
An exchange between Minister of Natural Resources Vickram Bharrat and Opposition Parliamentarian, Shurwayne Holder was the highlight of Monday morning’s session as the debate on the 2025 National Budget continued.
Though Holder, who spoke first, left the chamber before Bharrat’s presentation, the debate itself became a battleground for contrasting records, with Bharrat defending the government’s performance against Holder’s concerns about resource mismanagement.
Bharrat took direct aim at what he said were “fake promises” made by Holder, similar to those made in 2015 by the APNU+AFC Coalition, many of which they failed to deliver on.
Even now, Bharrat said many of the recommendations that the opposition is putting forward are being implemented by the PPP/C government.
“Let’s not forget the promises made by the opposition in 2015 — promises like reducing VAT on electricity and water, and increasing school grants. Instead, they imposed new taxes and slashed grants,” Bharrat said.
“Now, they come here again with lofty promises, but their track record is clear. The PPP/C is the one delivering on the programmes they once recommended,” he added.
Bharrat pointed out that, contrary to the opposition’s narrative, the PPP/C government had made substantial progress, particularly in ensuring that oil wealth was reaching the people of Guyana.
He stressed that the current administration had gone beyond promises and was making tangible strides in the country’s development, unlike the opposition’s “fanciful recommendations” from previous years.
“In these debates, it’s fair for both sides to compare and contrast their track records. Holder mentioned some of the opposition’s achievements, but he stopped short of acknowledging that things could have been much better if they hadn’t mismanaged the economy,” Bharrat continued.
“It was the PPP that laid the groundwork for the highest gold production in 2016, even before the APNU-AFC government came into power,” he added.
Earlier, Holder had painted a less optimistic picture of the government’s handling of Guyana’s burgeoning oil industry, warning of the risks of over-reliance on oil revenues.
According to Holder, the country’s current economic growth might be short-lived if oil prices decline, a risk he believed the government had failed to adequately address.
“We cannot keep ignoring the fact that global oil supply is outpacing demand, and this will inevitably lead to a drop in oil prices. We need to strike a balance between immediate imperatives and long-term sustainability,” Holder argued.
“95% of the Natural Resource Fund (NRF) is allocated for short-term needs. What happens when the oil bubble bursts? Are we prepared for that eventuality?” he quizzed.
Holder also called on the government to provide more transparency regarding its spending of oil revenues, especially in relation to Norway’s oil-backed contributions to Guyana’s economy.
He further questioned the effectiveness of the Low Carbon Development Strategy (LCDS), demanding more details about how these funds were being spent.
Holder vowed that if elected to office, the APNU party he represents would serve Guyanese better.
In his rebuttal, Bharrat defended the government’s record on oil wealth management, noting that the PPP/C had been consistent in ensuring the long-term benefits of the oil sector for the people of Guyana.
“The opposition speaks about the risks of oil dependency, but they fail to acknowledge the progress we’ve made in diversifying the economy, investing in infrastructure, and ensuring that oil revenues are managed responsibly,” he said.
While Holder lamented the risks of overspending oil revenues, Bharrat pointed to the PPP/C’s track record of delivering on critical infrastructure projects, reducing poverty, and promoting sustainable economic growth.
“Regardless of political affiliation, we must acknowledge that the PPP/C has been delivering on its promises,” Bharrat said.