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Guyana

Author(s):
International Monetary Fund
Published Date:
January 2001
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Guyana: Basic Data

I. Social and Demographic Indicators
Area (sq. km)197Nutrition
Arable land (percent of land area)2.4Calorie intake, per capita a day2,471
Population (1998)Health (1998)
Total (thousands)849Population per physician2,326
Annual rate of growth, recent period (percent a year)0.8Population per hospital bed236
Population per nurse
Density (per sq. km.)431
GDP per capita (USS)761Access to electricity
Percent of dwellings
Population characteristics (1998)Urban
Life expectancy at birth (years)64Rural
Crude birth rate (per thousand)21.6
Crude death rate (per thousand)7.6Access to safe water (1995)
Infant mortality (per thousand live births)57Percent of population
Under 5 mortality rate (per thousand)76Urban100
Rural75
Income distribution (1995)
Percent of income received:Education, in percent
By highest 20 percent of households52Adult literacy rate (1997)2.0
By lowest 20 percent of households6Gross enrollment rates, in percent
Gini coefficient (most recent year)42.3Primary education (1996)96.4
Secondary education (1997)73.5
Distribution of labor force, in percent, 1992Tertiary education (1996)11.0
Agriculture27.6
Industry and mining19.2GDP (1999)GS120.7 billion
Services53.2US$679 million
II. Economic Indicators, 1995–1999
Sources: Guyanese authorities; World Bank; and Fund staff estimates and projections.
19951996199719981999
(In percent of GDP)
Origin of GDP
Agriculture and mining58.257.852.750.648.7
Manufacturing and construction15.614.916.414.814.8
Services26.127.330.834.636.5
(Annual percentage changes, unless otherwise indicated)
National accounts and prices
Real GDP5.07.96.2−1.73.0
Real GDP per capita3.06.65.51.73.3
GDP deflator11.53.12.72.69.6
Consumer price index (period average)12.27.13.64.67.5
Consumer price index (end of period)8.14.54.24.78.7
Unemployment rate (in percent)
(Ratios to GDP)
Gross domestic investment31.730.030.328.824.5
Of which
Public investment16.319.118.115.411.8
Gross national savings13.922.316.215.013.4
External savings17.97.714.213.711.0
Private consumption64.259.961.864.764.3
Public consumption15.016.217.518.419.4
Public finances
Central Government
Total revenues33.234.631.930.629.9
Total expenditures39.039.642.639.136.6
Of Which
Interest10.17.69.58.07.8
Savings8.110.84.94.12.6
Primary balance6.27.014.412.110.4
Overall balance after grants−3.9−0.6−5.0−6.9−2.3
Consolidated public sector
Primary balance8.08.818.817.114.2
Overall balance after grants−2.11.2−3.0−4.8−1.0
(Percentage change relative to broad money at the beginning of the year, unless otherwise indicated)
Money and credit
Liabilities to private sector (12-month percentage change)26.117.011.76.812.1
Of which
Money14.014.08.42.521.1
Quasi money32.018.013.08.49.0
Net domestic assets of the banking system23.4−82.3−22.7−3.0−3.7
Of which
Credit to the public sector (net)0.9−16.83.44.8−9.5
Credit to the private sector18.730.814.910.85.8
Liabilities to private sector, in percent of GDP56.058.460.363.263.8
Representative interest rate (in percent, end of period)
Treasury bills (91 days)15.59.98.28.811.1
Commercial lending (weighted average)20.418.518.318.418.1
Small saving10.57.77.47.18.1
(In millions of U.S. dollars, unless otherwise indicated)
Balance of payments
Current account−111−54−106−99−75
Merchandise trade balance−41−20−49−54−25
Exports496575592547525
Imports537595642601550
Services and transfers (net)−102−75−97−88−89
Of which
Interest−75−54−70−53−54
Capital and financial account791251257957
Foreign direct investment7853524448
Portfolio investment
Other capital (net)17273359
Errors and omissions−13−11−15316
Change in net international reserves063−17−39−9
Exports (in percent of GDP)101.4103.298.896.098.9
Imports (in percent of GDP)112.3109.2108.5108.0107.1
Current account (in percent of GDP)−17.9−7.7−14.2−13.7−11.0
Merchandise exports (m USS, annual percentage change)10.816.11.5−4.8−4.0
Merchandise imports (in USS, annual percentage change)6.010.83.01.0−8.5
Terms of trade (annual percentage change)5.1−1.0−5.54.4−8.4
Real effective exchange rate (12-month percentage change)1.98.08.7−12.52.0
International reserve position and external debt (as of December 31)
Gross official reserves269332315276267
(in months of imports of goods and nonfactor services)4.65.24.74.34.4
Net official reserves−540−187−34842
Net reserves of the banking system−534−186−44664
Outstanding external debt, in percent of GDP318223183197207
Public318223183197207
Private
Total debt service ratio (in percent of exports of goods and services)1715171910
Of which
Interest5.84.57.36.16.1
Gross reserves/short-term debt (in percent)
IMF data (as of August 31, 2000)
Membership status:Article VIII
Intervention currency and rateU.S. dollar at G$182 per U.S. dollar
QuotaSDR 90.9 million
Fund holdings of Guyana dollarsSDR 90.9 million
(as percent of quota)100 percent
Outstanding purchases and loansSDR 88.49 million
PRGFSDR 88.49 million
SDR department
Net cumulative allocationSDR 14.53 million
HoldingsSDR 0.59 million
Sources: Guyanese authorities; World Bank; and Fund staff estimates and projections.
Sources: Guyanese authorities; World Bank; and Fund staff estimates and projections.
Table 1.Guyana: Value Added by Sector
June
1995199619971998199919992000
(In percent of GDP at current prices)
GDP at current factor cost100.0100.0100.0100.0100.0100.0100.0
Agriculture41.238.935.434.635.137.333.0
Sugar13.712.710.710.211.410.07.8
Rice11.610.48.18.17.79.27.4
Other crops4.84.85.05.55.46.25.7
Livestock1.71.92.02.12.12.42.1
Fishing6.15.96.26.46.27.47.8
Forestry3.33.23.52.32.52.12.2
Mining and quarrying17.018.917.316.013.613.013.6
Bauxite5.55.73.73.23.03.13.1
Other11.613.213.712.810.69.910.5
Manufacturing11.410.311.49.410.110310.5
Sugar6.05.05.53.54.43.93.1
Rice1.51.62.22.42.12.54.5
Other3.83.73.73.53.63.92.9
Construction4.24.65.05.44.74.64.9
services26.127.330.834.636.434.9383
Distribution4.34.34.34.64.24.04.0
Transportation and communication5.15.55.86.97.07.07.7
Rental of dwellings3.83.73.94.03.83.93.6
Financial3.13.43.33.43.33.73.5
Government8.49.012.114.116,614.517.9
Other1.41.51.51.61.51.81.6
(Percentage change)
GDP at constant 1988 prices5.07.96.2−1.73.02.12.9
Agriculture8.57.44.0−6.513.4−6.6
Sugar−0.510.4−1.2−7.525.8−15.1
Rice37.35.72.0−0.57.7−0.5
Other crops8.43.95.46.81.01.0
Livestock21.725.0−2.7−1.61.62.0
Fishing10.02.38.1−2.70.710.0
Forestry15.70.415.3−24.213.0−5.3
Mining and quarrying−11.415.215.02.7−8.46.9
Bauxite7.80.4−0.4−9.5−3.8
Other−24.529.626.79.9−10.6
Manufacturing9.45.72.4−8.613.1−17.8
Sugar−1.110.1−1.0−7.525.8−15.1
Rice31.77.41.7−0.57.7−03
Other12.92.94.6−10.66.60.4
Construction9.714.013.14.7−10.016.0
Services5.36.15.31.3−0.711.4
Distribution5.05.15.65.2−7.99.9
Transportation and communication9.010.98.9−3.12.024.5
Rental of dwellings6.96.57.35.1−5.93.0
Financial7.89.64.43.31.9−0.7
Government2.01.92.8−0.21.16.1
Other6.07.55.23.71.812.0
source: Bureau of Statistics.
source: Bureau of Statistics.
Table 2.Guyana: Value Added by Sector at Current Prices(In millions of Guyana dollars
June
1995199619971998199919992000
GDP at current factor cost73,92782,25889,74490,471102,09845,10153,767
Agriculture30,48131,99331,81331,30935,85616,83117,665
Sugar10,13610,4629,6089,24811,5994,5184,185
Rice8,5698,5307,2857,3077,8134,1403,967
Other crops3,5183,9744,4784,9535,4822,8143,045
Livestock1,2491,5981,8071,8812,1111,0961,118
Fishing4,5364,8325,5325,8136,2823,3154,194
Forestry2,4732,5973,1032,1072,5699481,156
Mining and quarrying12,60415,56715,56514,43913,9235,8617,308
Bauxite4,0644,6803,2842,8703,0661,4081,668
Other8,54010,88712,28111,56910,8574,4535,640
Manufacturing8,4318,49110,2658,50110,3614,6575,595
Sugar4,4724,0954,9523,1794,5431,7691,642
Rice1,1131,3182,0162,1312,1371,1322,393
Other2,8463,0783,2973,1913,6811,7561,560
Construction3,0983,7474,4464,9134,7712,0582,626
Services19,31322,46027,65531,30937,18715,69420,573
Distribution3,2053,5343,8554,1944,2681,7932,138
Transportation and communication3,7424,4865,1836,2047,1383,1414,149
Rental of dwellings2,7983,0253,4893,6323,8481,7581,919
Financial2,3242,8292,9743,0873,3871,6831,857
Government6,1877,39310,83912,78616,9766,5259,636
Other1,0571,1931,3151,4061,570794874
source: Bureau of Statistics.
source: Bureau of Statistics.
Table 3.Guyana: Value Added by Sector at Constant 1988 Prices(In millions of 1988 Guyana dollars)
June
1995199619971998199919992000
GDP at constant factor cost4,6765,0475,3605,2695,4262,3542,421
Agriculture1,4121,5161,5761,4741,672871817
Sugar595657649600755387329
Rice140148151150162119119
Other crops233242255272275120122
Livestock841051111091116061
Fishing1321351461421438391
Forestry22822926420022610196
Mining and quarrying474546628645591293313
Bauxite234235234212204
Other240311394433387
Manufacturing583616631577652144119
Sugar188207205190239
Rice5458595963
Other341351367328350
Construction349398450471424153177
Services1,8581,9712.0752,1032,087894996
Distribution376395417439404162178
Transportation and communication375416453439448186232
Rental of dwellings77828893873738
Financial249273285294300135134
Government621633651650657296332
Other1601721811881917882
Source: Bureau of Statistics.
Source: Bureau of Statistics.
Table 4.Guyana: GDP by Expenditure at Current Prices
June
1995199619971998199919992000
(In millions of Guyana dollars)
GDP at current factor cost73,92782,25889,74490,471102,09845,10153,767
Net indirect taxes 1/14,34416,78016,93417,53118,5705,4709,555
GDP at market prices88,27199,038106,678108,002120,66850,57163,322
Consumption expenditure69,89775,36484,68889,801101,08935,26857,355
Private sector56,65159,30765,98069,88877,62325,62344,660
Public sector13,24616,05818,70919,91323,4679,64512,695
Gross domestic investment28,00129,71032,37231,14629,52711,80414,738
Private sector13,64910,84313,10115,48015,2426,0937,608
Public sector14,35218,86719,27115,66614,2855,7107,130
Net exports of goods and nanfactor services−9,627−6,036−10,382−12,945−9,9483,499−8,770
Exports of goods and nonfactor services89,340101,632105,402103,678119,37953,96864,592
Imports of goods and nonfactor services−98,966−107,668−115,784−116,622−129,327−50,469−73,362
(As a percentage of GDP at market prices)
GDP at current factor cost83.883.184.183.884.689.284.9
Net indirect taxes 1/16.216.915.916.215.410.815.1
GDP at market prices100.0100.0100.0100.0100.0100.0100.0
Consumption expenditure79.276.179.483.183.869.790.6
Private sector64.259.961.864.764.350.770.5
Public sector15.016.217.518.419.419.120.0
Gross domestic investment31.730.030.328.824.523.323.3
Private sector15.510.912.313.412.612.012.0
Public sector16.319.118.115.411.811.311.3
Net exports of goods and nonfactor services−10.9−6.1−9.7−12.0−8.26.9−13.8
Exports of goods and nonfactor services101.2102.698.896.098.9106.7102.0
Imports of goods and nonfactor services−112.1−108.7−108.5−108.0−107.2−99.8−115.9
Sources: Bureau of Statistics; Bank of Guyana; and Fund staff estimates.

