Guyana’s state of preparedness to manage the oil sector from various fronts has been one of the many topical issues for citizens, especially with first oil now poised to begin next month. But Central Bank Governor, Dr. Gobind Ganga has assured that from the financial stability standpoint, the nation is well guarded.
The official made this point during an interview that was held on the sidelines of a recent meeting in Washington D.C at the International Monetary Fund (IMF)’s headquarters.
There, Dr. Ganga said that the Bank does not foresee numerous problems from the influx of oil money. He noted confidently that those will be adequately addressed.
The Central Bank Governor said that the institution has implemented several measures such as the introduction of four to five new pieces of legislation which seek to modernize the nation’s payment system. He said that this provides for great financial stability.
Further to this, Dr. Ganga said that the Central Bank brought into perspective, the issue of financial crisis management to ensure that systems remain very resilient. The official reminded at this point that Guyana has a Natural Resource Fund in place which would be managed and operationalized by the Bank.
He said that an agreement has been signed with the World Bank for technical assistance to ensure the institutional mechanisms in place would be adequate to deal with the inflows. Another agreement was also signed with the IMF to provide technical assistance on inflation targeting within the wider perspective of an adequate or proper monetary framework.
Considering the foregoing, Dr. Ganga assured that Guyana will be in a position to ensure its financial stability is well guarded since mechanisms for same have been put in place. (See link for more interview: https://www.youtube.com/watch?v=dvb-3Q4tXJE)
