Home Top Stories Govt will invest heavily in social sector – Finance Minister tells World …
– said boosting education is among the priorities
The Minister for Finance, Dr Ashni Singh has given assurances that the Peoples / Civic Progressive Party Government (PPP / C) intends to invest heavily in the social sector and human capital over the next few years.
Dr Singh made these pronouncements during the recent World Bank Ministerial conclave, where he represented Guyana among other countries’ Finance Ministers, senior Bank executives and World Bank Group President David Malpass.
According to a statement from the Ministry of Finance, the Minister used the opportunity to explain that despite the other competing areas for Guyana resources, investment in human capital and the social sector will be a priority for the Government. In fact, he noted that they are already in the process of this investment.
“For example, in education, we invest heavily in early childhood education, general primary and secondary education, improving access to tertiary education and quality, strengthening technical and vocational education, improving learning outcomes at all levels, and ensuring lifelong learning yes – supported by the use of information and communications technology based on lessons learned during COVID-19 – all with the aim of improving productivity and productivity as well as the well-being of individuals and households. ”
“On many of these initiatives we are collaborating with the Bank, and we expect the education sector to dominate our portfolio of projects with the Bank in the next programming round … this will be in line with our emphasis on the development of human capital as an input to, and outcome of sustainable economic growth, ”Dr Singh informed the grouping.
In his address, the Minister highlighted Guyana’s economic prospects as well as the country’s weaknesses and development challenges. He also stressed that Guyana is rich in natural resources, including oil, minerals, and forests that cover 85 percent of the country’s territory, making its economic outlook very promising right now despite COVID-19 and political issues domestic which caused a sharp contraction in non-oil GDP in 2020.
He reminded 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.