Including errors and omissions.

Sources: Bureau of Statistics; Bank of Guyana; and Fund staff estimates.

Including errors and omissions.

Table 5.Guyana: Savings and Investment
June
1995199619971998199919992000
(In millions of Guyana dollars)
Savings28,00129,71032,37231,14629,52711,80414,738
National savings12,24022,13017,27616,24416,20313,2112,547
Private savings1,4006,4667,2986,5058,4918,962−1,539
Public savings10,84015,6639,9789,7397,7134,2494,086
Foreign savings15,7617,58015,09614,90113,324−1,40712,191
Investment28,00129,71032,37231,14629,52711,80414,738
Private investment13,64910,84313,10114,48015,2426,0937,608
Public investment14,35218,86719,27116,66614,2855,7107,130
(In percent of GDP at market prices)
Savings31.730.030.328.824.523.323.3
National savings13.922.316.215.013.426.14.0
Private savings1.66.56.86.07.017.7−2.4
Public savings12.315.89.49.06.48.46.5
Foreign savings17.97.714.213.711.0−2.819.3
Investment31.730.030.328.824.523.323.3
Private investment15.510.912.313.412.612.012.0
Public investment16.319.118.115.411.811.311.3
sources: Bureau of Statistics; Bank of Guyana; and Fund staff estimates.
sources: Bureau of Statistics; Bank of Guyana; and Fund staff estimates.
Table 6.Guyana: Consumer Prices 1/(Percentage change, end-of-period)
Weight in Consumption BasketJune 2/
1995199619971998199919992000
Urban consumer prices (Georgetown)1,000.08.14.54.24.78.67.24.6
Food441.48.85.33.92.86.99.71.9
Clothing37.1−11.60.3−8.0−7.1−3.1−7.0−0.3
Footwear18.9−8.52.6−9.0−7.6−3.2−3.2−7.0
Housing227.715.34.35.5−0.310.23.79.2
Furniture59.65.12.43.5−0.16.24.80.8
Transport and communication108.21.93.77.329.112.88.14.3
Medical and personal care23.99.35.67.312.229.617.415.5
Education, recreation, and cultural services35.16.26.33.05.510.37.712.8
Other48.12.83.73.36.73.64.06.3
Sources: Bureau of Statistics; and Fund staff estimates.

January 1994 = 100. Publication of the consumer price index was resumed in 1994. Rates for 1994 are December 1994 relative to January 1994.

Twelve-month change.

Sources: Bureau of Statistics; and Fund staff estimates.

January 1994 = 100. Publication of the consumer price index was resumed in 1994. Rates for 1994 are December 1994 relative to January 1994.

Twelve-month change.

Table 7.Guyana: Population Estimates(In thousands)
June
1995199619971998199919992000
Midyear760.4770.1775.1775.1772.8
Natural increase 1/17.316.9−20.2−20.212.9
Net migration 2/−7.5−12.6−16.3−16.3−13.9
Source: Bureau of Statistics.

Total births minus total deaths.

The figure for 1999 does not include November and December.

Source: Bureau of Statistics.

Total births minus total deaths.

The figure for 1999 does not include November and December.

Table 8.Guyana: Employment in the Public Sector
19951996199719981999
(Number of employees)
Total public sector 1/46,67142,1794034338,96735,892
Central Government12,91312,45012,2151241912.024
Rest of the public sector33,75829,72928,02826,48823,868
Guyana Rice Group (including regulatory agencies)352386318349229
Guyana National Engineering Corporation (GNEC)2/2932312021
Guyana Stores Limited (GSL)867776601590577
Guyana Electricity Corporation (GEC) 2/1,0961,1051,2161,3280
Guyana Pharmaceutical Corporation (GPC) 2/2472252251950
Other corporations 2/2,5252,3772,2751,8131,286
Guyana Sugar Corporation (GUYSUCO)3/23,81920,49219,28718,87318,346
Bauxite companies2,8662,6482,3902,1151,560
Linden Mining Enterprise (UNMINE)2,0001,8611,7461,5681,469
Berbice Mining Enterprise (BERMINE)866787644547491
Other independent corporations243232230240242
Guyana Broadcasting Corporation112107105111107
Guyana National Newspaper limited131125125129135
Financial institutions1,7141,4561,4551,3251,307
(In percent of total)
Central government27.729.530.431.133.5
Rest of the public sector72.370.569.668.966.5
Guyana Sugar Corporation (GUYSUCO)51.048.647.948.450.8
Bauxite companies6.16.35.95.45.5
Linden Mining Enterprise (LINMINE)4.34.44.34.04.1
Berbice Mining Enterprise (BERMINE)1.91.51.61.41.4
Other independent corporations0.50.60.60.60.7
Financial institutions3.73.33.63.43.6
(12-month percentage change)
Central government−11.3−3.6−1.9−0.8−0.8
Rest of public sector−6.0−11.9−5.7−4.2−11.1
Sources: Bureau of Statistics; and State Planning Secretariat.

Excludes staff of the Guyana Police Force, Guyana Defense Force, Guyana Fire Service, Guyana Prison Service, Guyana National Service, Teachers. Open Vote Workers, and staff of entities receiving subsidies and contributions

The GEC, GPC, and the Guyana Airways Corporation were divested in 1999. Some GNEC assests were sold or leased beginning in 1994.

Employment figures represent permanent employees. Guysuco has also employed temporary workers totaling 1,537, 1,529, 2,250 and 2,454 in 1996, 1997, 1998, and 1999, respectively.

Sources: Bureau of Statistics; and State Planning Secretariat.

Excludes staff of the Guyana Police Force, Guyana Defense Force, Guyana Fire Service, Guyana Prison Service, Guyana National Service, Teachers. Open Vote Workers, and staff of entities receiving subsidies and contributions

The GEC, GPC, and the Guyana Airways Corporation were divested in 1999. Some GNEC assests were sold or leased beginning in 1994.

Employment figures represent permanent employees. Guysuco has also employed temporary workers totaling 1,537, 1,529, 2,250 and 2,454 in 1996, 1997, 1998, and 1999, respectively.

Table 9.Guyana: Summary of the Operations of the Public Sector
June
19951996199719981999 1/19992000
(In millions of Guyana dollars)
Revenue32,59639,34138,78738,32940,63518,44022,662
Central government29,31734,35033,99933,02836,03313,56120,433
Public enterprises 2/5,2495,5634,3904,8433,8294,4211,678
Central bank 2/−1,571−972398458773458551
Total expenditure36,50742,44548,08045,35647,20619,50125,706
Current expenditure 3/22,15523,37828,80928,59032,92214,19118,576
Noninterest current expenditure13,24616,05818,70919,91323,4679,64512,695
Interest8,9097,52010,1008,6779,4554,5465,882
External3,2342,8136,4855,6495,9002,8603,215
Domestic5,6754,7083,6153,0283,5561,6852,667
Capital expenditure14,35218,86719,37116,66614,2855,7107.130
Central government12,27015,64016,63513,65611,2224,6815,782
State corporations and NIS2,0823,2272,6373,0093,0631,0301,347
Current balance10,84015,6639,5789,7397,7134,3494,086
Overall balance−3,511−3,304−9,393−6,927−6,572−1,4613,044
Grants1,6804,3516,0971,7585,3201,0592,556
Overall balance after grants−1,8311,1473,196−5,168−1,252−402−88
Total financing1,831−1,1473,1965,1681,25240288
Net foreign financing1,5125,9973862,3366,0994,0393,770
Disbursements5,74010,7378,5039,5219,2855,7006,575
Amortization−4,228−4,750−8,117−7,522−3,8371,8071,824
Other3376510−981
Net domestic financing319−7,1332,8102,832−4,847−3,637−3,682
Banking system319−8,2801,9724,561−8,083−2,029−3,037
Divestment2,0344012,12836046478−112
Other domestic−2,076746−1,290−2,0892,772−1,686−533
(In percent of GDP)
Total revenue37.439.736.435.533.736.535.8
Total expenditure41.442.545.141.939.139.440.6
Current expenditure25.123.827.026.527.328.129.3
Interest10.17.69.58.07.89.09.3
External3.72.86.15.24.95.75.1
Domestic6.44.83.42.82.93.34.2
Current balance12.315.89.49.06.48.46.5
Capital expenditure16.319.118.115.411.811.311.3
Overall balance−4.0−3.2−8.7−5.5−5.4−2.9−4.8
Grants1.94.45.71.64.42.14.7
Overall balance after grants−2.l1.2−3.0−4.8−1.0−0.8−0.1
Net foreign financing1.76.00.42.25.18.06.0
Net domestic financing0.4−7.22.62.6−4.0−7.2−5.8
Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GI144 million) payments by GUYOIL to be central government to clear the accounts prior to GEC privatization.

