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Western Hemisphere > Guyana

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Cover Policy Papers
2024 Staff Guidance Note On The IMF’s Engagement With Small Developing States
International Monetary Fund. Strategy, Policy, & Review Department
This guidance note provides operational guidance on the Fund’s engagement with small developing states (SDS). It highlights the unique economic characteristics and constraints facing SDS, notably in a more shock-prone world. Building on advice that applies to the full membership, the note explains how the characteristics of SDS shape Fund surveillance, financial support and program design, capacity development (CD), and collaboration with other institutions and donors. The note updates the previous version that was published in December 2017.
Keywords:
fund surveillance; financial support; transparency policy; lending to SDS circumstances; SDS wg; SDS authority; Climate change; Natural disasters; Climate finance; Global; Caribbean; Pacific Islands
Cover IMF Working Papers
A Suggested Medium-Term Fiscal Framework for Guyana
Rina Bhattacharya
and
Do Yeon Park
Guyana is growing rapidly, and fiscal policy plays a critical role in ensuring that the country’s wealth is managed effectively and equitably. The paper analyzes crucial elements of a comprehensive fiscal policy framework, anchored on a medium-term fiscal framework, that would help in balancing several, and sometimes competing, fiscal policy objectives common to natural resource rich developing countries.
Keywords:
Fiscal policy framework; Fiscal rules, Non-renewable resources; Natural Resource Funds; resource wealth; fiscal policy path; Guyana's oil; expenditure growth rule; Fiscal sustainability; Natural resources; Oil production; Global
Cover IMF Staff Country Reports
Guyana: 2023 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Western Hemisphere Dept.
The 2023 Article IV Consultation highlights that the Guyanese economy continues to experience record growth, supported by the government’s modernization plans and unparalleled oil and gas sector expansion. Guyana’s oil reserves per capita are one of the highest in the world. Going forward, oil production will continue to expand rapidly as four new fields will come on stream by end-2028. Sustained real non-oil gross domestic product growth is also expected, as the government continues to invest in human capital, lower energy costs, and build infrastructure, including for climate change adaptation. On the upside, further oil discoveries would continue to improve Guyana’s long-term economic prospects and a construction boom would support higher short-term growth than projected. The main downside risks are overheating, leading to inflationary pressures and appreciation of the real exchange rate beyond the level implied by a balanced expansion of the economy. Policy discussions focused on the authorities’ ambitious plans to rapidly transform Guyana using revenues from oil extraction, while ensuring macroeconomic and financial stability, mitigating risks, and adapting to climate change.
Keywords:
IMF FSAP; Guyanese economy; monetary policy stance; development needs; ocean economy; construction boom; Public sector; Oil; Caribbean; Global