoo, during an interview yesterday, said that it is clear as day to see that there are ‘Sinecure appointments’ (persons past political prime)” being paid by Office of the President as well as numerous Freedom House operatives.
He said that it is unfair of the government to be asking sections of the population such as Linden to take on additional hardships while others are being rewarded for next to nothing with super salaries.
Nagamootoo reminded of a proposal recently to pay cane cutters $800 per punt of cane when others were being paid more than 800 per cent above the average worker.
He said that “it is disgraceful that Office of the President would be running a Dharm Shala for friends and cronies.”
Nagamootoo was adamant that it is equally “disgraceful that this is happening under the watch of a government that champions the working class.”
The AFC Member of Parliament pointed to what he called persons being paid by Office of the President to be ‘ghost writers.”
He identified a David DeGroot and asks, “What else could this man be paid for? What else does he do at Office of the President?” asked Nagamootoo.
He was adamant that this has nothing to do with personal attacks against individuals, but he queried how the Freedom House Secretary, Chitraykha Dass, could be earning more than $250,000 payable from Office of the President.
As the House prepared to debate a motion of no confidence against Home Affairs Minister Clement Rohee this past Wednesday, the information was made available as a result of a request by A Partnership for National Unity’s Joseph Harmon.
The APNU Executive Member had requested the names and designations of persons terminated as a result of the 2012 Budgetary Cuts.
The question was posed to Finance Minister Dr. Ashni Singh, where it was revealed that another Freedom House operative is paid almost $400,000.
According to the information which was presented by Dr. Singh in the House on Wednesday, Mahendra Roopnarine, earns $395,000 per month and the salary is paid by Office of the President.
His designation is listed as “Press Undersecretary, OPL” whose salary payable at the end of last month was $395,000.
Roopnarine currently hosts the weekly programme “Getting it Right,” which was previously undertaken by the then Junior Health Minister Bheri Ramsaran.
Roopnarine was also a staple on pro-government television channels during the 2011 Election Campaign.
Controversial Office of the President figure, in the person of the President’s Information Liaison Officer, Kwame McCoy is being paid $334,850 per month. McCoy’s designation is listed as a ‘Communications Coordinator.’
It was also revealed that Government Information Agency (GINA) which had its Budget reduced to $1, pays its Director Neaz Subhan $295,530, while GINA’s Editor-in-Chief Shanta Goberdhan earns $295,460 per month.
Head of the Presidential Secretariat Dr. Roger Luncheon, is listed as being paid by Office of the President, a salary of $895,326 while his Deputy, Hydar Ally is paid $550,064.
Office of the President also pays the son of Former Attorney General, Charles Ramson, $430,196 for the position of Technical Legal Director.
Major General (ret’d) Joseph G Singh who has been retained by Office of the President as a Special Assistant to the President is paid some $667,440 for his services while OP’s Protocol Advisor Eshwar Persaud is paid $268,000.
A Cabinet Monitor Officer named Leroy Cort also earns from Office of the President some $155,628.
“Presidential Pol. Liaison Officer” Chitraykha Dass earns $255,000 for his services while Parliamentarian Reverend Kwame Gilbert also receives $294, 585 for his services as a ‘Community Develop. (Social Policy Officer).’
Cheddi Jagan 11, the Attorney-at-Law earns from Office of the President $489,666.
Desmond Kissoon, the Presidential Political Liaison Officer Region Nine, earns some $280,000 while Clive Lloyd, the President’s Advisor on Sports earns $721,000 in this capacity.
Reepu Daman Persaud the ailing Pandit is listed on the June payroll for Office of the President to receive $412,320 for his services as an Advisor to the President while former Regional Chairman for Region Six, Zulfikar Mustapha earns for himself as Head, Community Relations Liaison Officer some $307,600.
Presidential Advisor Gail Teixeira, earns for herself $967,985 from Office of the President in that capacity, a salary greater than her boss Dr. Luncheon.

KP, bolded for both you and Iluminati. 

Mitwah
Last edited by Mitwah
@kp posted:

You have a craving to be the Moderator. I post my opinion, deal with it..

   PNC CROOKS GOING TO JAIL. I like!!!

Bhai, you are a ting of its own, wrang and playing strang. But learn to read minds better.

Tola

Nagamootoo has no credibility.