Current account balance.

Current expenditure of the central government

Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GI144 million) payments by GUYOIL to be central government to clear the accounts prior to GEC privatization.

Current account balance.

Current expenditure of the central government

Table 10.Guyana: Operations of the Central Government
June
19951996199719981999 1/19992000
(In millions of Guyana dollars)
Total revenue29,31734,35133,59933,02836,03313,56120,433
Tax revenue27,65031,87931,3383134833,64712,57718,542
Income 2/10,74912,61512,19312,12713,6185,7218,382
Property537686659.8613607472.371522.78
Consumption 2/9,95811,35011,66711,44312.2973,9857,447
International transactions 2/4,1134,6414,3834,4814,5901,3652,047
Other2,2932,3872,6352,6822,5351,034543
Nontax revenue 2/1,6672,3712,4611,9542,3889841,491
Total expenditure and net lending34,42539,31845,44342,34644,44418,37124,359
Current expenditures22,15523,57828,80928,59032,92214,19118,576
Personal emoluments5,5146,4778,2989,16611,8214,9196,834
Other goods and services5,4766,3976,1406,3116,3152,3592,714
Transfer payments2,3563,1844,3714,4375,4302,3673,147
Interest8,9097,32010,1008,6779,4354,5465,882
Domestic5,6754,7083,6153,0283,5361,6852,667
External3,2342,8136,4855,6495,9002,8603,215
Current surplus or deficit (−)7,16210,6735,1914,4383,111−6291,857
Capital expenditure and net lending12,27015,64016,63513,65611,2224,6815,782
Overall surplus or deficit (−) before grants−5,108−4,967−11,444−9,318−8,111−5,310−3,926
Grants 3/1,6804,3516,0971,7585,3201,0592,556
Overall surplus or deficit (−) after grants−3,428−616−3,347−7,460−2,791−4,251−970
(In percent of GDP)
Total revenue33.234.631.930.629.926.832.3
Tax revenue31.332.229.629.027.924.929.9
Nontax revenue1.92.42.31.82.01.92.4
Current expenditure25.123.827.026.527.328.129.3
Noninterest current expenditures15.016.217.518.419.419.120.0
Interest10.17.69.58.07.89.09.3
Current surplus or deficit (−)8.110.84.94.12.6−1.22.9
Capital expenditure and net lending13.915.815.612.69.39.39.1
Overall surplus or deficit (−) before grants−5.8−5.0−10.7−8.5−6.7−10.5−6.2
Grams1.94.45.71.64.42.14.7
Overall surplus or deficit (−) after grants−3.9−0.6−5.0−6.9−2.3−8.4−1.5
Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOll. to the central government to clear the accounts prior to GEC privatization.

Includes taxes paid by state enterprises.

Includes HIPC debt relief in 1999 and 2000.

Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOll. to the central government to clear the accounts prior to GEC privatization.

Includes taxes paid by state enterprises.

Includes HIPC debt relief in 1999 and 2000.

Table 11.Guyana: Central Government Revenues
June
19951996199719981999 1/19992000
(In millions of Guyana dollars)
Total revenue29,31734,35133,59933,02836,33313,36120,433
Tax revenues27,65031,87931,53831,34833,64712,57718,542
Income tax10,74912,61512,19312,12713,6185.7218382
companies 2/5,4536,5666,5326,3696,8502,9524,327
Personal4,2304,3464,5584,7595,6302,3143,463
Withholding tax1,0661,1031,1039991,118455591
Property-related tax537686660613607472523
Property411484468430472416420
Estate duty1715212919710
Capital gains tax1091881701541165093
Consumption and purchase taxes 2/9,95811,35011,66711,44312,2973,9857,447
Excise tax0000000
Consumption tax9,62311,08711,22511,00311,8703,8387,219
On imports2/6,8307,7517,9028,0988,5592,4805,540
On local goods2,7943,3363,3232,9053,3111,3581,679
Purchase tax on cars335463442442427147228
Taxes on international trade 2/4,1134,6414,3834,4814,5901,3652,047
Import duties 2/3,4083,7473,7013,7243,7041,0651,645
Export duties13019795833
Travel tax575697673752878297399
Other taxes2,2932,3872,6352,6822,3351,034543
Sugar levy1,9001,8502,0002,0001,800663124
Entertainment tax40463429281414
Other taxes217206294309387203147
Vehicle licences94168160213195103179
Other licenses431181471291255279
Nontax revenue1,6672,3712,4615,9542,3889841,491
Rents and royalties5086921,033699872291254
Fees, fines, and charges296295399327400192227
Rice levy10894320000
Other nontax revenue75513909969281,1165011,010
Bank of Guyana profits0001492250386
Dividends from NFPEs6410377145172134198
Special transfers, corporations1504381843440200
Miscellaneous541749735600679348426
(Annual percentage change)
Total revenue22.616.8−0.7−259.1−13850.7
Tax revenue24.015.3−1.1−0.67.3−14.050.6
Income34.517.4−3.3−0.512.3−6.946.5
Property24.327.7−3.8−7.1−1.07.010.7
Consumption23.116.01.0−1.97.4−2.286.9
International trade18.912.8−5.62.22.4−17.650.0
Other−1.24.110.41.8−5.51.8−47.5
Nontax revenues2.642.23.8−20.622.2−3.151.5
(In percent of GDP)
Total revenue33.234.631.930.629.526.832.3
Tax revenue31.332.229.629.027.924.929.9
Income12.212.711.411.211.311.313.2
Property0.60.70.60.60.50.90.8
Consumption11.311.710.910.610.27.911.8
International trade4.74.74.14.13.82.73.2
Other2.62.42.52.52.12.00.9
Nontax revenues1.92.42.31.82.01.92.4
Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOII, to the central government to clear the accounts prior to GEC privatization.

Includes revenue from nonfinancial public corporations.

Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOII, to the central government to clear the accounts prior to GEC privatization.

Includes revenue from nonfinancial public corporations.

Table 12.Guyana: Central Government Expenditures
June
19951996199719981999 1/19992000
(In millions of Guyana dollars)
Total expenditure and net lending34,42539,31845,44342,34644,14418,37124,359
Current expenditure22,15523,57828,80928,59032,92214,19118,576
(Goods and services10,99012,87414,43815,47618,0367,3789,548
Personnel emoluments5,5146,4778,2989,16611,8214,9196,834
Wages and salaries4,1935,0196,2807,1179,0633,6005,364
Allowances and contributions1,3221,4582,0182,0492,7561,3191,470
Other goods and services5,4766,3976,1406,3116,2152,3592,714
Materials and supplies9411,0102,1281,3621,448690594
Maintenance of infrastructure47045347640832586157
Other 2/4,0654,9344,5354,5414,4421,5831,963
Interest8,9097,52010,1008,6779,4554,5465,882
Domestic5,6754,7083,6153,0283,5561,6852,667
External3,2342,8136,4855,6495,9002,8603,215
Transfers2,2563,1844,2714,4375,4302,3673,147
Education Grants354486651718778350349
Local authorities164186971441891985
Local and international organizations1,4141,9512,1882,2212,4611,1971,626
Refund of revenues10018215012316915931
Pensions2243791,1851,2311,8346421,056
Capital expenditure and net lending12,27015,64016,63513,65611,2224,6815,782
(Annual percentage change)
Total expenditure28.713.915.9−7.04.54.629.1
Current expenditure15.66.422.2−0.815.215.830.9
Personnel emoluments22.917.528.110.529.023.038.9
Other goods and services11.716.8−4.02.8−1.50.015.0
Interest17.5−15.6343−14.19.013.329.4
Transfers2.541.134.13.922.425.933.0
Capital expenditure and net lending61.927.56.4−17.9•17.8−19.223.5
(In percent of GDP)
Total expenditure39.039.642.639.136.637.338.5
Current expenditures25.123.827.026.527.328.129.3
Personnel emoluments6.26.57.88.59.89.710.8
Wages and salaries4.75.15.96.67.57.18.5
Allowances and contributions1.51.51.91.92.32.62.3
Other goods and services6.26.55.85.85.24.74.3
Interest10.17.69.58.07.89.09.3
Transfers2.63.24.04.14.54.75.0
Capital expenditure and net lending13.913.815.612.69.39.39.1
Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

Includes rent, electricity, fuel, travel, postage, telephones, and other miscellaneous expenses.

Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

Includes rent, electricity, fuel, travel, postage, telephones, and other miscellaneous expenses.

Table 13.Guyana: Summary of the Operations of the Public Enterprises
June
19951996199719981999 1/19992000
(In millions of Guyana dollars)
Revenue48,44752,39852,36650,37949,03423,57121,301
Enterprises45,73249,06748,34445,06343,72321,68718,542
NIS2,7153,3314,0225,3165,3102,3832,559
Total noninterest expenditure42,59846,35147,53045,35445,16119,52619,797
Enterprises38,64341,29443,05939,58938,59417,33717,207
Wages and salaries10,65111,35714,37313,04215,9726,6226,559
Goods and services26,81727,95428,22126,00722,88510,55210,381
Local taxes1,1761,98446554013764266
National insurance scheme1,4611,7091,9622,5012,9401,2371,980
Taxes to the central government 2/2,6802,7062,7413,0853,015898413
Dividends and transfers214542169179211153198
Interest2001854682442426
Domestic0634682442426
External20012100000
Current surplus or deficit (−)5,3505,5634,3904,8433,8294,4211,678
Capital expenditure2,0823,3272,6373,0093,0631,03411,347
Enterprises3,0353,3074,5123,3403,3841,1171,344
NIS582159394753
Less government transfers1,01101,934370369920
Overall surplus or deficit (−)3,1682,7351,7531,8347673,391330
Net foreign financing 3/000337−33814616
Net domestic financing−3,168−2,735−1,753−2,171−429−3,537−346
Banking system199−1,036−1,049−412.779−1,927384
Central bank−3191,4021,364304−1,920−2,042−1,011
Commercial banks518−2,438−2,413−3434,6991151,395
Other−3367−1,699−704−2,130−3,308−1,610−730
Of which
Debentures/treasury bills−1,595−1,7653,012−1,664−6,886−2,715−427
(In percent of GDP)
Revenue54.952.949.146.640.647.434.0
Current expenditure48.946.945.042.137.54.631.3
Noninterest expenditure48.746.744.942.037.44.531.3
Interest0.20.30.00.10.00.00.0
Current surplus or deficit (−)5.96.04.14.53.28.72.6
Capital expenditure2.43.32.52.82.52.02.1
Overall surplus or deficit (−)3.62.81.61.70.66.70.5
Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

Taxes paid by enterprises.

