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tells diaspora country will not progress under coalition

With Guyana expecting to reap massive wealth from its oil-rich ocean floor, former President and Opposition Leader Bharrat Jagdeo believes that the governing A Partnership for National Unity/Alliance For Change (APNU/AFC) coalition does not have the vision to manage the country through the economic transformation it is about to experience.

In fact, he told the Guyanese diaspora in New York over the weekend that the Government’s economic philosophy is debilitating for Guyana and the country would not progress as long as it was in power.

Jagdeo, who is also the General Secretary of the Opposition People’s Progressive Party (PPP), was at the time speaking at a fundraising luncheon, where he noted that everyone, including the coalition’s supporters, knew that it has been mismanaging the country and economy.

“You don’t even need to convince anyone, because they’ve seen a series of disastrous decisions taken on the economic side that will harm Guyana not just now but way into the future,” he stated.

Opposition Leader Bharrat Jagdeo addressing the Guyanese Diaspora in Queens, New York on Saturday

He pointed out that since going into office in 2015, the coalition has been spending enormously.

According to the Opposition Leader, the APNU/AFC has spent over $1.1 trillion while increasing tax collection by some $88 billion during its four and half years in office. He noted when the PPP left office after 23 years in 2014, the total tax collection in Guyana was $135 billion and now it was pegged at nearly $230 billion.

“[That’s] nearly 70 per cent increase in overall taxation that has sucked all of this money out of the system. That is why you have such tightness – a slowdown in retail trade and every other sector because disposable income is now with Government, they took it in taxes,” he stressed.

In addition to the increased spending and increased taxes, Jagdeo said the coalition has also increased borrowing, racking up close to $900 million in debt over the past four-plus years. This surge in external debt, he noted, will leave Guyana in a state it was in the early 90s, whereby all of the country’s money will go back into repaying these debts.

The former Head of State recalled when the PPP took office in 1992, the external debt was some 900 per cent of the country’s Gross Domestic Product (GDP), that is, nine times the size of the economy at the time. He added that they had to use 153 per cent of the country’s revenue to service debt.

According to Jagdeo, by the time the PPP left office, it was using four to five per cent of revenue to service external debt, which was US$1.1 billion in total. Guyana’s economy at that time was pegged at US$4 billion, he added.

The Opposition Leader went on to outline that they would not have mind the surge in spending had it improved the welfare of the populace.

“So [they] increase spending, but if you increase spending and improve welfare – so you get better education, etc – then it’s fine. But education is deteriorating, the hospitals are getting shortage of drugs, so more spending and the services are deteriorating… They’ve taken away all the ‘grow poor’ policies we’ve had. They removed the subsidies – free water for pensioners, remove the grant from the schoolkids, etc. So, no improvement in welfare although they spent $1.1 trillion,” he contended.

On the other hand, Jagdeo further pointed out that every single sector in the economy was in trouble. Mining, forestry, rice, sugar, retail trade and construction are all on the decline, he added. Without oil and the investments associated with that budding sector, which he said are the only thing happening now, Guyana would be in a serious bind.

“So, you spend $1.1 trillion, you increased tax by $88 billion, you borrow another $900 million and there is practically nothing to show for it. The economy is practically flat-lining and people are losing welfare,” he asserted.

Against this backdrop, the Opposition Leader posited that the PPP did not have to do much to make a case because the country already knew that the governing coalition could not manage the economy. He added it also lacked a vision or plans to pitch to Guyanese on the 2020 campaign trail.

“They’ve broken every single promise to the sugar workers, rice farmers, university students, pensioners, Amerindians, miners, to people in the forestry sector. Every single group has seen a deterioration in the conditions that they were operating in… Their policies have been decimating to many sectors so they can’t go back and make new promises to these people,” the Opposition Leader stated.

As such, Jagdeo asserted that it was crucial that the PPP win the March 2, 2020 General and Regional Elections so that it could take back the country and resume the growth path it had in place when it left office less than five years ago.

https://www.inewsguyana.com/go...debilitating-jagdeo/

Last edited by Former Member
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Never thought I would see hunger return to Guyana” ꟷ Jagdeo

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Opposition Leader Bharrat Jagdeo on Saturday told the Guyanese diaspora in Queens, New York (NY), that he never thought he would see hunger returning to Guyana and committed that the People’s Progressive Party will work assiduously to ensure that it returns to office at the March 2020 polls to resume economic growth of the country.

“People in the sugar belt, who in the past had a job, now can’t even feed their family. I never thought that we will see the day when hunger returns to Guyana, where people can’t feed their families. They don’t have enough monies to buy food for their families and they’re taking their kids out of school. This is happening in many parts of the country but particularly in the sugar belt of Guyana because people don’t have a social safety net,” Jagdeo told the gathering at a luncheon organised by the Association of Concerned Guyanese (USA Chapter).

