Guyana: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana

September 17, 2019

Preview Citation

Format: Chicago

Guyana: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana, (USA: International Monetary Fund, 2019) accessed November 21, 2024

Summary

This 2019 Article IV Consultation highlights that Guyana’s economic growth strengthened in 2018 with broad-based expansion across all major sectors. The medium-term prospects are very favorable as oil production is on schedule to begin in early 2020. Economic growth is projected at 4.4 percent in 2019, extending the broad-based expansion across all major sectors. Policies to fortify the fiscal policy framework to ensure effective use of the new-found oil wealth; develop the necessary infrastructure for a suitable monetary policy framework that facilitates adjustment to oil price shocks while maintaining price stability; and reforms to enhance competitiveness, promote economic diversification, strengthen governance, and achieve inclusiveness. The passage of the Natural Resource Fund legislation is a critical step toward effective management of Guyana’s natural resource wealth. In order to ensure that fiscal discipline is maintained and spending ramps up at a pace in line with absorptive capacity, the fiscal framework should be enhanced to prevent deficits.

Subject: Commodities, Expenditure, External debt, Oil, Oil production, Production, Public debt

Keywords: Authorities project inflation, Authority, Caribbean, CARTAC, CR, Debt, GDP ratio, Global, Government procurement, Guyanese authorities, IMF FSAP, ISCR, Oil, Oil production

Publication Details

Pages:

91
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/296
Stock No:

1GUYEA2019001
ISBN:

9781513514093
ISSN:

1934-7685

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