Amortization payments are consolidated with central government amortization.

Sources: Ministry of Finance; and Fund staff estimates.

Excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

Taxes paid by enterprises.

Amortization payments are consolidated with central government amortization.

Table 14.Guyana: Operations of the Public Corporations and the National Insurance Scheme(In millions of Guyana dollars)
June
1995199619971998199919992000
A. GUYSUCO
Operating revenues20,58323,75622,20221,50624,58712,36510,593
Exports of sugar18,63621,78520,20819,69723,02011,4019,680
Local sales1,3271,1881,7571,0831,184537607
Other income620783237726783426305
Operating expenditure14,46515,17717,25916,64620,9018,6909,715
Wages and salaries7,1337,50710,1468,83312,5254,9195,465
Goods and services7,3327,6587,1137,8118,3763,7714,249
Interest01200000
Current surplus or deficit (−) before taxes, transfers and dividends paid to the central government6,1188,5794,9444,8604,0863,675879
Taxes, transfers and dividends paid to the central government2,2842,2792,2782,3362,085731195
Of which
Sugar levy1,9001,8502,0002,0001,800663124
Current surplus or deficit (−) after taxes, transfers and dividends3,8346,3002,6662,5242,0012,944683
Capital expenditure2,0001,6042,6432,5142,849−8681,109
Overall surplus or deficit (•)1,8344,6962311−8482,076−426
B. BERMINE
Operating revenues1,3561,5011,7382,2992,0738171,238
Sales-exports1,19711,6901,5762,0271,9377391,201
Other revenue1592111822721367837
Operating expenditure1,3321,9331,7093,5721,8957001,108
Wages and salaries278385427402415188194
Goods and services9541,5481,2831,3701,479512915
Current surplus or deficit (−)124−3249327179117130
Capital expenditure511115256243157137
Overall surplus or deficit (−)73−433471−64−40−7
C. LINMINE
Operating revenues4,8193,9844,3863,3683,3971,6522,041
Sales - exports4,4153,7984,2173,1862,4961,4371,570
Other revenue404186169383901215471
Operating expenditure4,3474,0804,4923,6473,6931,6352,340
Wages and salaries1,0251,0821,1541,157951439496
Goods and services3,3222,8773,3382,4902,7451,1961,844
Interest0121121115912
Current surplus or deficit (−) before taxes paid to the central government472−96−106−79−29816−299
Taxes paid to the central government30000000
Current surplus or deficit (−) after taxes paid to the central government2,8502,9733,4442,5683,0431,1802,143
Capital expenditure1589668407200
Overall surplus or deficit (−)2,6922,8773,3762,1613,0411,1802,143
D. Other Public Corporations 1/
Operating revenues18,22319,42619,59817,69013,2666,8544,670
Operating expenditure16,67418,29819,39917,32412,5046,2124,043
Wages and salaries2,3152,3832,6262,6471,7301,075404
Goods and services15,30915,87016,33914,60710,7455,1213,623
Interest−750453470281614
Current surplus or deficit (−) before
transfers to the central government1,5491,128399366762642626
Transfers to the central government9641,3981,4017791,141320415
Dividends6410377145172134198
Other transfers and taxes 2/9001,2941,324634969187217
Current surplus or deficit (−) after
transfers to the central government585−270−1,002−413−379322211
Capital expenditure2051,3214821482909298
Overall surplus or deficit (−)380−1,591−1,484−561−669229114
F. National Insurance Scheme
Income2.71533314,0225,2165,3102,2842,959
Contributions2,0882,6553,2463,6034,0691,8232,369
Investment income5056687606681,226452580
Other1228169451589
Expenditures1,4601,7081,9622,5012,9401,2371,980
Payment of benefits1,1621,3301,6232,1232,3959941,595
Other current expenditures298378339379545242385
Current surplus or deficit (−)1,2531,6232,0602,7142,3701,047978
Capital expenditure582159404753
Overall surplus or deficit (−)1,1971,6022,0012,6752,3231,042975
Source: Ministry of Finance.

Other public corporations included the Guyana Electricity Corporation, the Guyana Airways Corporation, and the Guyana Pharmaceutical Corporation, until their privatization in 1999. This also excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

May include company taxes paid by GUYSUCO and transfers from statutory agencies, but not separately identified.

Source: Ministry of Finance.

Other public corporations included the Guyana Electricity Corporation, the Guyana Airways Corporation, and the Guyana Pharmaceutical Corporation, until their privatization in 1999. This also excludes one-off dividend (GS663 million) and transfer (GS144 million) payments by GUYOIL to the central government to clear the accounts prior to GEC privatization.

May include company taxes paid by GUYSUCO and transfers from statutory agencies, but not separately identified.

Table 15.Guyana: Monetary Survey
June
1995199619971998199919992000
(In millions of Guyana dollars)
Net foreign assets−74,964−26,174−6,338−6310,884−1,37417,313
Assets41,38250,34049,31649,55555,43751,73558,808
Liabilities−116,248−76,514−55,554−49,617−44,533−53,109−41,596
Net domestic assets124,30683,75470,35768,75666,12470,78860,751
Public sector credit−10,567−19,248−17,377−14,188−20,730−16,139−23,878
Central government (net) 1/−6,750−13,99410,974−7,844−17,166−7,868−20,698
Other (public enterprises,
NIS and other agencies)−4317−5,254−6,303−6,344−3,565−11,357−5,231
Private sector credit21,10736,30944,86351,83855,82354,44356,033
Valuation adjustment62,93162,01363,53563,95368,95463,95369,957
Private capital and surplus−5,392−13,718−15,054−19,385−21,477−20,408−21,551
Other items net (including
BOG capital, bank liabilities to rest of financial sector)56,57918,398−5,411−13,462−16,446−11,060−19,809
Liabilities to the private sector49,34057,38064,31968,69677,00869,41477,963
Monetary liabilities14,00716,03717,38917,82121,57616,46918,582
Currency in circulation8,9679,95911,19311,33413,42210,33311,577
Demand deposits5,0406,0786,1696,4869,1366,1377,406
Time and savings deposits35,33341,54346,53150,87555,43252,94558,981
(Change as a percent of broad money at beginning of period)
Net foreign assets2.798.934.59.815.910.52.68
Net domestic assets23.4−82.3−22.7−3.03.8−0.5−14.5
Public sector credit0.9−16.83.44.8−9.5−0.8−11.1
Private sector credit18.730.814.910.85.811.723
Other items net3.8−96.3−41.0−18.6−0.3−11.4−5.6
Broad money26.116.711.76.812.18.212.3
Income velocity 2/
Narrow money6.76.66.46.25.87.36.9
Broad money2.01.81.81.61.61.71.7
Source: Bank of Guyana.

Excludes interest-free debentures issued to the Bank of Guyana to cover losses.

For June 1999, calculated using end-1999 Nominal GDP and for June 2000, calculated using cnd-2000 projected nominal GDP.

Source: Bank of Guyana.

Excludes interest-free debentures issued to the Bank of Guyana to cover losses.

For June 1999, calculated using end-1999 Nominal GDP and for June 2000, calculated using cnd-2000 projected nominal GDP.

Table 16.Guyana: Accounts of the Bank of Guyana(In mil lions of Guyana dollars)
June
1995199619971998199919992000
Net foreign assets−75,3881−26,357−4,8721,2397,653−81514,197
Assets37,48446,59043,71945,67548,19446,91851,303
Liabilities−113,365−72,947−50,591−44,436−40,540−47,733−37,106
Net domestic assets84,84836,31716,06510,0955,76911,348−2,621
Public sector (net)−21,564−29,183−25,894−20,909−27,536−22,367−33,138
Central government 1/−19,601−28,622−26,697−22,013−26,722−21,431−31,313
Treasury bills3407952381,0201,5671,3231,139
Debentures174000000
Deposits−20,115−29,417−26,935−23,035−28,289−22,754−32,452
Special funds−7−7−7−7−7−7−7
Social security, pensions, and other public sector−1.913−5448091,113−807−929−1,818
Liabilities to commercial banks10,20210,79413,09715,83912,69414,52813,603
Currency6401,3431,2771,1842,1991,069976
Bankers deposits9,2329,12111,50214,34510,41813,31312,551
Deposits on external payments arrears3313303183107714676
Other items net116,61476,29355,05646,84245,99948,04344,120
Valuation adjustment64,61363,69565,21765,63570,63665,63571,639
Capital, reserves, and counterpart items52,00112,598−10,161−18,793−24,637−17,392−27,318
Capital and contigency reserves−58,045−58,023−57,952−59,065−59,216−59,216−59,484
Medium-term 1 whittles and nonmonetary external deposits−580−488−457−516−675−531−625
Unclassified assets and liabilities (net)136,70795,42975,51468,84272,48370,10870,523
Assets137,63996,66076,75870,70674,67672,31172,770
Of which
Noninterest debentures134,84994,84975,04468,95568,72368,95568,723
Counterpart liabilities4842222240000
Liabilities−932−1,231−1,244−1,866−2,193−2,203−2,248
Counterpart unrequited foreign exchange−26,081−24319−27,266−28,054−37,908−27,953−37,931
SDR allocation account3,0332,9512,8233,3813,3813,3813,600
Other counterpart entries including for valuation adjustment−29,115−27,271−30,089−31,435−36,406−31,334−36,906
Of which
Valuation adjustment and fund account−2,276−2,369−1,031−9,661−1,820−997−1,785
Currency In circulation8,3679,35911,19311,33413,42210,33311,377
Currency issue9,60711,30312,47012,51815,62111,40212,552
Less holdings of commercial banks−640−1,343−1,277−1,183−2,199−1,069−976
Source: Bank of Guyana.

