Guyana signs historic US$20m loan with IsDB

Minister Finance Winston Jordan (second from right) exchanging documents. Minister of Public Infrastructure, David Patterson is at left. (Ministry of Finance photo)

September 20 2018

Source

Guyana yesterday signed a historic first loan for US$20m with the Islamic Development Bank (IsDB) in Jeddah, Saudi Arabia and Finance Minister Winston Jordan played up the country’s prospects in light of the looming oil and gas economy.

The loan from the IsDB is earmarked for the power sector which has seen decades of woes. The USS20m is part of a US$880m envelope that is available to Guyana over four years from the IsDB as long as bankable proposals are presented.

According to a copy of his remarks released yesterday by the Ministry of Finance, Jordan said “Today’s ceremony is a celebration of the first loan to be granted by the Bank to my country, in the process cementing our growing relationship and the proactive use of the indicative resource envelope for Guyana”.

He said that the US$20m loan will support Guyana’s Power Utility Upgrade Programme which is part of the Guyana Power and Light’s Development and Expansion Programme for 2014 to 2021. He told the signing ceremony that the loan  incorporates necessary reforms and upgrades to cut losses, and improve the quality and reliability of electricity supply. 

He added that the loan could not have come at a more opportune time, especially since, Guyana is “on the cusp of an historic transformation with the recent discovery of over 4B barrels of oil. Those discoveries began in 2015 and, to date, have numbered nine”.

He also stated that the International Monetary Fund has deemed Guyana’s medium-term economic prospects as “very favourable” and predicts that  GDP will grow by 29.1 percent in 2020, the first year of oil production.

Jordan said that Guyana looks forward to working with the IsDB on projects in several sectors, including agriculture. He expressed gratitude to the Bank for the Reverse-Linkage Project, which will assist in updating Guyana’s expertise and technology in rice production as well as introduce innovative rice varieties in Guyana. He also expressed appreciation for a  grant from the IsDB for the modernisation and upgrade of the Palms Geriatric Facility.

“Over the next few days, my team and I will be involved in activities that will bring a greater and deeper appreciation for the principles and practices of Islamic banking. We are looking forward to this new knowledge, as we strive to deepen and widen our engagement”, Jordan said.

He was accompanied to the signing by Minister of Public Infrastructure David Patterson.

Original Post
Django posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

Suh bright people does think,ask your self did Guyana ever got a loan from the IsDB.

Them poor fullahs, they should ask Gadaffi what happen to his loans to the PNC!

Baseman posted:
Django posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

Suh bright people does think,ask your self did Guyana ever got a loan from the IsDB.

Them poor fullahs, they should ask Gadaffi what happen to his loans to the PNC!

Yep resurrect him from the dead for the answer.

Django posted:
Baseman posted:
Django posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

Suh bright people does think,ask your self did Guyana ever got a loan from the IsDB.

Them poor fullahs, they should ask Gadaffi what happen to his loans to the PNC!

Yep resurrect him from the dead for the answer.

Ok, I meant it tongue and cheek.  But the current Govt seeking a settlement for Burnhem's debts!

Django posted:
Baseman posted:
 

Ok, I meant it tongue and cheek.  But the current Govt seeking a settlement for Burnhem's debts!

Bhai ain't those debt written off ? Banam dead since 1985 let him rest in peace.

Man, you should have advised the GoG back in the day that Burnham dead, so debt is no longer valid!  I'm sure Hoyte and the PPP would have welcome that advise.

The new Govt of Libya did raise the outstanding debt issue!

Django posted:
Baseman posted:
 

Ok, I meant it tongue and cheek.  But the current Govt seeking a settlement for Burnhem's debts!

Bhai ain't those debt written off ? Banam dead since 1985 let him rest in peace.

And who do you attribute this to? Hammie Green? Granger or Harmon???

