Ashni Singh is pleading with the World Bank for more support
Kaieteur News – A Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, has told the World Bank that Guyana’s economic outlook is currently very promising, despite COVID-19 and domestic political issues, which caused a sharp contraction in non-oil. GDP in 2020, and as such the country remains ripe for investment and support from the financial institution.
Dr. Singh made this comment over the weekend, during the Ministerial Conclave on Human Capital convened by the World Bank Group as part of the International Monetary Fund and the World Bank Group’s Spring 2021 Meetings, which are more or less held on now.
The Conclave was held under the theme ‘Investment in Human Capital for Green, Durable and Inclusive Recovery.’
Addressing the conclave, Minister Singh spoke to Guyana’s bright economic outlook, as well as the country’s weaknesses and development challenges, but stressed that Guyana is rich in natural resources, including oil, minerals, and forests that cover 85 per cent of the territory of the country. its economic climate is very favorable.
The Minister was adamant; this he gets, despite the brutality experienced in the traditional sectors of the country’s economy that he blamed on the COVID-19 pandemic and Guyana’s 2020 elections disaster.
He was adamant that even with the many challenges, “Guyana is the fastest growing economy in the world as a result of oil production, and will remain among the fastest growing economies in the next few years. . ”
However, the Minister said, “… we also face extreme vulnerabilities to climate change, as well as significant development challenges. We are well aware of the scale of these challenges. They include avoiding the resource curse, promoting a strong and competitive non-oil economy, addressing our infrastructure gap, and improving human development outcomes. “
He explained, “Despite the many competing demands on our limited financial resources, we are investing heavily in the social sector – education, health, etc. – as well as in facilitative infrastructure such as information and communications technology.”
He cited as an example, investments made in education at all levels and ensuring lifelong learning – “supported by the use of information and communications technology based on lessons learned during COVID-19 – and all with the aim of improving productivity and productivity as well as the well-being of individuals and households. ”
The Minister used the occasion to outline, “on many of these initiatives, we are (already) collaborating with the Bank, and we expect the education sector to dominate our portfolio of projects with the Bank in the programming cycle next … this will be in line with our emphasis on the development of human capital as an input into, and outcome of, sustainable economic growth. ”
Dr. Singh on the occasion to reiterate his Government’s view on the development of human capital “as an essential prerequisite and objective of economic growth.”
The Ministerial Conclave on Human Capital saw participation by World Bank Group President David Malpass, other senior executives of the Bank, along with several Finance Ministers from around the world.