Gov’t reiterates massive development plans to visiting IMF team

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Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh met with the International Monetary Fund’s (IMF) Deputy Managing Director (DMD) Mr. Kenji Okamura and Executive Director Mr. Afonso Bevilaqua on Wednesday.

Dr. Singh, who is hosting the IMF delegation in Guyana, was accompanied by a team from the Ministry of Finance, while the IMF’s officials were accompanied by Ms. Reshma Mahabir, Alternate Executive Director, Ms. Alina Carare, Mission Chief, and Mr. Chad Steinberg, Advisor to the Deputy Managing Director.

The IMF team is currently on a high-level two-day visit to Guyana where they will meet with President Dr. Irfaan Ali and other Government officials as well as visit a number of developmental projects around the country.

The Finance Ministry and IMF teams during the engagement (Photo: Ministry of Finance/ February 14, 2024)

During today’s meeting, the finance minister welcomed the IMF team, emphasizing that Government values the longstanding relationship with the IMF. He also provided an overview of economic developments over the years and prospects looking ahead, as well as Government’s policies and programs to enhance the lives of the country’s citizens while containing risks during this current period of its stewardship of the country’s finances to improve all sectors of the economy.

In its December 2023 Article IV Consultation report, the IMF commended the Government of Guyana for economic management, including the implementation of policies and initiatives geared at transforming Guyana’s economy. The findings were published following an official IMF mission visit to Guyana in September of that year.

The Finance Ministry and IMF teams during the engagement (Photo: Ministry of Finance/ February 14, 2024)

The IMF in its findings had highlighted that Guyana’s real GDP is expected to continue to grow rapidly, adding that Guyana achieved the highest real GDP growth in the world in 2022 – 62.3 percent. It is estimated that Guyana’s economy should record a 38.4 percent real Gross Domestic Product (GDP) growth rate this year, while the country’s growth should continue with an expansion of an expected 26.6 percent in 2024. The IMF had also noted that in relation to inflationary pressures, Government had introduced a suite of measures in 2022 and 2023, which contributed to a decline in the inflation rate in 2023.

The Fund had reported that Government’s current expansionary fiscal policy stance is appropriate, given the country’s development needs and is appropriately balanced by monetary policy.

Currently, Guyana is poised for continued rapid expansion, with on average growth of 20 percent per year during 2024-28. The IMF projects that non-oil GDP growth will be sustained at 5.5 percent, as the government continues its plans to address the country’s developmental needs. (Ministry of Finance release)

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