So we will soon have the Chinese, Arabs, and Americans squabbling over Guyana. Which one will have total control? Or will Guyana benefit by playing them against each other? With its abundant resources Guyana is now like the prettiest girl in the room with the sharks moving in.

Baseman posted:
Django posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

Suh bright people does think,ask your self did Guyana ever got a loan from the IsDB.

Them poor fullahs, they should ask Gadaffi what happen to his loans to the PNC!

Actually we need to ask ourselves what happened to the Libyan sovereign wealth fund...some 2 to 4 billion just disappeared into the aether! No one has your back in these times. We need to cut this ethnic quarrel or it matters not what inflow of cash comes, we will remain poor. Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly  received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

D2 posted:

Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana

skeldon_man posted:
Django posted:
Baseman posted:
 

Ok, I meant it tongue and cheek.  But the current Govt seeking a settlement for Burnhem's debts!

Bhai ain't those debt written off ? Banam dead since 1985 let him rest in peace.

And who do you attribute this to? Hammie Green? Granger or Harmon???

Jagdeo was the one who dug Guyana out of the debt hole that the PNC left for the people of Guyana.

ronan posted:
D2 posted:

Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana

Would the Govt provide an updated accounting of the bonus? A full report of expenditures and balance.

antabanta posted:
ronan posted:
D2 posted:

Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana

Would the Govt provide an updated accounting of the bonus? A full report of expenditures and balance.

and exactly how often do you think they should present you with a spreadsheet? 

aren't the PPP parliamentarians supposed to be on top of this . . . why are you asking me?

smh

True the PNC left Guyana buried under an insurmountable amount of debt.  The HIPC program was initiated by the international lending institutions for the most indebted and impoverished nations.  The lending institutions, WB, IDB, IMF etc had staff to pull together and help the applicant nations make their case.  BJ happened to be the Finance Minister for the first part of the process.  The final 2003 application was done by then FM Sasenaraine Kowlessar.

So to say BJ dug Guyana out of a debt hole (which there was) is a bit of a stretch given the fact that it was a global initiative covering many nations and the staff assigned within the institutions to assist the nations to make their case. 

Guyana's Debt Service was 96%, as such, was clearly a candidate.  But I give credit to B. Jagdeo and S. Kowlessar for supporting the process.

BJ was FM and ended up President, Sasenaraine Kowlessar was FM and, I believe, ended up trouble with the law.  Hop these links work!

https://www.imf.org/external/n.../2000/guy/guyana.pdf

https://www.imf.org/external/np/hipc/pdf/guyanac.pdf

https://www.imf.org/external/p...scr/2004/cr04123.pdf

https://www.stabroeknews.com/2...d-by-bharrat-jagdeo/

The debt write-off project was not a one-man effort and was not conceived by Bharrat Jagdeo

Dear Editor,

The history of the debt relief effort for Guyana goes back to at least 1987 when the G-7 countries at their annual meeting actively began the process to cancel some of the debts of low-income countries (LICs). A year later, at the 14th G-7 summit from June 19-23, 1988 at the Toronto Convention Center in Canada, the rich countries concluded that the rescheduling of these debts could not be the only solution for the LICs like Guyana, and therefore a more complex mechanism was put in place to reduce the stock of debt outstanding. Where was Bharrat Jagdeo in 1988 and who was the then the Minister of Finance of Guyana?

Carl Greenidge, the then Minister of Finance, immediately presented to the international community a far-reaching Economic Recovery Programme (ERP) that was harmonized with this G-7 initiative. The ERP had four main interrelated objectives: restore economic growth, merge the underground economy into the official one, arrest the balance of payments crisis and return Guyana to a state of creditworthiness.

A Globe and Mail (Toronto) newspaper article captioned ‘Canada stage-manages Rescue Package for Guyana’ revealed that in 1990 a “support group” of rich countries pooled millions of dollars to pay off Guyana’s arrears to the World Bank and IMF, which restored Guyana’s good credit standing with both institutions. Again I ask, where was Bharrat Jagdeo in 1990 and who was the then Minister of Finance?