Also who has no credibility is that person who occupied the same garage with Charrandas and some other AFC members to celebrate the PPP victory. That person looked Charrandas in the face and never told him that he betrayed his party or that he can't be trusted. That same person also said (or someone else did) that that person spoke with Jagdeo and Ali I believe either after the declaration or shortly before it and didn't say anything about how much he resented Jagdeo.

With Django clearance I can post the video.

FM
@Totaram posted:

A person doesn't have to openly make racist statements for h/is sentiments to branded racist.  However, on this forum and elsewhere blatant expressions of hate for Black people have been written.  For those who haven't openly expressed their hatred it is displayed in other ways.  For example, despite incontrovertible evidence that the Coalition has managed the economy well and controlled corruption those ignoring such evidence and insisting on the opposite are engaging in racist actions.  It doesn't bother them that the Indo Pradoville thieves have openly stolen from the state but if a Black person gets a decent official salary it is fraud.  Any way you twist or turn it the biggest crooks in Guyana are Indo and it is racist not to condemn their actions.  It is impossible that Jagdeo's Pradoville mansion was honestly built and that is only one example of theft by Indo PPP politicians and friends.

I am afraid in the process of making your valid point you built a house of mirrors.

"despite incontrovertible evidence that the Coalition has managed the economy well and controlled corruption those ignoring such evidence and insisting on the opposite are engaging in racist actions"

Really? Can I apply that same logic and say that someone who denies the PPP won the election is a racist? Lets use a non-Guyanese example, how about people who deny that Obamacare has been beneficial in expanding healthcare in the US? Are they racist? Or are they seeing the world through a partisan lens.

In other areas you have literally used race to define behaviour.

As I said a valid point, but like most Guyanese you probably can't avoid self-incrimination.

L
@Django posted:

Any one who exposes the PPP are deemed not credible ,that's the mindset of their supporters.

Bai hasn't Nagamootoo not proven himself that he is not credible. Wasn't he in the PPP and a very senior member at the time those alleged incidents occurred. He voted for those PPP budgets didn't he? Now he made trouble over the 2012 PPP budget but that is only because he quit the PPP party in 2011 when he was not nominated as PPP Presidential Candidate. How much more examples you need to substantiate that he is not credible?

FM

The coalition had five years to prove charges of corruption against the PPP.  They failed to do so.  Some would argue that they were too busy securing themselves with ill-gotten gains.  More evidence is appearing that the coalition was stealing from the  Lotto fund and the consolidated fund to enrich themselves.  Big pay raises given to ministers did not deter them from stealing.  On the contrary, they became more aggressive thieves.  

Granger's Kleptocracy is gone and the people of Guyana must not allow the PNC to get into office again.  Any party that forms a coalition with the PNC must be deemed anti-Guyanese and anti-democratic.  

Billy Ram Balgobin

The coalition had five years to prove charges of corruption against the PPP.  They failed to do so.  Some would argue that they were too busy securing themselves with ill-gotten gains.  More evidence is appearing that the coalition was stealing from the  Lotto fund and the consolidated fund to enrich themselves.  Big pay raises given to ministers did not deter them from stealing.  On the contrary, they became more aggressive thieves.  

Granger's Kleptocracy is gone and the people of Guyana must not allow the PNC to get into office again.  Any party that forms a coalition with the PNC must be deemed anti-Guyanese and anti-democratic.  

Interesting that you say that because Granger said that the 50% pay raise will keep the minsters from thiefing all over the place. More revelations will come out. Wait until the Grand Ayatollah start looking at the records at the Finance Ministry. When Volda Lawrence was asked for spending details for Rambarran's dump whe didn't want to talk about it so she sais the details are with the Ministry of Finance. Unfortunately for Jordan Granger can't shield him from prosecution anymore.

FM
@Locutus posted:

I am afraid in the process of making your valid point you built a house of mirrors.

"despite incontrovertible evidence that the Coalition has managed the economy well and controlled corruption those ignoring such evidence and insisting on the opposite are engaging in racist actions"

Really? Can I apply that same logic and say that someone who denies the PPP won the election is a racist? Lets use a non-Guyanese example, how about people who deny that Obamacare has been beneficial in expanding healthcare in the US? Are they racist? Or are they seeing the world through a partisan lens.

In other areas you have literally used race to define behaviour.

As I said a valid point, but like most Guyanese you probably can't avoid self-incrimination.

