President Dr. Irfaan Ali has rejected claims that Guyana is at risk of falling into an “oil curse,” arguing that the International Monetary Fund’s assessment of the country provides a more credible and fact-based picture of the economy.
The Head of State was responding during a recent press conference to questions about a Bloomberg Opinion feature which warned that Guyana faces risks commonly associated with the resource curse, including weak institutions, transparency concerns, contract terms and whether oil wealth will benefit ordinary citizens.
The President dismissed the Bloomberg assessment as being based on “perception.”
“Bloomberg made an assessment, I think, that is based on a perception, and their own perception,” Ali said.
The Guyanese Leader also took issue with a detail in the article, saying the writer claimed they met in a bar. The President said the encounter actually took place in the lobby of the Marriott Hotel after he attended a public engagement there.
He contrasted the Bloomberg commentary with the IMF’s review of Guyana, which he described as structured, independent and based on empirical evidence.
“Now if you look at the IMF report, that is very structured, that is fact-based, that has empirical evidence, that does a thorough analysis of the economy, that speaks to institutions, that analyses institutions themselves,” Ali said.
According to the President, the IMF found that Guyana’s economy is healthy and that the government’s management of oil revenues has been commendable.
He said the IMF also spoke positively about Guyana’s development priorities and overall economic direction. Ali said he would rely on the IMF’s assessment over what he described as a perception-based article.
“I want to stick to what the IMF, an independent, globally recognised institution, had to say about Guyana,” he said.
The President said the IMF’s conclusions were based on facts, studies, institutional review and analysis of the country’s economic systems.
