If Guyana falls into the trap of becoming overly dependent on oil revenues instead of focusing on the diversification of the economy, then it runs the risk of becoming another Venezuela, says Opposition Leader, Bharrat Jagdeo.

The PPP General Secretary was at the time speaking to members of the media at a press conference he held at his Church Street office earlier today. There, Jagdeo said that Guyana becoming dependent on oil money is a major concern for him. He said, too, that he is concerned about the perceptions government is spreading about the oil wealth to come.

The Opposition Leader said, “The government is peddling these rumours that we will do well with oil money. We will get rich and it will solve all our problems, but that is not so. Even if we get a lot of money, which we won’t in initial years, if we don’t focus on diversification then we are going to become like Venezuela and others who produce oil, and their people don’t have food.”

Jagdeo added, “This is the problem with this government. There is no plan for how we will use oil resources to create jobs for people. You have to decide what we will use the resources to do, what portion goes to healthcare and education, and what part will be saved for inter-generational equity.”

He said that all these have to be addressed, and soon.


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