PSC raises concerns about declining value of the Guyana dollar with IMF

The Private Sector Commission today (Thursday, March 16, 2017) met with the International Monetary Fund Mission team currently in Guyana.

According to the PSC, discussions ranged over a broad spectrum of issues which currently engage the attention of the Commission.

The body expressed their satisfaction with the Government’s operationalising of the Procurement Commission and facilitation of Local Government Elections, which had not been held for many years. However, concern was raised over instances of sole sourcing of contracts which have occurred despite the existence of the Procurement Commission.

The decline in the value of the Guyana dollar was also discussed with Fund representatives suggesting that a flexible exchange rate, which allowed the currency to revalue itself in response to market forces, was ideal, the Private Sector body said.

In response to questions from the Mission as to the cause of a loss of investor confidence, the Private Sector Commission pointed to increased taxation and a degree of uncertainty as to the direction in which the economy is moving.

The representatives of the Private Sector Commission expressed their willingness to cooperate with Government in the national interest and to assist in helping to right the economy.  The IMF Mission observed that the private sector is indeed the catalyst of growth and plays a crucial role in job creation.