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.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} CalvinAir Helicopters and the Calvin Ayre Foundation Award Scholarship to Employee, Reinforcing Ayre Group’s Commitment to Internal Growth CalvinAir...

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.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} Antigua & Barbuda’s own Peetron, a dynamic and versatile vocalist, has successfully advanced to the Top 10 Finalists...

.tdi_3.td-a-rec{text-align:center}.tdi_3.td-a-rec:not(.td-a-rec-no-translate){transform:translateZ(0)}.tdi_3 .td-element-style{z-index:-1}.tdi_3.td-a-rec-img{text-align:left}.tdi_3.td-a-rec-img img{margin:0 auto 0 0}@media (max-width:767px){.tdi_3.td-a-rec-img{text-align:center}} Tonga’s Prime Minister Hon. Hu’akavameiliku attended a meeting of the Leaders of the Alliance of Small Island States...

Guyana paid US$34M in interest for 6 months to service debt – Bank of Guyana Report Sep 25, 2024 News Table showing Guyana’s external debt payments …as multilateral lenders hike rates Kaieteur News – As Guyana’s ballooning debt continue to spur concerns among stakeholders with government using the massive growth in the oil sector to justify more loans, the country’s debt service reached US$85.2M in the first six months of 2024, with a whopping US$34M alone paid in interest. Although the country’s total debt climbed from US$4.5B at the end of December 2023 to US$5B at the end of June 2024, the Bank of Guyana (BoG) in its 2024 Half Year Report revealed that Guyana’s total debt service, during the period under review, decreased by 7.7 percent to US$85.2 million. Notably, Central Bank explained that domestic debt service payments decreased by G$2,925.8 million to G$5,872.7 million (US$29.4M), while the external debt service payments rose by 13.8 percent to US$57 million. This increase was “on account of higher interest payments to multilateral creditors,” the report states. The BoG explained that external debt payments accounted for 3.5% of Central Government’s current revenue and 0.8% of exports of goods and non-factor services. Principal and interest payments amounted to US$35 million and US$22 million, respectively. During the period, payments to multilateral creditors increased to US$36 million, which was 62.8% of total external debt service. Meanwhile, payments to bilateral creditors increased by 11.6% to US$20 million, and accounted for 35.6% of total external debt service. The growth resulted from increased debt service payments to the Export Import (EXIM) Bank of China, according to the BoG. With regard to domestic debt service, the Bank’s Half Year Report indicates that payments decreased to G$5,873 million during the review period, due to the final debt service repayments on the Tranches 1 and 2 of the National Industrial and Commercial Investments Limited (NICIL) Bond. “This outturn caused a decrease in the total principal payments to G$3,292 million from G$7,417 million at end-June 2023. Total interest payments increased by G$1,199 million to G$2,580 million, on account of higher interest payments on treasury bills and BOG Debenture,” the Bank revealed. Table showing domestic debt payments Additionally, interest payments on 364-day treasury bills increased by G$581 million when compared to June 2023. Earlier this year, the government got the green light to increase the ceilings on both domestic and external debt.  The domestic public debt ceiling has been increased to $1.5 trillion, up from $750 billion from its last revision. Meanwhile, a new external borrowing ceiling of $1.5 trillion has been approved, after its last increase to $900 billion. The Opposition has steadily warned that Guyana may be slipping into a debt trap that could see the nation failing to meet its loan obligations should oil prices collapse. Economic Advisor to the Leader of the Opposition, Elson Low previously told Kaieteur News that the increase to the country’s debt ceiling paved the way for more loans to be contracted. In fact, he reminded that the Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh signaled that with the tripling of Guyana’s economy, the country is now in a better position to take more loans. Low said, “This implies that the reason we are able to take on more debt is because of the oil sector. As a result, our ability to repay these debts is dependent on the oil sector.” Shadow Minister of Finance, Juretha Fernandes warned that future governments in this country will be faced with the grim reality of choosing between servicing its debt or servicing the needs of its people with the fiscal management strategy of this incumbent administration. Fernandes highlighted that servicing debt has taken precedence in many oil rich countries that fell prey to borrowing against oil revenues. She pointed out the danger in this principle, noting that oil revenues will not flow forever, and can be cut off by various factors, such as a spill. The Opposition Parliamentarian explained that Guyana will then be left to rely on its poorly performing non-oil sectors to fund development in the country. In fact, the Shadow Finance Minister said these resources may very well have to be directed to service this country’s ballooning debt rather than fund the needs of citizens. Related Similar Articles