Opposition Leader Bharrat Jagdeo addressing the Guyanese Diaspora in Queens, New York on Saturday

He noted that the “unconscionable” APNU/AFC Government, without needing to, went ahead to shut down several estates and sent home more than seven thousand sugar workers, leaving the industry that once carried Guyana’s economy with only three estates.

According to the Opposition Leader, the Guyana Sugar Corporation (GuySuCo), while it may not be financially feasible, has economic feasibility and so, instead of undertaking a transitional arrangement to keep the industry viable, the coalition “vindictively” chose to close those estates, leaving many in despair.

Jagdeo posited that the struggle in Guyana is intensifying because of the continued mismanagement by the Government in many of the sectors.

“We’re just about under 80 days away from elections and we have [to] win these elections. They are crucial for the sake of our people… So many people in our country now are dependent on the People’s Progressive Party to take back the country and resume the growth path we had start on, and to resume the development that they experienced [under PPP],” he stated.

On this note, the Opposition Leader disclosed that he has been working on building a core of young professionals within the PPP to not only run the country for the next five years but for many decades to come. He underscored the importance of having diversity and inclusivity in the party’s leadership so that all of Guyana is represented.

In fact, Jagdeo, who is also the General Secretary of the PPP, pointed out that the party’s philosophy has always been to fight for all of Guyana. It is for this reason, he contended, that the PPP had longevity in the office, governing for more than 20 years.

Jagdeo outlined that while PPP has traditionally been considered an Indo-based party with strong Amerindian support, the party has been working very hard to expand its membership to include Afro-Guyanese as well.

“Cheddi Jagan set up the PPP to fight for the independence of Guyana and for the upliftment of all Guyanese, not just Indo-Guyanese but all Guyanese and that’s the essential nature of the party… We’ve consistently open up to people of every race, every religion and class because that’s what we are. We’re not like the others, race-based or religion-based party, we’re a national party and that is why the PPP is so viable and will always remain viable and will always look out for all of Guyana,” he stressed.

The Opposition Leader went on to point out that when the PPP moved from two seats in Georgetown at the last Local Government Elections (LGE) in November 2018 to seven seats, it came as a shock to everyone including the PNC-led coalition because this has traditionally been their stronghold.

“We’ve been working hard outside our strongholds,” he stated.

Further, Jagdeo added that they will continue to work to attract more unconventional support and are even sharing excerpts of the party’s manifesto in those areas so that people can learn about the PPP’s vision and what they’re working on for the future of Guyana.

Last edited by Former Member
Amral posted:

How did he come up with these dollar amounts? 

One method: annual national budgets. Another method: annual reports of World Bank, IDB, IMF etc. Another method: inside sources.

Gilbakka posted:
Amral posted:

How did he come up with these dollar amounts? 

One method: annual national budgets. Another method: annual reports of World Bank, IDB, IMF etc. Another method: inside sources.

That's correct , any one can get copies of "World Bank, IDB, IMF" reports on line.

The currency of the $900 million Gov't borrowed isn't stated clearly, it's Guyana dollars.

Indeed Guyana debt at the end of 2015 is US$ 1.1 billion.

In the listeners mind, they will think Guyana debt is US$2 billion ,back to the amount , when the PPP took office in 1992.

According to the Opposition Leader, the APNU/AFC has spent over $1.1 trillion while increasing tax collection by some $88 billion during its four and half years in office.

He noted when the PPP left office after 23 years in 2014, the total tax collection in Guyana was $135 billion and now it was pegged at nearly $230 billion.

 

Analyzing the quote , the current government is doing a better gob of tax collection. The listeners  and readers may think it's Tax increases .Efficient tax collection is a plus for any government.

The Opposition Leader went on to outline that they would not have mind the surge in spending had it improved the welfare of the populace.

“So [they] increase spending, but if you increase spending and improve welfare – so you get better education, etc – then it’s fine. But education is deteriorating, the hospitals are getting shortage of drugs, so more spending and the services are deteriorating… They’ve taken away all the ‘grow poor’ policies we’ve had. They removed the subsidies – free water for pensioners, remove the grant from the schoolkids, etc. So, no improvement in welfare although they spent $1.1 trillion,” he contended.

This statement can be debunked , if one check the spending of the government  in development,across the country.  The water bill was structured differently pensioners still benefits.

To date there is no shortage of drugs ,and education is progressing , the government have change the policy of school grants to providing free transportation for school children. The people will decide , which is better.

