Guyana: Staff Report for the 2013 Article IV Consultation
IMF Staff Country Reports, September 25, 2014
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- Guyana: Staff Report for the 2013 Article IV Consultation
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Bibliographic details
- Published: September 25, 2014
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498355001.002
Economic performance and drivers
- The economy has experienced seven consecutive years of robust growth.
- Growth was buoyed by:
- high commodity prices
- foreign direct investment
- expansion of private sector credit
Amaila Falls Hydro-electric Project (AFHP)
- AFHP is pursued as part of a strategy to:
- sustain growth
- reduce poverty
- curtail dependence on imported oil
- AFHP entails investment of about 30 percent of GDP.
- Parliamentary steps that delayed important approvals led the private sector partner to withdraw.
- The withdrawal could delay the project while additional financing is sought.
Fiscal and public debt position
- Public debt remains high—around 60 percent of GDP—limiting the room to finance inclusive growth.
Key themes and policy implications
- Sustaining robust growth depends on continued commodity-driven inflows, foreign investment, and credit expansion.
- Large infrastructure projects (AFHP) are central to the authorities’ strategy but face implementation and financing risks following approval delays and private partner withdrawal.
- High public debt (around 60 percent of GDP) constrains fiscal space for inclusive growth-promoting measures.
Source: Guyana: Staff Report for the 2013 Article IV Consultation (September 25, 2014).