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FM
Former Member

US$6M from World Bank to improve electronic cash transfers

Jun 23, 2017 News, http://www.kaieteurnewsonline....onic-cash-transfers/

With critical technological advances being made every day, countries are forced to augment their current systems with these developments in order to better answer the calls being made by their populace.

Over the years, several systems would have been merged with technology in order to provide effective and efficient services.
The global financial system has not been immune to these mergers.
In fact, one of the spin-offs from this hybrid, have borne fruit for countries that are grappling with corruption, money laundering, terrorism and other things that are criminal in nature.
There have been calls for the rest of the world to shift from paper to plastic and from physical to electronic transactions. These conversions in other jurisdictions, have aided law enforcement entities in carrying out their work. Guyana is seemingly getting on board with this global trend.
The Government yesterday inked a US$6M loan agreement with the World Bank through the International Development Association (IDA) to improve Guyana’s national payments system (NPS).
Finance Minister Winston Jordan, signed this agreement on behalf of the State, at his Ministry, on High Street, Georgetown.
Attending the event, were representatives the World Bank, Bank of Guyana, and the Ministry of Education.
The objective of the project is to improve Guyana’s NPS by enhancing safety and efficiency of payments.
Kaieteur News was informed that the Government of Guyana could save up to $266 million (0.04 % of GDP) annually by switching from paper-based payment mechanisms to electronic payments.
Further, the Banking System will have the capability of settling transactions across banks in real time, benefitting a wide range of consumers, including individuals and small businesses, Commercial Banks, Money Transfer Agencies and the Business Community.
Speaking to the media after the inking of the agreement, was the Director of Projects attached to the Finance Minister, Tarachand Balgobin, who explained that the project will also look at the legal and regulatory framework, the mechanisms, the policies, and the procedures associated with the switch. He noted also that this mechanism has the potential to solve the issue of security and insecurity that comes with the handling of large volumes of cash.
The inking of this agreement would come months after the country was experiencing an upsurge of ‘trailing’ robberies where bank customers would be followed and robbed.
The Guyana Police Force disbanded at least six groups in February this year, with many of the perpetrators now in jail. There would have been at least nine attacks on persons leaving commercial banks between May 2016 and January 2017.
Balgobin said yesterday also, that initially, the mechanism will be applied to the government system.
“The Ministry of Finance’s payroll, the pension scheme system, the National Insurance Scheme (NIS), the Guyana Revenue Authority (GRA) etcetera…It is expected that this will roll out into the private sector in time to come,” the official said.

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“Finance Minister Winston Jordan (centre), inking the agreement with a World Bank official in the presence of government ministers and World Bank representatives.

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FM
cain posted:

What the rass you deh on banna? You following stupid people by making an issuse out of nothing? You rass want a lash nuh?

It's like a retard using a credit card not realizing that you have to pay this back.

FM

More money for the PNC to thief. Granger et al making hay while the sun shine, thief thief and mo thief.

The Government yesterday inked a US$6M loan agreement with the World Bank through the International Development Association (IDA) to improve Guyana’s national payments system (NPS).

FM

All Guyana governments borrow money with interest, as they see the need to do so. The past government did  and  so is the present.

The World Bank, or any other sane agency don't just give money without a good reason and signed  agreement.

Unless dem money tree frozen in de backyard at Albion or Skeldon.

Tola
cain posted:

What the rass you deh on banna? You following stupid people by making an issuse out of nothing? You rass want a lash nuh?

Obviously you understand not one word the man wrote. It went like a 747 over your head.

Nehru

What is the difference between this government having a loan and the last government doing the same ?

Alyu rass making a racist toilet pit from mole hill.

Its a loan with interest, just like the PPP government did.

Tola
Tola posted:

What is the difference between this government having a loan and the last government doing the same ?

Alyu rass making a racist toilet pit from mole hill.

Its a loan with interest, just like the PPP government did.

Nothing wrong with a loan except it is now a burden on the tax payers and now sending the country further into debt when it can hardly service the current debt obligations. Meanwhile I suspect the "loan" is really to be pilifered by the pnc/afc to finance sporting and wine down plus 50% raises. As we see the tax revenues have plummeted due to soft economic activities due to mismanagement of the country by the PNC/AFC and lower investor confidence. 

FM
Drugb posted:
Tola posted:

What is the difference between this government having a loan and the last government doing the same ?

Alyu rass making a racist toilet pit from mole hill.

Its a loan with interest, just like the PPP government did.

Nothing wrong with a loan except it is now a burden on the tax payers and now sending the country further into debt when it can hardly service the current debt obligations. Meanwhile I suspect the "loan" is really to be pilifered by the pnc/afc to finance sporting and wine down plus 50% raises. As we see the tax revenues have plummeted due to soft economic activities due to mismanagement of the country by the PNC/AFC and lower investor confidence. 

Was loans not a burden on taxpayers during the last government ?

What was Guyana debt load when  governments were changed in 2015 ?

Are you trying to say the PPP government did not use taxpayers 'loans' lavishly. I was there for ten  years during their government.

What evidence  is available to show that the money will be 'wasted' by the present government and your  opinion alone  is not valid. .

All governments do this kind of spending, including the PPP and PNC. 

Tola
Tola posted:
Drugb posted:
Tola posted:

What is the difference between this government having a loan and the last government doing the same ?

Alyu rass making a racist toilet pit from mole hill.

Its a loan with interest, just like the PPP government did.

Nothing wrong with a loan except it is now a burden on the tax payers and now sending the country further into debt when it can hardly service the current debt obligations. Meanwhile I suspect the "loan" is really to be pilifered by the pnc/afc to finance sporting and wine down plus 50% raises. As we see the tax revenues have plummeted due to soft economic activities due to mismanagement of the country by the PNC/AFC and lower investor confidence. 

Was loans not a burden on taxpayers during the last government ?

What was Guyana debt load when  governments were changed in 2015 ?

Are you trying to say the PPP government did not use taxpayers 'loans' lavishly. I was there for ten  years during their government.

What evidence  is available to show that the money will be 'wasted' by the present government and your  opinion alone  is not valid. .

All governments do this kind of spending, including the PPP and PNC. 

I am not burdened with defending PPP mismanagement, I leave that to Bibi, Mitwah, Gilly and yourself who were present and past member of the PPP.  I only speak of the current crooks in office.  We as a colletive have to hold them to task and ensure they don't bring the country back to the dark days of the PNC reign of 28 years. 

FM
Drugb posted:

I am not burdened with defending PPP mismanagement, I leave that to Bibi, Mitwah, Gilly and yourself who were present and past member of the PPP.  I only speak of the current crooks in office.  We as a colletive have to hold them to task and ensure they don't bring the country back to the dark days of the PNC reign of 28 years. 

Indeed and the focus.

FM

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