Presidential Candidate Fund-raising Dinner:
PPP/C governance marked by sound fiscal and monetary management

 

Presidential candidate of the People’s Progressive Party/Civic (PPP/C) Bharrat Jagdeo said a hallmark of his party has always been sound and progressive fiscal management.

He was at the time addressing a packed Savannah Suite, Le Meridien for the party’s $10,000-plate fund raising dinner.

Present at the event were senior functionaries and executive members of the party among whom were Head of the Presidential Secretariat, Dr. Roger Luncheon, PPP/C General Secretary Donald Ramotar and Former President Mrs. Janet Jagan.

The event was marked by overwhelming attendance which halted ticket sales earlier in the day and disallowed seating accommodations to many.

The President said his party’s unparalleled record of sound and effective management is evident from the dramatic turnaround in the economy over the last decade or so.

President Jagdeo said when his party assumed governance in 1992 there was very little confidence in the country’s economic performance as was reflected in high interest rates offered by banking institutions and other financial service providers.

This he said has reduced dramatically from approximately 35 percent to a meagre 12 percent in 2006.

He noted also that the foreign debt was approximately 750 percent of the size of the economy.

This he disclosed was reduced to a mere 85 percent which is significantly lower than most countries in this hemisphere.

“We have taken this country from bankruptcy to economic viability,” he said.

He added that the huge debt burden left by the previous administration was utilising 94 percent of the country’s economy.

This, he said, has been drastically reduced to 12 percent and stands to be further reduced to 4 or 5 percent if government is successful with its bid for debt relief from the Inter-American Development Bank (IDB).

The President alluded also to the reduction in foreign debt from US2.1B to $800M.

He added that in addition to sound financial management, his government has reintroduced the concept of accountability in Guyana.

This was accomplished through the reactivation of the Auditor General’s Office, which has been dormant for over a decade prior to the PPP/C’s ascension to power in 1992.

He noted also that mechanisms have been instituted to further consolidate the accountability framework. This includes the Integrity Commission.

Mrs. Jagan, in her remarks noted that the PPP/C is distinct from other parties not just in governance but in the methods of political campaign.

She drew attention to the depraving electioneering methods and personal attacks which pervades the campaigns of some parties.

“We believe that the reason for political action is to raise the standard of living as well as other social and economic prospects for all,” Mrs. Jagan said.

It is on that premise she said that the PPP/c conducts a professional and civilised campaign.

Ramotar noted that the PPP/C was the first give recognition to the significant role of the private sector in the country.

This he explained was evidenced by the establishment of Guyana’s first industrial estate in Ruimveldt by the PPP in the 1960s and the next one was again established by the PPP/C when it came to office in 1992. This he noted remained the only such establishment until the party’s re-ascension to power in the early 1990s.

Dr. Luncheon alluded to reforms in the public sector and its impact on doing business in Guyana.

The Party will have its second major rally on Saturday in Linden Region 10, which is to be closely followed by a similar event in Kitty on Sunday.

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