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Persad-Bissessar to Guyana: Don’t dip into savings like T&T

Persad-Bissessar to Guyana: Don’t dip into savings like T&T

Opposition Leader Kamla Persad-Bissessar is urging Guyana not to follow T&T in using money in a savings fund, to supplement recurring expenditure.

Speaking at an awards ceremony in Guyana last night, Mrs Persad-Bissessar says she is aware that Guyana is considering the establishment of a ‘Sovereign Wealth Fund’, similar to the Heritage and Stablisation Fund in T&T.

She says the wealth fund is often linked to oil prices, and can act as a buffer given the volatile pricing and political issues involved in the hydrocarbon industry.

But the former Prime Minister is warning Guyana not to dip into that savings, as has been happening recently in T&T.

Mrs Persad-Bissessar believes the SWF will be Guyana’s ‘insurance policy’, and should not be seen as a cash cow to be raided.

This she says would defeat the entire purpose of such a fund, and warned against the raiding of the fund to supplement the annual Treasury expenditure, which has the potential to significantly destabilize the economy.

News Room

November 9th, 2018

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