MP calls for changes to NRF Act Sep 25, 2024 News …says citizens must know what Govt. projects being funded by oil money Kaieteur News – Chairman of the Public Accounts Committee (PAC), Jermaine Figueira has called for transparency in the use of Guyana’s oil money, citing the need for possible amendments to the Natural Resource Fund (NRF) Act. Chairman of the Public Accounts Committee, Jermaine Figueira Figueira’s comments were made at the sidelines of an event on Monday at Public Buildings, following an explanation by the Auditor General (AG) Deodat Sharma regarding the use of oil money in the Budget. The AG while responding to a question from Kaieteur News in the Parliamentary Chamber said, “As everyone is aware, the funds from the oil and gas money, it is a budget support, so it’s not for a specific item and we don’t audit the whole budget and therefore it is being covered in that audit.” This publication had asked whether the Audit Office is able to ensure that monies from the Fund are expended in keeping with the Act, after being transferred to the Consolidated Fund. Section 16.2 of the NRF Act states that, “All withdrawals from the Fund shall be deposited into the Consolidated Fund and shall be used only to finance: (a) national development priorities including any initiative aimed at realizing an inclusive green economy, and (b) essential projects that are directly related to ameliorating the effect of a major natural disaster.” To date, government has budgeted approximately US$2.6B in oil money through 2022 to 2024. The revenues earned from oil are transferred to the Consolidated Fund, blurring tracks of expenditure. Government has not identified the “national development priorities” being funded by the revenue from oil. This is particularly concerning as the legislation features no penalties for misuse of the funds. Opposition Member of Parliament (MP), Jermaine Figueira has however pointed to the need for transparency in the use of resources from the sector, urging that the NRF Act is clear on how the funds should be spent. Following the AG’s remarks, Figueira in an invited comment said, “I think the Auditor General’s response was more of a general nature but we require more specifics because the Act is very clear with regards to how those funds should be spent and if you just lump sum it into the consolidated fund we need to know definitely of those funds that were transferred into the consolidated fund that are they being used for the specific purposes with regards to what the Act speaks to.” The Parliamentarian said the NRF Act may require amendments to justify transfers to the Consolidated Fund for spending across the board, rather than for specific purposes outlined in the Act. These amendments according to him are crucial to ensure there is absolute conformity with the legal requirements. He said, “Given how it is being transferred and the unknown of how it is being utilized it therefore requires some additional amendments to give greater clarity on the direction of how these funds should be directed and used.” Figueira was adamant that the public must be able to decipher what portion of the Fund was used for a specific project. This can be done, according to him, through the Budget documents, to certify that the funds are utilized according to the Act. Furthermore, he also shared the view that the oil money should be subjected to a separate audit. Figueira explained, “This is the most important sector and therefore a lot of attention should be directed specifically to these funds. We want to ensure that the country doesn’t suffer from the Dutch disease and therefore, these funds should be dispersed in a manner that is very responsible and therefore special attention should be directed specifically to that sector to manage the fund.” With little transparency regarding the use of Guyana’s oil wealth, International Financial Analysts worry that the revenue may not be used to develop the country and improve the lives of its poor citizens. For instance, Director of Financial Analysis at the Institute for Energy Economics and Financial Analysis (IEEFA), Tom Sanzillo had pointed out that the government has not been prioritising saving the funds generated from the industry like Norway but has instead embarked on a massive infrastructural and energy development scheme which may very well benefit its partner, ExxonMobil more than the citizens in the country. Meanwhile, the government previously said that money from the oil account is transferred directly to the Consolidated Fund which blends the various revenue streams. This means that the government is therefore unable to say what specific projects were funded by those earnings. Related Similar Articles

Woman freed of killing husband Sep 25, 2024 Court Stories, Features / Columnists, News Kaieteur News – Twenty-eight-year-old Lisa Halley formerly of Swan, Soesdyke/Linden Highway, was freed on Tuesday of a manslaughter charge which alleged that she killed her husband, Dailson Halley. Freed, Lisa Halley The charge alleged that Halley on July 29, 2017 unlawfully killed her husband at Lot 30 Queen Street, Kitty. The woman was freed by High Court Judge Peter Hugh due to insufficient evidence. She was represented by attorney-at-law Damien DaSilva, while the State was represented by Mikel Puran. DaSilva stated that he argued that the prosecution’s case, even at its strongest, would not lead a properly instructed jury to convict. As such, he requested that the case be dismissed without requiring the defence to present its case. The lawyer argued that the prosecution failed to prove his client unlawfully caused the death of Dailson Halley, as they did not disprove the reasonable possibility that the accused acted in self-defence. He also noted that, while several witnesses were called, the prosecution’s case primarily relied on the testimony of an eyewitness and the accused’s caution statement given to the police after the incident. Justice Hugh agreed with the defence’s no-case submission and instructed the jury to deliver a formal verdict of not guilty. According to reports, the couple had been together for some time and had two children. During that time, Lisa Halley had been frequently abused. The man would, reportedly, force his wife into prostitution and would usually take away whatever cash she made.  However, on Friday, the 29th July at Queen Street, Kitty during an argument, the woman stabbed her husband. The man had reportedly armed himself with a knife and threatened to kill her. Halley managed to gain control of the knife and used the knife to stab him. The injured man was taken to Georgetown Public Hospital where he succumbed. Related Similar Articles