Debt Ceiling motion reduced to $50B, passed with AFC support

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In a not so unexpected move in the wee hours this morning, the government failed to garner the support of the parliamentary opposition to increase Guyana’s debt ceiling from $1B to $130B.

Instead the ceiling was reduced to $50B, thanks to the Alliance for Change. Initially, Government had tabled a motion to increase the guarantee on borrowing by public corporations from $1B to $150B, but on Wednesday it submitted an amendment to lower the figure to $130B.

In addition to this, the motion also tied the increased guarantee specifically to GPL’s Power Purchase Agreement with Sithe Global – the company which would be operating the Amaila facility.

 

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