Detailed strategy needed for oil spending- British High Commissioner

As Guyana prepares to harness its wealth from the Oil Industry, British High Commissioner, Greg Quinn has warned that the country needs a clear plan of where the revenue will be spent and how much will be saved.

Speaking to media operatives on Tuesday, February 21, 2017, Quinn said “there needs to be a good discussion about what areas the money should be spent on, for the benefit for everybody. So like a strategic plan in terms of we want to develop this area, we want to do this infrastructure work, we want to help the education sector; that’s a part of it.” There should also be continuing discussions with civil society, politicians and civil servants on the prioritizing on those areas he said.

He pointed out however that some of the monies should be placed into the Sovereign Wealth Fund “in case there is a rainy day.”

The High Commissioner acknowledged that some of these conversations are already happening, but said he would like to see “a bit more detail about is exactly what the strategy is for spending the money.”

Asked whether the UK will be assisting Guyana in its development of the oil sector, the High commissioner noted that while the country is open to such engagements, it needs to ensure that it does not offer the services already being given by another country or international body.

The returns from Guyana’s major offshore discovery is expected to come on stream in three years.

Ahead of a recent briefing with Exxon Mobil officials at the Marriott Hotel at Kingston, Georgetown, Minister of Natural Resources, Raphael Trotman said engagements will be hosted “extending to citizens of Guyana extending through all ten regions” and also Guyanese residing in the United States and different parts of the Caribbean Region.