Vice President, Dr Bharrat Jagdeo has reaffirmed the nation’s commitment to supporting its Caribbean Community (CARICOM) neighbours during challenging times. At his last press conference, Jagdeo was asked that with oil production continuously increasing, if Guyana might one day become the “ATM of the Caribbean” and whether there are long-term plans to make Guyana a financial capital for the region.
Jagdeo dispelled the notion, stating that he does not believe that Caribbean Community views Guyana as an ATM.
“ATM, it means that people can draw our money anytime. No, we’re not going to be an ATM for anyone,” he stated firmly.
Dr Jagdeo highlighted the need for prudent financial management, noting that oil revenues currently fund less than 30% of Guyana’s $1.146 trillion budget. He reminded that majority of the budget is still supported by non-oil revenue, underscoring the gradual nature of economic transformation.
“Some people believe that because we started producing oil, that overnight we’re going to be able to solve all of the tasks,” he explained.
The Vice President underscored that the government must first ensure that the citizens of Guyana are prosperous, whether they live in the urban or hinterland areas. He stressed that the primary goal is to improve the living standards of all Guyanese citizens. This includes investments in education, healthcare, public safety, and job creation.
“As we grow wealthier, our people across this country must benefit…” he said.
Reflecting on past instances of regional solidarity, Jagdeo recalled Guyana’s support for Haiti following the devastating earthquake, despite not having oil revenues at the time.
“When Haiti had the earthquake, we didn’t have money, but we gave Haiti a million US dollars. Based on our GDP [Gross Domestic Product], we gave Haiti more than any country in the world at that time,” he noted.
To this end, he highlighted the importance of maintaining an open mind and being generous to regional neighbors facing disasters.
“When we had our 2005 flood, people from the Caribbean sent stuff for us. Trinidad and Tobago sent some pumps and all of that here for people,” he reminded.
Further, Jagdeo expressed hope that Guyana will attract investment from its CARICOM neighbors. “I think they are not [looking at Guyana as an ATM] and they should be able to invest here and share some of the prosperity too. So that’s how I see it evolving in the future. As we go forward,” he concluded.
