PPP manifesto takes account of oil economy risks- Jagdeo

Last Updated on Monday, 18 August 2025, 22:57 by Writer

General Secretary of the People’s Progressive Party Civic (PPPC), Bharrat Jagdeo on Monday said his political organisation has paid careful attention to the possibility of a slump in international oil prices and other risks while crafting its social and infrastructural plans for the next five years.

He told the launch of the PPP’s manifesto titled “One Country, One People, One Future Forward Together For A Better Guyana” that unlike other political parties that had been proposing several large payments, his party was careful about the likelihood of price shocks. “Every other party has spoken about only how they will use oil money. All of the promises – they’re banking on oil money remaining high and oil prices can collapse tomorrow. Where would that leave us, as a country?” he said.

Also Guyana’s Second Vice President, Mr Jagdeo flagged the risk of Dutch Disease, a phenomenon characterised by reduced manufacturing and production in traditional sectors, largely because of an appreciation in the exchange rate that makes them uncompetitive on the international market. “This could destroy your economy if not managed carefully,” he said.

To insulate the economy against the oil boom economic curse, he said the PPPC’s manifesto contains the framework for economic diversification across a range of “new sectors, the new growth poles” such as hospitality, agriculture, biotechnology and links with Brazil. He said those areas would receive “vital policy attention” to ensure jobs and incomes could come from abroad and so prevent a change in relative prices that could kill manufacturing and agriculture. “You can rest assured that we have a clear plan for diversification of the economy,” he added.

Mr Jagdeo, a Russian-trained economist and former finance minister, said the PPP has proven that sound macro-economic management is fundamental to all sectoral and regional policies. “Long before oil, we fixed all of those things,” he said, adding that Guyana had reduced the revenue to debt service ratio from 153 percent to less than 10 percent, outstanding debt was less than 45 percent of Gross Domestic Product and interest and inflation rates were reduced to single digits.”

The PPP General Secretary also said another risk that Guyana faces is climate disaster because the country is very vulnerable to climate changes and intensified and changed weather activity. He said the PPP had an established track record of creating a climate resilient country by investing in Hope, like canals that would open up hundreds of acres of land while at the same time keep those communities safe from floods. He said more than 60 kokers were being rehabilitated and new pumps were being installed.

Turning his attention to globally impacting plans like the Russia-Ukraine war that had seen a spike in fuel and some food products, Mr Jagdeo said if the national plan does not cater for such situations and are “lopsided”, Guyana could be harmed “immeasurably.” Rather than address risks, he said the other political parties were merely churning out spending promises. “That’s not how you manage a company and an economy,” he said.

The People’s National Congress Reform-led A Partnership for National Unity (PNCR-APNU), We Invest in Nationhood (WIN) and the Alliance For Change (AFC) as well as the incumbent PPP have been promising steep increases in pensions, salaries, grants and reduced taxes.

In his remarks, President Irfaan Ali said the focus was on careful spending to achieve welfare, while ensuring there are exchange rate and macroeconomic stability. He said the PPP’s plan does not appeal to race but is measurable and achievable, based on “detailed notes” from consultations with ordinary people and the organised private sector. “I want to make it clear this is not a wish list…It is not empty rhetoric. This is a declaration of intent,” he said.

The President recapped previous announcements on the election campaign trail.

The APNU, in its manifesto, stresses that the priority will be poverty reduction through several social programmes and increased pensions, grants and salaries, small and medium-sized business financing, and economic diversification.