An external loan agreement between the Government of Guyana and the International Development Agency (IDA) for the sum G$4.2BILLION (US$20million) was recently approved by Cabinet. The Government has said that this will aid the Guyana Petroleum Resources Governance and Management Project.
According to Director General of the Ministry of the Presidency, Joseph Harmon, “the objective of this project is to support the legal and institutional framework as well as key institutions to manage the oil and gas sector.”
The announcement was made by Harmon yesterday. He told the media that Cabinet directed that the agreement, presented by Minister of Finance, Winston Jordan be laid in the National Assembly.
The Guyana Petroleum Resources Governance and Management Project is supported by the World Bank and aims to enhance Government’s capacity to achieve its management goals for the sector.
There are four components to the project. These are; enhancement of legal framework and stakeholder engagement, capacity building of key institutions, enhancement of fiscal management and project management, provide support and enhance procurement, financial management, safeguards management, monitoring and evaluation capacity through the provision to the Project Implementation Unit (PIU) and the Department of Energy.
The project was approved by the World Bank on March 29, 2019, DPI reported.
The government has received severe criticisms from various stakeholders in relation to its management of the oil and gas sector, especially as it relates to transparency and accountability.