Considering the significant revenues Guyana will be collecting in the future for its oil resources, it is imperative that efforts be made to ensure it translates into faster and more inclusive economic development says the Inter-American Development Bank (IDB). The financial institution which has been a key partner in helping Guyana develop its capacity to effectively manage the sector, made this known in one of its latest assessments on the country.
In the document which was perused by the Guyana Standard, the financial institution was keen to point out that the new oil producer faces challenges in achieving inclusive economic growth. It said that these challenges include institutional capacity and infrastructure deficits and underdeveloped domestic markets. But the one area that is worthy of considerable focus is financial sector development and access said the IDB. In this regard, the IDB said that relatively low income levels, a lack of physical access to banking infrastructure, relatively high borrowing costs, and a lack of credit information represent important challenges to financial deepening and access in Guyana.
It therefore means that if these issues remain unaddressed, Guyana would be hindering the access all citizens can and should have to make full use of the opportunities afforded by the newfound wealth.
