Guyana hoping oil revenue will help remove development roadblocks

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The revenues derived from the oil and gas industry are expected to have a transformational effect on Guyana, particularly the standard of living. President Irfaan Ali recently stated during a public forum, that the funds will be instrumental in removing the hindrances to development in the South American country, and among the benefits he highlighted is the development of key social sectors in the country–education and health.

“The first thing we have to address is what are the hindrances to our development,” he stated, adding, “We have set ourselves some very ambitious goals and a strategic vision in how we’re going to achieve this. First of all, we have to build a world-class education system. And this is where the resources that will come from oil and gas must go, to ensure that we have a world class education system, a world class health system…”

Guyana’s already weak health and education systems were put under even more pressure over the past year, as a result of the coronavirus pandemic

By addressing these shortcomings in Guyana, the President stressed that there would be a transformation in the society. “Because at the end of the day, development and the functionality of development, the output of development is really to enhance the welfare and wellbeing of our people, the citizenry of our country and even in the diaspora,” he stated.

Mr. Ali emphasised that the ultimate aim of development is to create not only economic wealth but to create an environment in which human development is advanced. “So, all of this has to be done in a very strategic and transparent manner and that leads us to what will create an environment that…will secure the existing economy, and two, will take us into the future.”

He noted that these targets fall under the developmental pillars which the government is building. These pillars are economic transformation, political transformation, social transformation, environmental transformation, and human transformation.

“The cost of energy, human capital; these are all what you can consider hindrances, the lack of transformative infrastructure, a health care system that is not modern, an education system that needs continuous modernisation. These are all issues that we have to tackle and deal with as we set up this agenda in moving our country forward, in improving the welfare and wellbeing of the people of our country,” he declared.

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