IMF report silenced critics, says Jagdeo

Vice President Bharrat Jagdeo on Wednesday criticised sections of the media and government critics for what he described as a poor response to the recent positive assessment of Guyana’s economic policies by the International Monetary Fund (IMF).

Speaking at his weekly press briefing, Jagdeo said some outlets focus on “obscure reports” to criticise the administration while giving little attention to the IMF’s evaluation of the country’s economic trajectory.

Jagdeo noted that while Guyana does not currently have a formal programme with the IMF, the organisation issued a favourable statement on the country’s economic progress.

He emphasised that under the People’s Progressive Party (PPP), which has governed since 2006, Guyana moved from being classified as “uncreditworthy to borrow”—a designation it held in the 1980s and 1990s under the People’s National Congress (PNC).

“When you get such a declaration, it means you can’t borrow commercially and can only secure loans under an IMF-supported programme, which comes with numerous conditions,” he said.

Jagdeo recalled that in the 1990s, Guyana’s economy was bankrupt, prompting IMF-mandated structural adjustment programmes to stabilise the country’s finances.

He said the PPP worked to exit those programmes, reducing the debt-to-GDP ratio from 900 per cent in the 1990s to between 40 per cent and 45 per cent before 2015, ahead of the oil and gas boom.

“By 2015, before oil, we were using a smaller share of revenue to service debt than any CARICOM country and many nations worldwide,” he stated.

Jagdeo also contrasted the IMF’s findings with claims made by Opposition Leader Aubrey Norton, who met with the IMF and alleged government incompetence and corruption. However, Jagdeo noted that the IMF’s review made no mention of such concerns.

The IMF’s assessment highlighted that Guyana’s economic transformation is progressing rapidly, with a highly favourable medium-term outlook.

The report stated that fiscal policy is appropriate given the country’s development and investment needs, and that fiscal deficits are expected to gradually close over time.

The IMF also noted that Guyana’s monetary policy remains “appropriately tight,” helping to contain inflation.

The organisation commended the government’s commitment to macroeconomic stability, fiscal sustainability, and inclusive growth.