Excludes interest-free debentures issued to the Bank of Guyana to cover losses.

Source: Bank of Guyana.

Excludes interest-free debentures issued to the Bank of Guyana to cover losses.

Table 17.Guyana: Accounts of the Commercial Banks(In millions of Guyana dollars)
June
1995199619971998199919992000
Net foreign assets915183−1,466−1,3013,231−5593,015
Assets37983,7503,4983880724348177505
Liabilities−2,883−3,5674,963−5,181−4,012−5,181−4,489
Net domestic assets39,45747,43854,59258,66260,35559,64063,371
Credit to public sector105979,9358,6176,7216,8066,2289,260
Central government1285114,62715,72314,1719,55713,56310,615
Credit (treasury bills and debentures)14,80617,22218,02715,85013,34616,13414,960
,Advances332811001
Deposits−1,996−2,623−2,303−1,680−3,789−2,5724,345
Public enterprises, NIS and other
agencies−2,086−4,692−7,105−7,450−2,751−7,335−1,355
NTS and other agencies−168−404−3,487−3,850−132−2,050−226
Public enterprises−1,918−4,288−3,618−3,601−2,6195,284−1,129
Credit410255216410683320471
Deposits−2,327−4,542−3,835−4,011−3,302−5,604−1,546
Credit to private sector21,10736,30944,86351,83855,82354,44356,033
Other7,7531,1941,111104−2,274−1,031−1,921
Private capital and surplus−5,392−13,718−15,054−19,385−21,477−20,408−21,551
Interbank float7567551,0814871,059342917
Claims on BOG (net)10,38710,79013,37616,13212,48014,75613,749
Currency6401,3431,2771,1842,1991,069976
Deposits9,4179,11711,78214,63710,20413,53912,697
EPD deposits3313303183107714876
Valuation adjustment−1,682−1,682−1,682−1,682−1,682−1,682−1,682
Other items (net)3,6835,0493,3904,5527,3455,9616,646
Of which
Liabilities to rest of the financial system1,8912,5743,6605,7035,2285,3666,234
External payment deposits (EPDs)3313303183107714876
Liabilities to private sector40,37247,62153,12757,36163,58659,08166,387
Monetary liabilities5,0406,0786,1966,4868,1546,1377,406
Demand deposits4,3015,1315,1865,5476,7215,4017,057
Cashiers and managers checks7389471,0109391,433736349
Time and savings deposits35,33341,54346,93150,87555,43252,94558,981
Source: Bank of Guyana.
Source: Bank of Guyana.
Table 18.Guyana: Net Foreign Assets of the Banking System(In millions of U.S. dollars)
June
1995199619971998199919992000
Net foreign assets−534−186−44664−895
Bank of Guyana−540−187−341446−578
Gross international reserves269332315276267265282
Short-term liabilities−182−178−165−148−140155128
Current−176−171−159−148−140155128
Venezuela Investment Fund−4−3−20000
Use of fund credit−172−168−157−148−140155128
In arrears−6−7−70000
Medium-term liabilities−3−3−3−3−3−3−3
Rescheduled liabilities−623−338−181−112−78−111−73
Commercial banks71−10−818−317
Source: Bank of Guyana.
Source: Bank of Guyana.
Table 19.Guyana: Commercial Bank Credit by Sector
June
1995199619971998199919992000
(In millions of Guyana dollars)
Total21,51736,59345,07952,24856,50954,56256,239
Credit to private sector21,10736,30944,86351,83855,82554,44256,033
Agriculture3,2907,9507,2668,9788,0948,2348,207
Sugarcane2633186181636852
Rice Paddy2,2636,7054,3116,1405,4435,5605,422
Other1,0001,2122,7692,6572,5882,6062,733
Mining8391,0169181,0421,0371,002829
Timber and sawmilling5709381,8341,9672,3002,2152,259
Construction5541,1631,7692,1982,7642,2362,597
Manufacturing2,0718,3149,04013,7509,86610,1089,798
Transport and communications6346899509439651,2521,070
Distribution4,7137,0267,6378,71510,3239,03610,160
Housing and real estate1,3772,1252,4692,9433,3353,2064,183
Personal (excluding housing)3,9083,9846,2997,0047,1276,4155,585
Cooperatives3838162147969277
Services and other

(including mortgage and other local security loans)
3,1133,0666,5204,1519,91810,34611268
Credit to public enterprises410284216410684120206
Sugar1210007000
Bauxite2281484917720973195
Timber and sawmilling0000000
Transport and communications00039534711
Distribution (including rice)083738015700
Other61539511519300
(In percent of total)
Private sector98.199.299.599.298.899.899.6
Public sector1.90.80.50.81.20.20.4
(Annual percentage change)
Total53.870.123.215.98.221.83.1
Private sector53.072.023.615.57.715.62.9
Public sector118.1−30.7−23.989.866.53.7−0.3
Source: Bank of Guyana.
Source: Bank of Guyana.
Table 20.Guyana: Liabilities of the Banking System to the Private Sector
June
1995199619971998199919992000
(In millions of Guyana dollars)
Total49,34057,58064,31968,69677,00869,14477,963
Monetary liabilities14,00716,03717,38917,82121,57616,47018,982
Currency in circulation8,9679,95911,19311,33413,42210,33311.577
Demand deposits5,0406,0786,1966,4868,1546,1377,406
Time and savings deposits35,33341,54346,93150,87555,43252,94558,981
(Annual percentage change)
Total26.917.011.76.812.110.112.3
Monetary liabilities14.014.08.42.521.19.915.3
Currency in circulation10.011.012.41.318.48.512.0
Demand deposits23.021.01.94.725.712.420.7
Time and savings deposits32.018.013.08.49.010.111.4
(In percent of GDP)
Total56.058.460.363.363.857.557.4
Monetary liabilities15.916.316.316.417.913.614.0
Currency in circulation10.210.110.510.411.18.68.5
Demand deposits5.76.25.86.06.85.15.5
Time and savings deposits40.142.144.046.945.943.943.4
Memorandum Hem:
GDP at market prices
(GS billion) 1/88.198.6106.7108.5120.7120.7131.0
Source: Bank of Guyana

June 2000 is projected.

Source: Bank of Guyana

June 2000 is projected.

Table 21.Guyana: Commercial Banks Liquid Asset Requirements
June
1995199619971998199919992000
(In millions of Guyana dollars)
Liabilities 1/50,82363,10172,15076,93577,63778,95283,550
Demand deposits10,20711,98411,64310,45612,55811,28012,972
Time and savings deposits40,61651,11760,50766,47965,07967,67170,578
Liquid assets 2/42,90642,95251,17652,05347,58643,45752,902
Required10,67313,21915,01215,91016,15516,35517,359
Actual21,45321,47625,58824,80823,79321,72826,451
Foreign assets2,5822,2093,6272,4794,8763,8416,100
Currency7611,4351,3421,5572,2861,1491,265
Reserve deposits 3/9,1689,42911,46515,37610,11713,30812,271
Treasury bills 4/8,1957,7708,7984,7765,6793,3226,003
Other 5/747633356620835108812
Excess10,7808,25710,57611,3357,6385,3749,092
(In percent of total liabilities)
Reserves
Required21.020.920.820.720.820.720.8
Actual42.234.035.532.230.627.531.7
Excess21.213.114.714.79.86.810.9
Actual/required2.01.61.71.61.51.31.5
Source: Bank of Guyana (BOG).

Effective May 15, 1991, liabilities as at the close of business on the 3rd Wednesday of each month and from October 28, 1998, weekly average of daily liabilities for the Monday to Friday work week preceding the maintenance week (Monday to Friday immediately following the base period).

Consist of the sum of 25 percent of demand liabilities and 20 percent of time liabilities.

Reserve deposits comprise total deposits of commercial banks with the Bank of Guyana.

Effective 1995 include total treasury bills holdings of banks and other marketable debt obligations of the Government of Guyana, or any foreign government, with a remaining maturity of no more than three months

Comprise bills of exchange, promissory notes and other credit instruments eligible for rediscount with the BOG (under the Bank of Guyana Act 1994), marketable obligations as may be specified by the BOG, and net balances due from other licensed financial institutions in Guyana.

Source: Bank of Guyana (BOG).

Effective May 15, 1991, liabilities as at the close of business on the 3rd Wednesday of each month and from October 28, 1998, weekly average of daily liabilities for the Monday to Friday work week preceding the maintenance week (Monday to Friday immediately following the base period).

Consist of the sum of 25 percent of demand liabilities and 20 percent of time liabilities.

Reserve deposits comprise total deposits of commercial banks with the Bank of Guyana.

Effective 1995 include total treasury bills holdings of banks and other marketable debt obligations of the Government of Guyana, or any foreign government, with a remaining maturity of no more than three months

Comprise bills of exchange, promissory notes and other credit instruments eligible for rediscount with the BOG (under the Bank of Guyana Act 1994), marketable obligations as may be specified by the BOG, and net balances due from other licensed financial institutions in Guyana.

Table 22.Guyana: Reserve Requirements of the Commercial Banks
June
1995199619971998199919992000
(Average for the last reserve period, in millions of Guyana dollars)
Liabilities 1/50,82363,10171,41476,93677,63778,95283,550
Demand deposits10,20711,98410,99310,45612,55811,28012,972
Time deposits40,61651,11760,42166,47965,07967,67170,578
Reserves 2/
Required7,2098,80210,28610,9809,3169,47410,026
Actual8,87211,84813,09314,35810,44912,95612,186
Excess1,6633,0462,8073,3791,1333,4822,159
(In percent of total liabilities)
Reserves
Required14.213.914.414.312.012.012.0
Actual17.518.718.318.713.516.414.6
Excess3.34.83.94.41.54.42.6
Actual/required1.21.41.31.61.11.41.2
Source: Bank of Guyana.

Effective April 7, 1994, average liabilities as at the close of business of the four Wednesdays preceding the maintenance week (Thursday to following Wednesday immediately following the base period) From June 29, 1998, weekly average of daily liabilities for the Monday to Friday work week preceding the maintenance week (Monday to Friday immediately following the base period).

Effective April 7, 1994, consist of the sum of 16 percent of demand liabilities and 14 percent of time liabilities of commercial banks. From June 29, 1998, the base was enlarged to include all licenced depository financial institutions. Effective February 1, 1999, the ratios were reduced to 13 and 11 percent.

Source: Bank of Guyana.

