[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!”
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.