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IDB and
China debt write-off to push development in Guyana |
GEORGETOWN,
Guayan (GINA): Guyana will be removed from the ‘highly
indebted’ status through an Inter-American Development Bank
initiative to provide debt relief amounting to US$355.5M
that would be retroactive to January 1, this year.
This will aid in reducing the net present value of Guyana’s
total external debt from 122 percent of the gross domestic
product at the end of 2002 to only 38 percent, an IDB
release stated. The country will benefit from an additional
$119 million in savings from cancelled interest payments.
The debt relief package included the partial cancellation of
loans approved but the disbursements were not completed.
The Government rescinded payments totalling US$35 million on
such projects as the Georgetown Water Supply and Sewerage
Programme, Unserved Areas Electrification Programme,
Agriculture Support Services Programme, Fiscal and Financial
Public Management and Modernisation Programme,
Mahaica-Rosignol Road, Low Income Settlement and Social
Impact Amelioration Programme, the release further stated. |
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In 2007, Guyana
will save around US$9 million in IDB debt services which
will now be available for the country to use in accordance
with national priorities in order to achieve the Millennium
Development Goals.
Meanwhile, a high ranking Chinese Government official, Gu
Xiulian, Vice-Chairperson of the Standing Committee of the
National People’s Congress, China’s Parliament, during a
visit next week will officiate on behalf of her country at a
Signing Ceremony of Protocol in relation to China’s debt
write-off to Guyana.
Gu Xiulian will be accompanied by a twenty-member delegation
for the official visit from July 9 to 11.
The visit is intended to strengthen the already excellent
relations between the two countries at the parliamentary and
national levels.
Courtesy calls will be paid on President Bharrat Jagdeo and
Prime Minister Samuel Hinds.
Xiulian will also sign a Memorandum of Understanding on
group travel for Chinese nationals visiting Guyana and
oversee an exchange of Notes on behalf of China for the
National Communications Network/CCTV9 cooperation programme. |
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