Guyana’s creditworthiness was restored in 1990, not in 1999 as the Jagdeo-Ramotar group continue to proclaim. Guyana’s economy turned around in 1991, not post 1992 as they continue to cunningly declare. Guyana started to arrest its balance of payments problem in 1991, not post 1992 as speaker after speaker at the PPP Kitty Rally deceptively affirmed. Some honesty from Jagdeo and Ramotar would serve them well. As Thomas Jefferson, one of the founding fathers of America said, “Honestly is the first chapter of wisdom.” But without a good education, the roots of honestly can never prosper and that is why the PPP leaders will continue to be strangers to the truth.

Desmond Hoyte and Carl Greenidge laid the foundation for Guyana’s economic turnaround in 1988, and when Dr Cheddi Jagan won the 1992 elections, he continued to water the roots of the ERP upon very sound advice from his Minister of Finance, Asgar Ally. Credit also has to go to Bharrat Jagdeo who took up this baton from his predecessors to complete this relay that allows for more than US$611 million of Guyana stock of debt to be lifted from the backs of the Guyanese people. But this project was not a one-man effort and was not conceived by Bharrat Jagdeo.

Actually, when he took over, the debt write-off plans under the HIPC Initiatives were already a foregone conclusion. All the PPP administration had to do was implement the IMF conditionalities including passing the laws for the establishment of a Public Procurement Commission and they were going to cross the tape, and they finally did.

So if there is anyone Guyana has to thank for our debt write-off package it was two men – Michael Wilson, the Minister of Finance of Canada in 1988 and James Baker who was the then Treasury Secretary to the US President Ronald Reagan, after who the famous Baker Plan was named. Also, we must never forget that it was Carl Greenidge who led the charge locally in those challenging days to prepare the foundation to turn around Guyana economically. The nation cannot divorce itself from the good work of our predecessors. Let us give Carl Greenidge his jacket.

Yours faithfully,
Sase Singh

Baseman posted:
Django posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

Suh bright people does think,ask your self did Guyana ever got a loan from the IsDB.

Them poor fullahs, they should ask Gadaffi what happen to his loans to the PNC!

The PNC was thinking that the money was a gift from brother Gaddafi.

Bibi Haniffa posted:
skeldon_man posted:
Django posted:
Baseman posted:
 

Ok, I meant it tongue and cheek.  But the current Govt seeking a settlement for Burnhem's debts!

Bhai ain't those debt written off ? Banam dead since 1985 let him rest in peace.

And who do you attribute this to? Hammie Green? Granger or Harmon???

Jagdeo was the one who dug Guyana out of the debt hole that the PNC left for the people of Guyana.

Myth !!!

D2 posted:
Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly  received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

@D2

here is your opportunity to support your characterizing me as "self deceiving" on the other thread https://guyana.hoop.la/topic/c...5#588613650779033395 in my response below to your post above:

"there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana"

in my fashion, i have been very deliberate in presenting the factual bases for what i regard as an "easy lie" on your part as a slice of your larger polemic

i don't care about impressions, emotions, disappointments or whatever is freighting your response

bring your facts that rebut . . . citing  a lack of "patience" to excuse a lack of evidence on your part and walking away does not cut it

ronan posted:
antabanta posted:
ronan posted:
D2 posted:

Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana

Would the Govt provide an updated accounting of the bonus? A full report of expenditures and balance.

and exactly how often do you think they should present you with a spreadsheet? 

aren't the PPP parliamentarians supposed to be on top of this . . . why are you asking me?

smh

They don't need to present me anything. The GoG is accountable to the people of Guyana, not Antabanta or GNI. Why do you think it can only be presented in a spreadsheet format?