Effective April 7, 1994, average liabilities as at the close of business of the four Wednesdays preceding the maintenance week (Thursday to following Wednesday immediately following the base period) From June 29, 1998, weekly average of daily liabilities for the Monday to Friday work week preceding the maintenance week (Monday to Friday immediately following the base period).

Effective April 7, 1994, consist of the sum of 16 percent of demand liabilities and 14 percent of time liabilities of commercial banks. From June 29, 1998, the base was enlarged to include all licenced depository financial institutions. Effective February 1, 1999, the ratios were reduced to 13 and 11 percent.

Table 23.Guyana: Private Sector Holdings of Domestic Financial Assets
June
1995199619971998199919992000
(In millions of Guyana dollars)
Total65,89875,37584,36991,708104,36196,379108,784
By asset type
Claims on financial system61,89272,83783,15191,210102,32394,389107,217
Banking system48,60256,63463,31067,75775,57468,66977,615
Currency in circulation8,9679,95911,19311,33413,42210,32311,377
Demand deposits4,3015,1315,1865,5476,7215,4017,057
Time deposits12,75615,44316,83317,04818,88517,68420,865
Savings deposits22,57726,10030,09833,82836,54635,36038,116
Nonbanks13,39116,20319,84123,43329,74925,62029,602
Deposits6,9208,66310,54912,16213,42312,74014,949
Shares4,7676,4407,8719,1309,9189,53311,136
Other2.1532,2232,6783,0323,5053,2073,813
Insurance premia1,6601,8911,9622,1742,6732,5763,024
Pension Fund4,5245,3826,3717,6518,4098,0499,025
Trust Fund1882679591,4662,2442,2552,604
Claims on the central government4,0063,0381,1184982,6382,0901,567
Treasury bills2,5082,637783802,3261,7091,464
Government debentures1,47038532641230737798
Defense bonds281796555
By institution
Financial intermediaries61,89272,83683,15191,210102,32394,289107,317
Bank of Guyana8,3679,35911,19311,33413,42210,32311,377
Commercial banks39,63446,67432,11756,42262,13258,34666,038
Nonbanks13,29116,20319,84123,11026,74925,62029,602
Building Society5,0066,7008,1579,46910,2369,83511,425
Trust companies2,1012,2303,3514,1593,4315,1606,128
Insurance companies1,6601,8911,3622,1742,6732,5763,024
Pension schemes4,5245,3826,3717,6518,4098,0499,025
Central government4,0063,0381,1184,982,6382,0901,567
(In percent of total)
By asset type
Claims on financial system93.996.098.799.597.597.898.6
Banking system73.874.675.173.972.071.271.3
Currency in circulation13.613.113.312.412.810.710.6
Demand deposits6.56.86.26.06.45.66.5
Time and saving deposits53.654.855.755.552.854.954.2
Nonbanks20.221.423.525.625.526.627.2
Claims on the central government6.14.01.30.52.52.21.4
Treasury bills3.83.50.90.12.21.81.3
Government debentures2.20.50.40.40.30.40.1
Defense bonds0.00.00.00.00.00.00.0
By Institution
Financial intermediaries93.996.098.799.597.597.898.6
Bank of Guyana13.613.113.312.412.810.710.6
Commercial banks60.161.561.861.559.260.560.7
Nonbanks20.221.423.525.225.526.627.2
Central government6.14.01.30.52.52.21.4
Memorandum iteams:
Total assets (percent of GOP)74.877.079.084.997.079.990.2
Total assets (percent change)22.615.111.18.814.513.412.9
Source: Bank of Guyana.
Source: Bank of Guyana.
Table 24.Guyana: Private Nonbank Financial Institutions(In millions of Guyana dollars)
June
199519961997199819992000
Net foreign assets5881,2141,6191,7351,5612,0251,835
Assets4,5374,6465,2415,2955,7195,8346,265
Liabilities−3,950−3,432−3,622−3,560−4,158−3,809−4,430
Claims on other financial institutions2,2304,1525,3435,1504,4144,7155,132
Net domestic assets17,28816,59015,92020,01520,38426,80131,348
Central government6,8866,5996,1386,0046,6856,8777,215
Treasury bills6,4086,2155,6895,6306,3846,5387,215
Debentures4783844493743003390
Rest of public sector100013421600
Private sector7,3859,45813,23512,27215,36913,90517,158
Unclassified (net)3,007533−3,4521,605−1,8856,0196,975
Liabilities to private sector20,10321,95522,88226,90026,35933,54138,315
Source: Bank of Guyana.
Source: Bank of Guyana.
Table 25.Guyana: Selected Interest Rates(In percent per annum, end of period unless otherwise indicated)
June
1995199619971998199919992000
Local rates
Prime lending rate19.117.216.917.017.417.117.3
Bank rate17.312.011.011.313.314.513.0
Treasury bills (91-day)15.59.98.28.811.111.610.2
Small savings rate10.57.77.47.18.18.07.8
Time deposits
3-month12.89.08.48.09.49.39.0
6-month13.89.99.48.310.09.69.5
12-month14.49.59.39.710.310.39.8
Interest paid on deposits against external payment arrears with commercial banks20.411.09.810.012.313.512.0
Weighted average time deposit13.09.68.58.29.59.59.2
Weighted average lending rate20.418.518.318.418.118.517.7
International rates
LIBOR6.05.55.85.66.25.16.8
Treasury bill rate
United Kingdom6.45.86.56.85.04.85.9
United States5.55.05.14.84.74.65.9
Canada6.94.23.34.74.74.65.8
Jamaica27.738.021.125.720.620.417.6
Trinidad and Tobago8.410.49.811.910.410.1
Sources: IMF, international Financial Statistics; data provided by the Giryanese authorities; and Fund staff etimates
Sources: IMF, international Financial Statistics; data provided by the Giryanese authorities; and Fund staff etimates
Table 26.Guyana: Balance of Payments
June
199519961997199819999992000
(In millions of US. dollars)
Current account
(excluding official transfers)−111−54−106−99−758−67
Merchandise trade (net)−41−20−49−54−2535−36
Exports (toil.)496575592547525239249
Of which
Bauxite83868979773541
Sugar1261511331291366252
Rice77958473713427
Gold9510413712410953105
Timber810171816
Imports (c.i.1)537595642601550203285
Services (net)−102−75−97−88−89−42−44
Nonfactor services−26−22−23−32−31−16−12
Factor services−75−52−74−56−58−26−32
Net private transfers32414044392019
Capital and financial account7912512579571777
Capital account 1/2/05240013466
Financial account79−39912579−771171
Nonfinancial public sector (net) 1/2−4586127−98119
Net official transfers121724131582
Net official borrowing−10−4753813−11236
Project loans3340373428
Program loans846302519
Amortization−50−835−29−45−737−11−10
Restructured stock027400578
Private sector (net)7759645221063
Of which
Foreign direct investment (net)7853524448
Errors and omissions−13−11−15316−37−I
Overall balance 2/−44604−17−2−1210
Financing 2/44−60−417212−10
BOG net foreign assets (increase -)2−73317−912−32
Change in NFPS arrears013−250−188
Exceptional financing 1/2/420180198
Memorandum items:
Current account balance
(in percent of GDP)−17.9−7.7−14.2−13.7−11.0
Gross official reserves269332315276267263282
(in months of imports of goods and nonfactor services)4.65.24.74.34.4
(Percentage change)
Export volume−21414−2−1
Export prices132−10−6−3
Import volume−18134−13
Import, prices73−4−106
External terms of trade5−1−54−8
Sources: Bank of Guyana; Statistical Bureau of Guyana; Ministry of Finance, and Fund staff estimates.

In 1996 Guyana received a debt-stock reduction on Naples terms from Paris Club Creditors, including Trinidad and Tobago. 1999 comparable treatment from Non-Paris Club bilateral creditors is assumed.

Debt forgiveness of future maturities is presented as a capital transfer and debt forgiveness of arrears and current maturities is captured under exceptional financing.

Sources: Bank of Guyana; Statistical Bureau of Guyana; Ministry of Finance, and Fund staff estimates.

In 1996 Guyana received a debt-stock reduction on Naples terms from Paris Club Creditors, including Trinidad and Tobago. 1999 comparable treatment from Non-Paris Club bilateral creditors is assumed.

Debt forgiveness of future maturities is presented as a capital transfer and debt forgiveness of arrears and current maturities is captured under exceptional financing.

Table 27.Guyana: Value, Price, and Volume Indices for Exports and Imports
June
1995199619971998199919992000
(1982 - 100)
Exports
Value173.7201.6207.6191.7184.0
Prices112.2114.1103.296.993.7
Volume154.8176.7201.1197.8196.3
Imports
Value153.7170.3183.7172.1157.4
Prices136.7140.4134.4120.8127.6
Volume112.4121.3136.7142.5123.4
Terms of trade82.181.376.880.273.5
(Annual changes in percent)
Exports
Value10.816.12.9−7.7−4.0
Unit Value12.81.7−9.5−6.1−3.3
Volume−1.714.213.8−1.6−0.8
Imports
Value6.010.87.8−6.3−8.5
Unit Value7.32.7−4.3−10.15.6
Volume−1.27.912.74.2−13.4
Terms of trade5.1−1.0−5.54.4−8.4
Source: Fund staff estimates.
Source: Fund staff estimates.
Table 28.Guyana: Commodity Composition of Exports(Value in millions of U.S. dollars, volume in thousands of metric tons, unless otherwise stated and unit value in U.S. dollars per metric ton, or per other units as specified)
June
1995199619971998199919992000
Total exports (f.o.b.)496575592547525239249
Bauxite - value83868979773541
Volume1,9712,1002,2002,3462,3891,1061,379
Unit value42414133323230
Sugar - value1261511331291366252
Volume225256256237282122115
Unit value557589520545483512453
Rice - value77958473713427
Volume201264285250252110107
Unit value381359295293283307253
Gold - value951041371241095361
Volume (000 oz)275290411417392188213
Unit value (US$/oz)344359333297278281287
Timber - value8101718161012
Volume (000 cu.m)364210274923447
Unit value (US$/cu.m)231243172243174216220
Other91108108102963452
Re-exports (f.o.b.)1722232220114
Sources: Bank of Guyana, Bureau of Statistics; and Fund staff estimates.
Sources: Bank of Guyana, Bureau of Statistics; and Fund staff estimates.
Table 29.Guyana: Composition of Imports1/
June
1995199619971998199919992000
(In millions of U.S. dollars)
Total imports, c.i.f.536.8595.0641.6601.2549.9203.3285.3
Capital goods187.7174.1184.8162.6135.543.767.5
Consumer goods114.1168.9181.5193.7174.967.972.5
Fuel and lubricants89.589.9100.072.088.542.156.4
Other intermediate143.7161.1174.5172.4151.049.288.3
Miscellaneous1.81.00.80.50.00.30.6
(In percent change)
Total imports, c.i.f.6.010.87.8−6.3−8.540.3
Capital goods70.1−7.36.1−12.0−16.754.5
Consumer goods38.648.17.56.7−9.76.8
Fuel and lubricants−34.10.411.2−28.022.934.0
Other intermediate15.512.18.3−1.2−12.479.5
Miscellaneous−96.7−43.7−20.0−37.5−100.0100.0
Sources: Bank of Guyana; and Fund staff estimates.

