Oil money for business initiatives in Guyana, Diaspora- Pres Ali

Last Updated on Tuesday, 15 November 2022, 22:35 by Denis Chabrol

President Irfaan Ali on Tuesday night announced that government would be pumping an undisclosed amount of the oil money into business initiatives by Guyanese here and overseas.

“I’m working to see how we can create a business model in which every Guyanese here and in diaspora can have an opportunity to invest in an investment vehicle that attaches them to the spin off of the oil and gas sectors so that they can have a share in something massive, transformative.

Addressing a reception at the United Kingdom High Commissioner’s residence in honour of a British trade and investment mission, the President disagreed with the opposition Working People’s Alliance (WPA) four-year old proposal that at least GY$1 million should be given to each Guyanese per year.

“Don’t tell me nonsense about giving every household a million dollars from oil, money. It doesn’t work anywhere,” he said. The Guyana government’s opponents have criticised the handout of cash-grants to most Guyanese to help with the impact of COVID-19 as well as reliefs to farmers from floods, fisherfolk due to reduced catch, compensation for retrenchment under the then coalition government and financial assistance to West Demerara sugar workers due to mechanical problems at the Uitvlugt estate.

While the President provide no additional information on how his business initiative would work, he was confident that it would work. “That is what is going to help us.  We’re living in a global space and a global economy that will be much different in 2030 than it is today,” Dr Ali added.

The opposition A Partnership for National Unity+Alliance For Change has criticised most of the cash grant distribution on grounds ranging from political and racial discrimination to corruption.