You're defending the disappearance of the funds. If the money didn't disappear can GoG account for it with appropriate evidence?

antabanta posted:
ronan posted:
antabanta posted:
ronan posted:
D2 posted:

Here these fellows are borrowing 20 million and no one is asking for the 20 million the supposedly received from Exxon. If they can make that disappear and look us in the face and smile what do you think the will do with any cash that comes in?

there are certain things not open to debate as of September, 2018

(i) the Exxon "signing bonus" was, in fact, $US18 million, not $US20 million . . . no one is "asking" because that question is answered

(ii) the money did not "disappear" . . . was not "supposedly" received, and is/was deposited into a BOG account that was not secret

you can quarrel about the misplaced lying and intended use which is now a MATTER OF PUBLIC RECORD, but the easy falsehoods you are recirculating here as predicate is thoroughly unhelpful to the cause of good governance that we both wish for Guyana

Would the Govt provide an updated accounting of the bonus? A full report of expenditures and balance.

and exactly how often do you think they should present you with a spreadsheet? 

aren't the PPP parliamentarians supposed to be on top of this . . . why are you asking me?

smh

They don't need to present me anything. The GoG is accountable to the people of Guyana, not Antabanta or GNI. Why do you think it can only be presented in a spreadsheet format?

You're defending the disappearance of the funds. If the money didn't disappear can GoG account for it with appropriate evidence?

look you underinformed mouth breather

the people in Guyana are represented in parliament

they have the info . . . and, if they don’t, they are not doing their job

so go talk to your PPP representative and stop wasting my time

ronan posted:
antabanta posted:

They don't need to present me anything. The GoG is accountable to the people of Guyana, not Antabanta or GNI. Why do you think it can only be presented in a spreadsheet format?

You're defending the disappearance of the funds. If the money didn't disappear can GoG account for it with appropriate evidence?

look you underinformed mouth breather

the people in Guyana are represented in parliament

they have the info . . . and, if they don’t, they are not doing their job

so go talk to your PPP representative and stop wasting my time

  Are you talking to your representatives when you post here? How am I wasting your time? What does being under-informed have to do with nasal blockage?

If the money didn't disappear, can GoG account for it with appropriate evidence?

Pointblank posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

It is historic First time Guyana getting an INTEREST FREE loan

Historic is when Christopher Columbus discover the New World.  Not when somebody get a loan that they can’t afford to pay back.

Bibi Haniffa posted:
Pointblank posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

It is historic First time Guyana getting an INTEREST FREE loan

Historic is when Christopher Columbus discover the New World.  Not when somebody get a loan that they can’t afford to pay back.

If you believe that Christopher Columbus discover anything you are dumber than I thought

Pointblank posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

It is historic First time Guyana getting an INTEREST FREE loan

"Interest free" is a farce, they may not charge interest, but they take equity!  Truthfully, bad or good, who knows.  With the PNC it's probably good for Guyana as anything they touched failed, so them poor Arabs will be sucking wind.

In fact, thinking of it, PNC wished Kuwait and Libya had given "Islamic" loans.  Granger would just have to say, tek dem old retired half dead soldiers wah alyuh pay and feed and some old rotting koker wah alyuh money build.   Plant them in the Sahara and tell the people, we repossessed we assets!

Baseman posted:
Pointblank posted:
Bibi Haniffa posted:

This is the first time I've seen someone describe a loan as historic.

It is historic First time Guyana getting an INTEREST FREE loan

"Interest free" is a farce, they may not charge interest, but they take equity!  Truthfully, bad or good, who knows.  With the PNC it's probably good for Guyana as anything they touched failed, so them poor Arabs will be sucking wind.

In fact, thinking of it, PNC wished Kuwait and Libya had given "Islamic" loans.  Granger would just have to say, tek dem old retired half dead soldiers wah alyuh pay and feed and some old rotting koker wah alyuh money build.   Plant them in the Sahara and tell the people, we repossessed we assets!

batty shaking . . . yaaawwwn

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