Classification of imports from 1997 is based on the newly introduced ASYCUDA system and is not directly comparable to data prior to 1997.

Sources: Bank of Guyana; and Fund staff estimates.

Classification of imports from 1997 is based on the newly introduced ASYCUDA system and is not directly comparable to data prior to 1997.

Table 30.Guyana: Services Account 1/(In millions of U.S. dollars)
June
1995199619971998199919992000
Nonfactor services (net)−26.3−22.3−23.2−32.0−31.1−16.1−12.2
Receipts133.5149.3148.1141.8147.067.9106.0
Transportation33.134.43.32.83.32.03.1
Travel and tourism32.644.4112.0108.0106.239.143.7
Communication services 2/60.562.90.00.00.016.1
Government, n.i.e.3.94.10.00.00.0
Other3.43.632.831.037.526.843.1
Payments159.8171.6171.3173.8178.184.0118.2
Transportation68.772.27.06.07.12.73.6
Travel and tourism21.122.162.063.075.419.521.7
Communication services 2/38.540.41.00.82.70.211.9
Construction services5.76.00.00.00.0
Insurance services8.59.061.354.038.920.328.5
Nonmerchandise insurance5.45.60.00.03.17.86.2
Government, n.i.e4.34.50.00.00.0
Other7.611.840.049.950.933.546.3
Interest (net)−75.2−53.9−69.8−53.1−54.3−23.7−28.8
Payments−86.0−54.7−56.8−44.1−65.5−27.1−32.6
Receipts10.89.812.511.911.23.43.8
Sources: Bank of Guyana, Mini bin of Finance; and Fund staff estimates.

Classification from 1997 reflected the use of new Bank of Guyana survey forms and data are not directly comparable to previous years.

Full data on communication services are reported from 2000.

Sources: Bank of Guyana, Mini bin of Finance; and Fund staff estimates.

Classification from 1997 reflected the use of new Bank of Guyana survey forms and data are not directly comparable to previous years.

Full data on communication services are reported from 2000.

Table 31.Guyana: External Public Debt and Debt Service(In millions of U.S. dollars)
19951996199719981999
Total public sector debt 1/2,5681,5681,3691,3831,408
Government 2/3/1,1881,2011,0841,1141,175
Bank of Guyana 3/813367285270233
Drawings55112917172
Government 2/4086675860
Bank of Guyana1426241212
Actual amortization−71−71−74−72−41
Government 2/−34−34−34−37−19
Bank of Guyana−37−36−39−35−21
Actual interest payments3734545829
Government 2/2524465023
Bank of Guyana1210S87
Actual debt service10810412813070
Government 2/5958808742
Bank of Guyana4947474328
Memorandum items:
Multilateral debt (percent of total)4762696864
Debt/GDP318223183197207
Actual debt-service ratio 4/5/1715171910
Scheduled debt-service ratio 4/2723161516
Government debt service/revenue2824344035
Government interest/current expenditure1614232717
Effective interest rate 6/22342
Sources: Data provided by the Guyanese authorities; World Bank Debtor Reporting System; and Fund staff estimates and projections.

Including valuation adjustment

Including nonfinancial public enterprises.

Reflects Paris Club stock-of-debt operation in May 1996.

In percent of exports of goods and nonfactor services.

In 1997 the ratio reflects interest payments carried over from 1996 upon conclusion of bilateral agreements under the Paris Club framework. In 1998 the ratio reflects arrears payments.

Interest payments as a percent of average stock of debt 1997 and 1998 reflects payments on interest arrears.

Sources: Data provided by the Guyanese authorities; World Bank Debtor Reporting System; and Fund staff estimates and projections.

Including valuation adjustment

Including nonfinancial public enterprises.

Reflects Paris Club stock-of-debt operation in May 1996.

In percent of exports of goods and nonfactor services.

In 1997 the ratio reflects interest payments carried over from 1996 upon conclusion of bilateral agreements under the Paris Club framework. In 1998 the ratio reflects arrears payments.

Interest payments as a percent of average stock of debt 1997 and 1998 reflects payments on interest arrears.

Table 32.Guyana: External Public Sector Debt 1/(In millions of U.S. dollars)
19951996199719981999
Total external panic debt2,0011,5681,3691,4141,408
Government and government guaranteed medium- and long- term debt1,1881,2011,0841,1431,175
Of which
Official bilateral444461384383391
Of which
China2430303030
Germany3218181717
Trinidad and Tobago107177177177177
United Kingdom17373737373
United States2533333339
Multilateral622678664698676
CDB5751515150
IBRD3827IS1613
IDA213213220237236
IDH243300301322310
OPEC2324192218
Other4663544950
Bank or Guyana debt813367285271233
Bilateral499691185
Multilateral314298275263228
CMCF13913011810897
IMF175168157154131
Sources: Ministry of Finance; Bank of Guyana; and Fund staff estimates.

The stock of debt outstanding at end-year reflects the situation before the implementation of the 11 IPC Initiatives.

Sources: Ministry of Finance; Bank of Guyana; and Fund staff estimates.

The stock of debt outstanding at end-year reflects the situation before the implementation of the 11 IPC Initiatives.

Table 33.Guyana: Effective Exchange Rates and Related Series(Index: 1990 = 100)
Real Effective Exchange Rate 1/2/Nominal Effective Exchange Rate 2/Relative Consumer PricesExchange Rates in Terms of U.S. Dollars 1/Consumer Prices
Seasonally AdjustedSeasonally Unadjusted
1994101.650.5194.534.0314.2314.0
1995103.548.1207.633.1352.6352.4
1996111.749.9216.233.5377.7377.4
1997117.852.0218.833.0391.0390.8
1998118.551.0224.731.2409.0408.7
1999107.443.6237.926.4439.8439.3
1994
I105.452.5193.935.8298.7295.6
II99.751.2188.234.0302.9302.4
III100.449.5195.833.2322.7323.2
IV101.048.8200.133.0332.6332.9
1995
I101.948.2204.132.8342.4340.1
II100.446.8207.132.7350.7349.6
III103.448.1207.533.1354.0356.3
IV108.2493211.833.7363.4363.6
1996
I110.049.7213.733.5369.7367.8
II112.150.1216.033.5376.5375.5
II112.449.9217.433.5380.9382.9
IV112.549.9217.633.4383.6383.4
1997
I115.451.4217.133.2385.1383.6
II116.251.7217.233.1386.8386.3
III118.852.4219.032.9392.3394.1
IV120.852.6222.132.8399.8399.2
1998
I122.653.2222.732.4402.7401.5
II122.052.3225.131.9409.2408.9
III119.851.5224.7313409.7411.1
IV109.646.8226.329.4414.3413.4
1999
I104.843.7231.826.8425.1424.2
II107.944.0236.626.5435.8436.5
III108.643.7240.126.3444.5445.9
IV108.243.0243.126.0453.0451.7
2000
I110.343.3240.125.9461.4460.5
II110.844.1242.625.8457.7458.2
Sources: Data provided by the Guyana authorities; and IMF, Information Notice System.

Increases mean appreciation.

Using seasonally adjusted price indices.

Sources: Data provided by the Guyana authorities; and IMF, Information Notice System.

Increases mean appreciation.

Using seasonally adjusted price indices.

APPENDIX I Guyana: Summary of the Tax System

As of December 31, 1999

Tax (Taxpayer)Description/Tax BaseRatesDeductions and Main Exemptions 1/
1. INCOME TAX
a) Personal and corporateTax base:PersonalDeductions:
Individuals and corporations receiving income earned from carrying out productive activities (including the rendering of services) within the territory of the Republic of Guyana.The total amount of net taxable income-whether in money or in kind-earned by the taxpayer (gross income less expenses and deductions).Threshold: GJ216,000 per year.
Individuals pay rates of 20 percent on annual income exceeding GJ216,000 but below GS3 50,000 (monthly income exceeding GS18,000 but below GS29.083; and 33 1/3 percent on annual income from GS330.0O0 upwards (monthly income from GS29,083 onwards).





Exempted types of income:

1. Donations to charitable organizations

2. Dividends

3. Annual leave passage allowances to traditional public servants

(which equals one month salary)
Corporate
1. Commercial Corporations - 45 percent4. Interest and other income which attracts withholding tax
2. Corporations other than commercial - 35 percent
Companies pay a minimum tax of 2 percent. This is credited when they return to profitability.
b) Withholding
Individuals and corporationsInterest earned on:
(i) Interest bearing deposit accountsFifteen percentExempted persons or entities:
(ii) Loans secured by bonds and similar instrumentsFifteen percent1. Disabled individuals and senior citizens whose total annual income does not exceed GS216.000
Payments other than interest to nonresidents2. Charitable organizations
Ten percent
Exempted types of income:
Discount earned on Treasury BilkFifteen percent tax.1. Treasury bill discounts earned by commercial banks
Gross sales to the Gold Board by individual gold minersTwo percent
2. ENTERTAINMENT TAXIncome generated from entertainment, foreign artists and cinemasTwenty five percentExempted types of income:

Performances by Caribbean and nonresident Guyanese artists
3. PREMIUMTax paid on insurance premiums to:
(i) Nonresident companies carrying on business in GuyanaSix percent
(ii) Nonresident companies not carrying on business in GuyanaTen percent
4. PROPERTY TAXES
a) PropertyTax base: PersonalExempted Persons/Entities
(i) On the first GS7.500.000 of net propertyZero rate1. United Nations officials and members of consular services
(ii) For every dollar of the next GS3,000,000 of net propertyHalf of one percent2. Any Expert, adviser, technician or official whose salary is not payable by the Government of Guyana
(iii) For every dollar of the remainder of the net propertyThree quarters of one percent3. Local Authorities

