Moses Nagamootoo displays his financial illiteracy once again
ABOUT two years ago, in a debate in Parliament on the external debt of Guyana, Mr. Moses Nagamootoo was publicly humiliated when he was unmasked for quoting incorrect figures and flawed analysis on Guyana’s debt, leading to the unavoidable conclusion that Mr. Nagamootoo is quite illiterate when it comes to financial matters. In fact, it seems that this gentleman has a problem with numbers in general, and with basic arithmetic in particular.
Let us examine his latest venture into the issue of foreign reserves. He points out that the reserves have declined by US$226 million. He then says that this could not be explained by declining exports because export revenues from the three main commodities (sugar, bauxite and gold) declined by G$65 billion.
In case Mr. Nagamootoo does not know how to do simple division, G$65 billion is equal to US$317 million at an exchange rate of 205 to 1.
So please, Mr. Nagamootoo, why can’t a US$317 million decline in exports not explain a US$226 million decline in foreign reserves, all else equal?
It seems to me, Mr. Nagamootoo, that you have a problem with not just economics but also with arithmetic. You need more urgently to go back to school, Sir, and not to the Office of the President, which appears to be your lifelong desire notwithstanding your evident incompetence and illiteracy.
KRISHNA DOONAUGHT
