AFC reports mismanagement in Guyana’s economy; questions decline in Reserves

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AFC Leader, Khemraj Ramjattan (center) flanked by General Secretary, David Patterson (left) and Dominic Gaskin. [iNews' Photo]
AFC Leader, Khemraj Ramjattan (center) flanked by General Secretary, David Patterson (left) and Dominic Gaskin. [iNews’ Photo]
[www.inewsguyana.com] – The Alliance For Change says it has “credible reports” which indicates that Guyana’s Reserves fell from US$835 million in 2012 to US$609 million by November, 2014; a decline of US$226 million.

The minority Opposition Party is now asking: “Where did this money go?”

The AFC in a statement noted that Minister of Finance Dr. Ashni Singh dodged the question posed by its Vice Chairman, Moses Nagamootoo.

“The fact that our country’s reserves are dipping, speaks to troubles in the economy. The PPP’s economic and financial tzar in 2008, 2009, 2010, 2011, 2012 budgets, boasted that his budgets were crafted in the context of improving the international reserves. So what happened to his budgets of 2013 and 2014, were they not similarly crafty?”

The Party says it was advised that since 2012, the aggregate losses in export revenues from three industries – sugar, bauxite and gold – amounted to some G$65 billion.

“Using the Bank of Guyana figures, these three industries exported some G$203 billion in products in 2012 to the international markets. In 2014, that figure was G$138 billion! The decline is arithmetic, not PHd economics!”

Finance Minister, Dr Ashni Singh
Finance Minister, Dr Ashni Singh

According to the AFC, “The sad fact is that there is mismanagement of the economy. This is the biggest failure of the PPP administration.”

The Party explained that rather than investing in proper value added projects in sugar, bauxite and gold, the “Jagdeo-Ramotar outfits invested over G$100 billion in a handful of failed projects.”

“We reject the self-serving assurance by Minister Singh that “our external reserves remain adequate enough to meet external obligations and they are strong.”

The Party says it needs solid assurance that the PPP regime would not further run-down the international reserves.

5 COMMENTS

  1. good night i read the concerns raise by the A F C comments in relation to the economy sliding in regards to the figures my question to those persons in authority the leader of the A F C some months ago stated that the ruling party was to pay a Hugh sum not to vote against the no confidence but failed to provide information can we believe him now ? can some one tell me the truth thank u

  2. Quote: “The Alliance For Change says it has “credible reports” that Guyana’s Reserves fell”. Sometime, not so long ago, the AFC put forward something called a no confidence motion against the ruling party / government. The AFC also said they had “credible information” that three parliamentarians from the Opposition’s camp were expected to be bought at a whopping $30M each to vote against the motion. Both Nagamootoo and Ramjattan failed to produce any evidence to back up their “credible” claim. Guyanese are not stupid, no one will ever believe the lies from this group. Whoever is giving them this credible information is just setting them up and making a fool of them. I call on all Guyanese to ignore these “revenge seekers” and go on with their lives. Ramjattan and Nagamootoo are bitter souls.

    “Beware of false knowledge; it is more dangerous than ignorance.”

  3. Nagamootoo needs to learn some economics. All he does is relating fictional stories. He should tell the public why the AFC is failing to follow their own constitution. He should clarify why he is the true dictator of the AFC and why their supporters are disgust with his behaviour.

  4. AFC has been blowing hot and talking froth. AFC will never ever formed any Government, the AFC fully well know that is either the PPP or the PNC.
    The only way Nagamootoo, or Ramjattan can become President or Prime Minister is through their conceived coalition with the PNC in another ten to fifteen years from now. The next election will give President Donald Ramotar an easy 53% .
    Again I say AFC will never formed the Government.
    The Alliance For Change will soon change into snake, Naga (nagan) change already. Ramayah looks like an anaconda.
    Remember AFC would not and cannot formed a Government!!!

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