The importance of sound public debt management was emphasized by the Minister of State, Joseph Harmon during his post-Cabinet press briefing today.
Minister Harmon was responding to questions regarding the supervision of Guyana’s public debts in light of recently signed loan agreements. The State Minister assured that the country’s public debts are well managed by the Minister of Finance, Winston Jordan,
“…our minister is a very careful person and he will not sign any agreement or sign any document which adds to our public debt without some form of an action plan on how we are going to deal with it.”
Minister Harmon reiterated that that, prior to the Minister of Finance signing any new loan agreement, these matters would ‘have gone through several deliberations before ratification. “The minister does not go out on his own and sign these documents. They are a subject of deliberations before the cabinet”, Minister Harmon underscored.
On September 22, Guyana signed two agreements with China for the upgrading of education and health networks, and funding for the Public Service College. Minister Harmon explained that the loan amounts to about $7.9Billion (US$38Million).
Additionally, on September 19, an agreement was signed Jeddah, Saudi Arabia between Minister of Finance Winston Jordan and the Islamic Development Bank’s (IsDB) Vice President of Sector Operations, Mansur Muhtar. This agreement will support the improvement of the country’s power supply through the Guyana Power and Light Incorporated (GPL). The $4.2Billion (US$20Million) loan is part of the utility company’s Upgrade Programme, a component of its development and Expansion Programme for 2014 to 2021.