The Ministry of Finance is hosting a Joint World Bank Mission comprising the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA) and the International Financial Corporation (IFC)-which is the private sector arm of the Bank-from October 1 to 9.
According to the Ministry, the visit signals the bank’s continued confidence in the macroeconomic stability of the economy and growing interest in Guyana’s development agenda. It said, too, that the inclusion of the IFC underscores the importance government has placed on ensuring that the new World Bank partnership framework incorporates policies and measures to support the development of a vibrant private sector that is geared to benefit from, and complement the emerging oil and gas sector.
Minister of Finance, Winston Jordan said that the bank commended the ministry for the “high standard” of Guyana’s Green Paper on the Natural Resource Fund (NRF) and committed to providing more technical guidance and support as Guyana moves towards the completion of the draft SWF Legislation. In this regard, the draft NRF Act was shared with the bank to solicit its technical review and advice given its vast experience with this type of legislation in oil producing nations.
Jordan noted, too, that this mission is also here to discuss the disbursement of the second tranche of the US$35M Programmatic Fiscal and Financial Stability Development Credit (DPC) and continue engagements with the wider stakeholder community on the preparation of a Systematic Country Diagnostic assessment for Guyana.
The first tranche was successfully negotiated earlier this year and disbursed to Guyana; the Second DPC will be negotiated and disbursed in 2019.
The Systematic Country Diagnostic Assessment is a precursor to developing a full Country Engagement Strategy that will inform the Bank’s future programming for Guyana within the next investment cycle of the Bank.
The mission is led by Galina Sotirova, Country Manager for Guyana with responsibilities for the Caribbean Country Management Unit and includes Judith Green, Principal Investment Officer of the IFC and eight other senior technical experts in the area of Oil and Gas.
As part of its wider mandate, the Bank mission consulted widely with the private sector, civil society, several Commercial Banks and the University of Guyana among other stakeholders.