Guyana advances crucial discussions with U.S. partners

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–as Senior Minister engages various U.S. gov’t officials and agencies on developmental matters

DURING a four-day visit to the United States of America (USA), Senior Minister in the Office of the President with Responsibility for Finance and Public Service Dr. Ashni Singh met and held discussions with several high-level officials, as Guyana and the U.S. continue to strengthen their economic and bilateral ties.

The two countries have been partnering in many areas, such as economic growth, trade and development, including enhanced security. The U.S. EXIM Bank has also been partnering with Guyana on its major gas-to- energy project, which the Government of Guyana has been working aggressively to bring on stream. When completed, this project will improve reliability, and significantly reduce the cost of electricity in the country; something that is in high demand due to business, infrastructure, investment and housing expansion. It will also unlock the potential of the manufacturing sector in one of the world’s fastest-growing economies. During his visit to the U.S., Dr. Singh, accompanied by Guyana’s Ambassador to the U.S. Samuel Hinds, met with the Deputy Assistant Secretary, United States (US) Department of Treasury Michael Kaplan, in Washington DC.

While there, he updated Mr. Kaplan on recent economic developments and prospects in Guyana, and explored opportunities for the two countries to collaborate on matters of shared interest. He also reiterated the Government of Guyana’s commitment to maintaining a favourable macroeconomic environment and strong institutional framework, which will facilitate increased opportunities for U.S. companies to do business in Guyana.

Later, the Senior Minister met with the United States Agency for International Development (USAID) Deputy Administrator for Policy and Programming, Isobel Coleman in Washington DC. At that meeting, Dr. Singh alluded to Guyana’s overall economic growth of 49.7 per cent, and the non-oil growth of 12.6 per cent in the first half of 2024, representing the fourth successive year of expansion in the non-oil economy at the half-year. He further outlined the efforts being made by the government to ensure that this sustained strong economic growth redounds to the benefit of all Guyanese. The two teams also explored several avenues for further collaboration, going forward.

Under Secretary of State for Economic Growth, Energy, and the Environment Mr. Jose W. Fernandez with Finance Minister Dr. Ashni Singh AVENUES FOR CLOSER COOPERATION Dr. Singh also met with the United States Under Secretary of State for Economic Growth, Energy, and the Environment, Mr. Jose W. Fernandez, and Assistant Secretary, Bureau of Energy Resources, Mr. Geoffrey R. Pyatt, at the State Department in Washington DC, where discussions focused on a number of avenues for closer cooperation in advancing the agenda for economic growth, and improving the lives of the Guyanese people, including in the areas of energy security, human capital development, and pandemic preparedness in the context of the Economic and Health Dialogue of the Americas.

Dr. Singh further reiterated that the Government of Guyana places the highest level of importance on the special relationship shared with the U.S., as he used the opportunity to restate appreciation, on behalf of President Dr. Irfaan Ali, and the Government and People of Guyana, of the U.S.’s strong support for the restoration of democracy in 1992, and its preservation during the 2020 General and Regional Elections.

He also thanked the U.S. for unequivocally supporting the sovereignty and territorial integrity of Guyana, in terms of the Guyana/Venezuela border controversy.

The Senior Minister later met with the Assistant United States Trade Representative for the Western Hemisphere, Mr. Daniel Watson, in Washington DC., where discussions centered on enhancing the trade and investment partnership between the U.S. and Guyana, with him emphasising that the U.S. continues to be one of Guyana’s most significant trading partners, and reiterated Government commitment to maintaining a strong institutional environment, and a favourable macroeconomic environment conducive to US companies doing business in Guyana.

Then, as Guyana makes further steps into commencing its major gas-to-energy project, Dr. Singh met with the Senior Advisor to the President and Chair, Mr. Larry T. Decker, and other senior and technical officials of the Export-Import (EXIM) Bank of the United States in Washington DC. They discussed the bank’s support towards the transformational project, which, when completed, is expected to significantly reduce electricity costs, increase the competitiveness of other industries, and reduce the nation’s reliance on heavy fossil fuels. During that high-level meeting, Dr. Singh also expressed appreciation to the Bank for their continued support of Guyana, and reiterated that the government values greatly, its relationship with the Bank.

The meetings between Dr. Singh and U.S. officials also included a meeting with the Executive President of the CAF (Corporacion Andina de Fomento Development Bank of Latin America and the Caribbean), Mr. Sergio Díaz-Granados. During this meeting, the minister explained that the government is open to partnership with CAF, and would like to see the bank play a role in Guyana’s exciting transformation currently underway. The two sides also explored ways in which the financial institution can partner with the government to ensure that the current aggressive infrastructure build-out is financed optimally, and that critical investments are made toward further boosting the economy and diversifying a number of critical sectors in the country.

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