 

Last edited by Django

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Baseman posted:

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Debt servicing is good at the moment. Download a copy of the latest IMF Report.

Last edited by Django
Django posted:
Baseman posted:

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Debt servicing is good at the moment. Download a copy of the latest IMF Report.

So what’s your point?

Baseman posted:
Django posted:
Baseman posted:

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Debt servicing is good at the moment. Download a copy of the latest IMF Report.

So what’s your point?

You will get the facts about Guyana.

Django posted:
Baseman posted:
Django posted:
Baseman posted:

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Debt servicing is good at the moment. Download a copy of the latest IMF Report.

So what’s your point?

You will get the facts about Guyana.

The facts are in 1992 external debt was 700% GDP with servicing @ 96% of revenues.  In 2018 it stands at 33% GDP and 8% service ratio. 

Now, you know the PNC did not pay down any debts since 2015!

The PPP exercised responsible fiscal stewardship of the nation’s finances!

For Djandeo!!

And please see the last highlighted para!  This is what I have been saying for years and yuh numb-skull PNCites just don't get it!

This is where the PPP has always been superior to the PNC!!

-----------------------------------------------------------------

External debt increases to US$1.3B

 

– now amounts to 33% of GDP

 

External debts have shown increases for 2018, as Guyana’s indebtedness to various international institutions continues to grow. This is contained in the Bank of Guyana’s annual report, which was recently released.
The report states that Government’s total public debt increased by 1.5 per cent in 2018. The report notes that this is an increase that represents 43.9 per cent of the Gross Domestic Product (GDP). In the case of external debt, there was an increase to US$1.3 billion.
The increase to external debt was 5.5 per cent and accounted for 33.9 per cent of GDP. According to the report, higher disbursements primarily from the International Development Association (IDA) and the Inter-American Development Bank (IADB) for project financing were chiefly responsible for this increase.
The report further explains that IDA and IADB’s disbursements were mostly targeting citizen security strengthening, sanitation improvement, economic diversification, education sector improvement and fiscal stability.
“Obligations to multilateral creditors, which accounted for 58.5 per cent of total external debt, increased by 8.6 per cent or US$62 million to US$788 million,” the report states. “Liabilities to the IADB increased by 4.3 per cent to US$525 million, reflecting a change in the debt stock of US$22 million during 2018.”
“Indebtedness to the IDA expanded by 112.2 per cent or US$40 million to US$75 million. Commitments to the ‘Other’ category of multilateral creditors rose by 4.5 per cent to US$38 million. In contrast, obligations to the Caribbean Development Bank (CDB) decreased slightly by 0.5 per cent or US$1 million to US$150 million.”
According to the report, total bilateral debt obligations which represented 37.2 per cent of total external debt increased by 1.5 per cent to US$487 million. Specifically, Guyana’s debt to the Export Import Bank of China (Exim) increased by 10.7 per cent or US$19 million to US$201 million.
“Liabilities to Kuwait and Libya rose by 2.9 per cent and 0.7 per cent to US$80 million and US$44 million respectively. Conversely, obligations to Venezuela, the Exim Bank of India and Trinidad and Tobago declined by 4.7 per cent, 6.9 per cent and 64.4 per cent to US$115 million, US$16 million and US$4 million respectively.”
Meanwhile, external debt service payments increased by 27.7 per cent to US$78 million from US$61 million in 2017. This, the report says, represented 5.1 per cent of export earnings and 7.5 per cent of Central Government’s current revenue.
“Principal and interest payments amounted to US$55 million and US$23 million respectively. Payments to multilateral creditors rose by 14.2 per cent to US$40 million, and represented 51.3 per cent of total external debt service,” the report says.
The US$50.2 million East Coast Road Expansion project is one project for which monies had to be disbursed from the Exim Bank of China. This project has two components. One features a four-lane expansion of the road from Better Hope to Annandale. On the other hand, the other caters for an upgrade to the existing two-lane road from Annandale to Belfield.
Guyana had received a US$45.3 million concessional loan from the China EXIM (Export-Import) Bank to finance the road project, and that agreement was signed in January last year.
Initially, the People’s Progressive Party/Civic Government had tried to secure financing for the road expansion project, but the money was not readily available.
Hence, the then Administration decided to use local funds for preliminary works, while it awaited the release of funds from the Chinese to complete the works. The preliminary works for the four-lane upgrade were completed at the end of 2014.
With the China EXIM Bank putting up most of the finances for the road expansion, Guyana had awarded the contract to China Railway First Group for some US$42.7 million. The Chinese construction company reportedly put in the lowest bid of US$46.994 million.


