A discussion is set to get underway today – Thursday, September 13, to examine the management of future petroleum revenues and the establishment of a fiscal rule and a Sovereign Wealth Fund (SWF) in Guyana. The event is being organized by the Guyana Manufacturing and Services Association (GMSA) and will be held at the Pegasus Hotel in the country’s capital, Georgetown, from 8:30 pm to 12:00 pm.
GMSA is one of the largest Business Support Organisations in Guyana, with membership of over 100 large and medium scale businesses from the agro-processing, forestry and wood processing, minerals, engineering and construction, fast foods, pharmaceuticals and services sectors. In a statement seen by OilNOW, GMSA said it recognizes the importance of a SWF as a key mechanism to manage revenues from extractive industries, and in particular, oil and gas. The design, establishment and implementation, GMSA said, is therefore a key national issue which can shape Guyana’s future development.
“Considering that there has not been any civil society and private sector inputs or involvement in the shaping of the Green Paper, the GMSA is convening a Discussion Forum for members of the private sector and civil society to be made aware of the Green Paper, the proposals for the SWF and to offer their perspectives,” the organization said.
The main objective of the event is to bring together a wide cross section of civil society and businesses to have a discussion on the Green Paper and the SWF.
Members of the GMSA along with those from other private sector bodies, organized labour, and NGOs have been invited to participate. The Government of Guyana through the Ministry of Finance has confirmed it will present the Green Paper which would set the stage for a panel discussion. The format for the panel will see several keynote personalities and experts offer perspectives on the Green Paper and the SWF and thereafter a moderated discussion followed by an interactive session with the audience. The panel discussion is expected to cover topics such as guiding principles for a SWF, oversight and management of the SWF, how should the SWF be utilized and mechanisms for doing so and the role of civil society and the private sector.
Panelists include; Mr. Ramesh Dookhoo, Executive of the GMSA and Chair of the Session Mr. Lincoln Lewis, Trade Unionist Ms. Carol Webster, Consultant and University Lecturer, SEBI Mr. Chris Ram, Chartered Accountant & Attorney At Law Mr. Ramesh Persaud, CEO, IPED and former Chair, Private Sector Commission, and Mr. Nigel Hinds, Auditor and Financial Consultant.
GMSA said the outcome of the forum would be the development of a report capturing the jcperspectives offered which would then be presented to the Government of Guyana for consideration.