4. Charitable organisations
Tax base: Corporate
(i) On the first GS1,500,000 of net property.Zero rate
(ii) For every dollar of the next GS5,000,000 of net property1/2 percent
(iii) For every dollar of me remainder of the net property3/4 percent
b) Process Fee

(previously Estate Duty) Heirs or Recipients
Estates with gross value exceeding GS100.000Half of one percent
c) Capital rainsIncome gained from the sale, disposal or transfer of capital items (e.g. vehicles, real estateTwenty percentDisposal of public corporation shares
5. PURCHASE TAXTax paid on the accumulated retail value of vehicles purchased, based on engine capacity:Exempted Persons Entities

1. Eligible remigrants and public servants for vehicles 2000cc and below
(i) Under 1500 ccTen percent
(ii) From 1500 cc to 2000 ccTwenty percent
(iii) From 2000 cc to 3000 ccSeventy percent
(iv) From 3000 cc and aboveOne hundred percent
6. TRAVEL TAXES
a) Travel voucher taxTax paid on the cost of any airline ticket for which the journey originates in GuyanaTen percentExempted persons or entities:
1. Children under seven years of age
b) Travel TaxTax exit required to be paid by passengers departing GuyanaGS2,500 per passenger2. United Nations officials and members of permanent consular services
7. IMPORT DUTIES
Any individual or corporation importing goods liable to taxationAll goods liable for taxation that are imported into GuyanaExempted companies/Items
1. All oil commodities imported by mining companies
Tax base: The c.i.f. value of the merchandise General ratesZero to twenty percent Forty percent2. Imports originated from Caricom countries
3. Fuel imported from Venezuela and Curacao
4. Eligible remigrants and public servants (vehicles)
Special rates (natural agricultural products)
Motor vehiclesForty five percent5. Certain manufacturing equipment and raw materials
Luxury itemsOne hundred percent
8. EXPORT DUTIESExempted Items
Aquarium fish - value of exportFive percent1. Manufactured articles
Shrimpone percent2. Goods other than bauxite and sugar exported to another community state
Bauxite - tonneGSo.45
Timber3. Forest products other than those mentioned under tax base.
Rough green hard logs - cubic meterGSo.29
Sawn green hard wood - cubic meterGS5.094. Agri products and by product other than sugar and molasses
Live birds - value of export1.5 percent
Sugar - tonneGSl (deposited in Sugar Industry Stabilization Fund)
All other articlesOne and a half percent
9. CONSUMPTION TAXTax Base:
On imported GoodsI. Partial exemption granted for the importation of motor vehicles by Public servants and eligible remigrants
The c.i.f. value of the merchandise plus:
(i) Value of duty paid on oil importsFifty percent2. Certain manufacturing equipment and raw materials
(ii) Value of duty paid on nonoil imports0-30 percent
On local goods:
(i) Sales value of alcoholic beveragesFifty percent
(ii) Production cost of tobacco128 percent
(iii) Other goods
Primary inputs and capital goods0-10 percent
Intermediate inputs and final goods15-30 percent
On local services:
(i) Value of overseas telephone callsTen percent
(ii) Betting shops - value of the betTen percent

Not a comprehensive list

Not a comprehensive list

APPENDIX II Guyana: A Decade of Structural Reforms, 1990-99
ReformsImplementation Dates
I. Financial sector Reforms Reforms.
The rediscount rate for treasury bills was set at 1 percentage point above the treasury bill rate.June 1990
A monetary policy unit was established in the central bank to strengthen the institutional framework for the conduct of monetary policy.July 1990
Two thirds of the excess liquidity of commercial banks converted into medium-term liabilities. Remaining amount scheduled to be converted by end-October 1991.April 1991
Competitive bidding for treasury bills introduced.June 1991
Implementation of new mechanism by the Central Bank for the determination of the bank rate, special deposit rates, and the rediscount rate linking them to the market-determined treasury bill yields.March 1992
The frequency of 91-day treasury bill auctions increased from monthly to a biweekly.June 1994
Remuneration or elimination of special reserve deposits of banks.December 1994
The Financial Institutions Act (FIA) was passed and (became operational in May 1995).March 1995
To ensure conformity with the FIA, amendments made to the Cooperative Financial instutions Act, the dealers m foreign currency (Licensing) Act, the Companies Act, and the Capital Issues (Control) Act.May 1995
Weekly auctions for 91-day treasury bills commenced.February 1996
As part of the currency reform program, $1, $5, and S10 notes retiredJanuary 1997
In accordance with the FIA the Bank of Guyana issued a provisional license to GNCB Trust Corporation to carry on depository financial business with authority to engage in trust business.January 1997
Privatization of the government-owned in NBIC.October 1997
Bank of Guyana revised die 1966 circulars on reserve and liquid assets requirements of all licensed financial institutions in line with international standards.July/September 1998
Bank of Guyana introduced the National Clearing House, which signficantly reduced the time for processing interbank checks by commercial banks.September 1998
Parliament passed the revised Bank of Guyana Act for the reorganization and recapitalization of the Bank (Bank’s capital raised from GS6 million to GSI billion).November 1998
Limits on Treasury bills yields in weekly auctions reducedJanuary 1999
The Bank of Guyana reduced the reserve requirement ratios of licensed financial institutionsFebruary 1999
from 16 to 14 percent on demand and time liabilities, respectively, to 12 percent on all liabilities.
Appointment of an expatriate team to manage and restructure the troubled state-owned commercial bank (GNCB)April 1999
Completion of report analyzing options for the future of GNCB (decision to retructure with a view to privatizing was made in March 2000)December 1999
II. Reforms in the Exchange System
The cambio market was established as a first step toward unification of the exchange rate system The new system introduced two markets - the official and the cambio markets.March 1990
The Guyana dollar was devalued from GS33 per USS1 to GS45 per USS 1. This was effected to correct the wide and growing disparity between the parallel market rate (GS55 to GS60 per US$1) and the official exchange rate (GS33 per US$1).June 1990
The Guyana dollar in the official market devalued again from GS45 to GS 101.75 per US$1, the level prevailing in the cambio market. The official rate was determined weekly based on the average free-market rates for the preceding week.February 1991
To achieve closer integration of the official and cambio markets, the Bank of Guyana initiated a policy of foreign exchange transactions with the cambio market Consistent with its target for gross international reserves, the bank was able to supply US$21.9 million to that market.August 1993
Elimination of the Exchange Control Act.December 1995
Elimination of the foreign exchange surrender requirements for exporters.December 1996
III. Reforms in the Trade System
Approval of legislation to bring Guyana in line with the Common External Tariff (CET) of the Caribbean Common Market (CCM). A CET applied to imports from outside CARICOM.February 1991
Agreement among CAR1COM member states to a phased reduction in the CET rate structure from the existing rates of 0-45 percent to 5-20 percent by January 1, 1997 (which was later extended). For basic competing primary inputs and capital goods, the average rate was to fall from 30 percent to 10 percentOctober 1992
Guyana implemented the first and second steps in the phased CET reduction, lowering its maximum tariff rate from 45 to 30 percentJanuary 1994, September 1995
Guyana implemented the third step in the phased CET reduction, lowering its maximum tariff rate from 30 to 25 percent.November 1997
Guyana implemented the fourth and final phase of the reduction by lowering its maximum tariff rate from 25 percent to 20 percent.April 1999
IV. Tax Reforms
Consumption tax and import duties were eliminated on agricultural, forestry, and mining equipment.August 1990
Coverage of consumption tax and import duties were extended and some exemptions eliminated.1990
Tax policy was simplified and broadened with aim of increasing revenue; measures included personal income thresholds, and tax bracket reduction.February 1991
Computerization of Internal Revenue Department initiated.December 1991
Tax system modified with new corporate tax rate, increase in personal income threshold, and elimination or reduction of consumption tax for goods.January to December 1992
Single personal income tax rate of 33.3% created, minimum payment threshold increased, and new travel and hotel taxes introduced.July 1992
Revenue and Customs Departments strengthened with tightened procedures and new Valuation Department.1993
Tax system reformed with measures aimed at merging parallel and official economies.Jan-June 1994
Decision to eliminate discretionary waivers of consumption taxes and import duties.June 1994
Revenue Authority created to merge the Inland Revenue and Custom departments for efficiency gains (became fully operational in January 2000. Delay due to court injunction)July 1996
V. Improvements in Business Environment
Pricing of imported goods under commodity aid at to be cambio rate, with exception of foodstuffs and agricultural inputs.April 1990 to March 1991
Price controls and public sector tariffs were set to cover cost of production, acquisition, and related charges and taxes.April 1990 to April 1991
Sugar prices were limited to no greater than 15% of acquisition costs.December 1990
Phased elimination of price controls except for sugar and electricity.1991 to 1993
Elimination of subsidies on domestic sugar sales.October 1992
Operation of “one stop” shop GO-INVEST initiated.September 1994
Wages in private sector to be freely determined.1994 to 1996
Regulatory framework put in place for GUYSUCOFebruary 1998
Land reform initiated with approval of policy documents on National Land Use Policy and Land Tenure Reform Policy.June 1998
Securities trading and insurance industry regulatory framework established.October 1998
Deed registry system strengthened and made into an autonomous agency.February 1999
VI. Public Sector Reforms
Number of Central Government Ministries reduced from 18 to 11.January 1991
Public sector salary structure modified providing selective salary increases and merit increases tied to productivity.1991 to 1993
Guyana Electricity Company managerial capacity strengthened.June 1992
Rehabilitation of LINMINE initiated with management contract awarded to foreign company.December 1994
Plan established to streamline size of public sector.June 1997
Sugar levy revised to be more transparent.January 1998
Corporate tax rate and import regime of GUYSUCO brought in line with private sector.January 1998
Public sector rules streamlined to give managers greater authority over employees.September 1998
VII. Statistical and Data Improvement Policies
Household expenditure survey initiated with view of resuming publication of CPI.June 1992
Publication of new Consumer Price IndexDecember 1994
Measures adopted to increase capacity of Bureau of Statistics and Research Department of Bank of GuyanaDecember 1994
Reporting system for basic data introduced for public enterprises and banking sector.December 1994
Quarterly reports released on the operation of public enterprises and the Public Sector Investment Program.March 1996
Reporting system for foreign direct investment and private sector enterprises introduced.May 1996
Historical compilation of balance of payments statistics completed.March 1998

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