Cover IMF Staff Country Reports
Guyana: 2019 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Guyana
Author:
International Monetary Fund. Western Hemisphere Dept.
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Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2019: Issue 296
Language:
English
Publication Date:
17 Sep 2019
DOI:
https://doi.org/10.5089/9781513514093.002
ISBN:
9781513514093
ISSN:
1934-7685
Pages:
91
Keywords:
ISCR; CR; debt; authority; Guyanese authorities; CARTAC; authorities project inflation; IMF FSAP; government procurement; GDP ratio; Oil production; Oil; Caribbean; Global
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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.
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Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund
Volume 2019: Issue 296