In light of the increase in Guyana’s current account balance cause by a drop in exports which brings in foreign exchange, the servicing of this increased debt load will become problematical since it must be done with foreign exchange. It was for this reason the PPP had kept sugar going since it generates foreign exchange.

https://guyanatimesgy.com/exte...increases-to-us1-3b/

I feel terrible for my brother Django because he has to dedicate all his free time trying to get the Whitewash to stick to the PNC but having no luck. The PNC rot is beyond repair.

Guyanese have been suffering under PNC shyteholeism economic policies. Jagdeo laid out the case for the removal of PNC from office at upcoming elections. Kick those PNC karkahole out of there. They are clueless and hapless in terms of vision and economic policies. No wonder they are hiding from the electorate. 
It gets even worse as Brain dead granger continues to rape the constitution and ignore the highest court, CCJ. 
No surprises here since Granger dug up dinosaurs like Carl Greenidge and Moses to govern. 

I now realize why the PNC went to CCJ to prevent him from running a third time. Jagdeo can single handily take on the entire PNC dinosaurs all at once ! 

This economic disaster could also be a direct result of Brain dead GrNger taking advice from the Joey Jagan, son of Communist Cheddi Jagan !

Last edited by Former Member
ksazma posted:

I feel terrible for my brother Django because he has to dedicate all his free time trying to get the Whitewash to stick to the PNC but having no luck. The PNC rot is beyond repair.

DJ trying to rub lipstick on pigs. 

Hey hey hey...Jagdoe didnt gat no economic philosopy and dis government doan have one too. Jagdoe use to piss in de wind. Granger pissing in de wind too. De only philosophy dem two gat is yuh full yuh mattie pocket and play victim when yuh out power. One philosophy PPP gat is dem gat to give nuff, nuff goodies to black rich peopkle and middle class. Dem gat to buy stabilise. PNC doan need to do dat since dem control de army and dem could tief de AK 47s...hey hey hey. Dat is why coolie get white mout regardless if PNC or PPP in powah...hey hey hey. 

ksazma posted:
Billy Ram Balgobin posted:

What about the addition of new taxes?

How about the deficits at GEC and Guywa that are now alarming?

 

 

Or that they are negative $60M with BOG?

Hey hey hey...is 60 billion dallas bai accordin to dat rable ruser Mr TK...hey hey hey. 

De govament just told us that they going to hide the transactions and monies from the first oil sale this week.  You all want to know what they planned to do with that money? 

you all cussing Exxon but are you prepared to deal with rape of Guyana's oil wealth by the APNU/AFC gov't.?

Last edited by Billy Ram Balgobin
Billy Ram Balgobin posted:

De govament just told us that they going to hide the transactions and monies from the first oil sale this week.  You all want to know what they planned to do with that money? 

you all cussing Exxon but are you prepared to deal with rape of Guyana's oil wealth by the APNU/AFC gov't.?

Dis bai DJ slip showing dis marnin. BRB expose he. Aile money is now PNC secret slush fund. Where is the transparency ? 
PNC back to choke and rob in broad daylight. 

Hey Hey Hey.

Last edited by Former Member
Baseman posted:
Django posted:
Baseman posted:
Django posted:
Baseman posted:

Djandeo, you cannot look at debt in absolute terms.  Look at debt service @ % of GDP!

The debt that were written off were non-performing!  And this does not include Libyan and other debts!

Debt servicing is good at the moment. Download a copy of the latest IMF Report.

So what’s your point?

You will get the facts about Guyana.

The facts are in 1992 external debt was 700% GDP with servicing @ 96% of revenues.  In 2018 it stands at 33% GDP and 8% service ratio. 

Now, you know the PNC did not pay down any debts since 2015!

The PPP exercised responsible fiscal stewardship of the nation’s finances!

You worse than Jagdeo , will give the figures later. The worse you have done is quoting an article from Guyana Times, you should have look for one written by TK.

Last edited by Django
Sean posted:
Billy Ram Balgobin posted:

De govament just told us that they going to hide the transactions and monies from the first oil sale this week.  You all want to know what they planned to do with that money? 

you all cussing Exxon but are you prepared to deal with rape of Guyana's oil wealth by the APNU/AFC gov't.?

Dis bai DJ slip showing dis marnin. BRB expose he. Aile money is now PNC secret slush fund. Where is the transparency ? 
PNC back to choke and rob in broad daylight. 

Hey Hey Hey.

I am afraid this country is heading down the wrong path under David Granger.  They are going to loot and rape this country.  Guyanese people have to put a serious fight to remove this gov't. I don't see any good in them. Granger is governing like Burnham. I don't have to say what Burnham's rule was like.