I am not sure what you mean by "self-incrimination".  Your analogy to Obamacare being beneficial etc. doesn't work because that is open to interpretation.  My reference to incontrovertible evidence of the Coalition's performance on the economy is to indicators like unemployment rate, growth,inflation etc.  I should have added that those accusing the Coalition of economic mismanagement usually add "dem can't run cakeshap."  I know where that's coming from.  I heard it often growing up and I hear it today.  I know it's racist. 

T
@Totaram posted:

I am not sure what you mean by "self-incrimination".  Your analogy to Obamacare being beneficial etc. doesn't work because that is open to interpretation.  My reference to incontrovertible evidence of the Coalition's performance on the economy is to indicators like unemployment rate, growth,inflation etc.  I should have added that those accusing the Coalition of economic mismanagement usually add "dem can't run cakeshap."  I know where that's coming from.  I heard it often growing up and I hear it today.  I know it's racist. 

Forget about cake shops because most notable cake shops or for that matter bakers in Guyana are Afro Guyanese. The question is, were the people of Guyana better off on March 2, 2020 than they were on May 15, 2015? I submit that they were not. If all the money from the government fund on May 15, 2015 is spent and a further $100B plus whatever was collected through fees and taxes from May 15 2015 thru March 2 2020 is also spent and the people are not better off, then the Coalition grossly mismanaged the country over that period.

FM
@Former Member posted:

Forget about cake shops because most notable cake shops or for that matter bakers in Guyana are Afro Guyanese. The question is, were the people of Guyana better off on March 2, 2020 than they were on May 15, 2015? I submit that they were not. If all the money from the government fund on May 15, 2015 is spent and a further $100B plus whatever was collected through fees and taxes from May 15 2015 thru March 2 2020 is also spent and the people are not better off, then the Coalition grossly mismanaged the country over that period.

You obviously don't understand the reference to "cake shap".  And, you keep referring to a "government fund" that is apparently in deficit but I don't know what fund it is and you have not been able to properly identify the indicator.  What is the proper name of the fund?  

T
@Totaram posted:

You obviously don't understand the reference to "cake shap".  And, you keep referring to a "government fund" that is apparently in deficit but I don't know what fund it is and you have not been able to properly identify the indicator.  What is the proper name of the fund?  

Take a look at the numbers in this article.

That $89B is believed to be over $100B at the time the PPP was declared winners of the 2020 elections. When TK wrote about it last year November, it was -$68B. So it went from positive $4B in 2015 to negative $68B last year to negative $89B in June to over $100B by the end of July.

Coalition bankrupts Guyana: National Accounts with billions in overdraft
 

Coalition bankrupts Guyana: National Accounts with billions in overdraft

 
 
David Granger during the campaign trail for the 2020 elections

 

The new government will soon find out that Guyana as a country is, as is used in Guyanese colloquial parlance, “broke.”

Not only has the country’s general reserves been depleted to $0, but the account is also now running an overdraft to the tune of hundreds of billions of dollars.

This is in addition to an alarmingly depleted gold reserve. The state of affairs can be gleaned from the published balance statements of the nation’s accounts held by the Bank of Guyana.

The Bank of Guyana, as part of its statutory requirements, published in the Official Gazette, a Statement of Assets and Liabilities for the country.

The state of play, as illustrated in the May 23 publication of the Official Gazette reveals that the General Reserve is -$290,667,332.

Additionally, Public Deposits have also depleted to below $0, also recording a negative balance of -$88,629,401,855.

Guyana’s Contingency Reserve account also reflects an alarmingly low amount of $2.3 billion.

When APNU/AFC took office in May 2015, the Bank of Guyana’s Statement of Assets and Liabilities reflected a completely different situation.

According to the records, when the coalition A Partnership for National Unity/Alliance for Change took Office in 2015, Guyana’s gold reserves were stocked at $15 billion.

The latest figures show that the gold reserves have been depleted by the APNU/AFC administration to less $1 billion—now standing at $715 million.

This reflects a difference of $14.3 billion spent by the sitting Administration during its time in office, not accounting the additional sales for gold that would have cycled through the financial system over the course of the five years in office.

In 2015, Guyana’s General Reserve had in its coffers just about $6 billion while the Contingency reserve held $4 billion.

Today, those savings have been eroded to below zero dollars, to now reflect considerable overdrafts.

According to the May 2020 figures, the General Reserves now stand at minus $291 million while the Public Deposits now account for an $89 billion red mark or overdraft against the country.

While the contingency reserve stood at $4.8 billion when the APNU/AFC coalition took office, the current accounts reflect a balance of just about 2.3 billion.

 
FM

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