With reference to the Guyana Times article of September 6, 2018 headlined ‘Lost $47B Gold Board revenues could have cushioned sugar industry – Jagdeo’, the Guyana Gold Board has no record of realizing a loss of $47 billion to any company during any recent financial period as was reported in said article.
The Guyana Gold Board reduced its deficit at the Central Bank from $18.9 billion which was incurred in the year 2012 to $4.7 billion at the end of 2017. This deficit was incurred when the world market price for gold plummeted, without any hedging strategy being in place to cushion the effects of falling prices that affected the large inventory of precious metal on hand – that was most unfortunate but the Guyana Gold Board learned over time and has implemented strategies to cushion the effects of falling prices. Noteworthy is the fact that Guyana Gold Board has made a surplus of $648 million in 2017.
We need to point out that the Guyana Gold Board as an entity has no relationship with the Guyana Sugar Corporation and we are puzzled as to the nexus drawn in the article.
We are concerned as to the origin of this erroneous piece of information and would continue to urge the media to verify ‘sound bites’ before going to press. This is not the first time that amounts of this magnitude have been mischievously and irresponsibly channeled to the public through the media.
Guyana is approved for first loan from the IsDB, GPL Upgrade programme gets US$20m for more reliable power supply.
Government’s efforts to provide citizens with a more sustainable and stable supply of electricity are rewarded as Guyana has received approval from the Islamic Development Bank (IsDB) for a loan of US$20m for the Guyana Power and Light (GPL) Utility Upgrade Programme to effect a comprehensive turnaround of its electricity distribution.
This loan is the first sum to be disbursed from the resource envelope of US$900m that was extended to Guyana by the IsDB in 2017. Guyana has already benefitted from two grants from the Bank totalling more than US$500,000.00.
The Guyana Power and Light has long been challenged by its inability to provide a reliable supply of electricity and suffers high levels of losses. This has been compounded by a rapid increase in demand for energy by residential and commercial users. The GPL Utility Upgrade Programme is co-financed by the Inter-American Development Bank and the European Union, and upon completion will reduce losses, realise a more efficient and reliable service and deliver a better quality of electricity for households and commercial users.
The Utility Upgrade Programme is part of GPL’s Development and Expansion for the period 2014 to 2021 which aims to reduce the overall losses in the power system. The loan will facilitate:
The rehabilitation of 153 km of GPL’s medium voltage and low voltage network and 6, 941 smart meters, including the associated transformers, service lines and distribution boxes.
The rehabilitation and extension of two 69/13.8KV substations at Kingston and Vreed-en-hoop including equipment switchgear, power transformers, rerouting of circuits distribution feeders and cable connections.
It will also finance consultancy services for the preparation of designs and specifications for the sub-stations and the site supervision for the works related to the Kingston and Vreed-en-hoop substations, as well as support the existing project management unit by financing additional specialised engineers and technicians to reinforce the existing team. GPL is the Executing Agency for the project and will operate under the aegis of the Ministry of Public Infrastructure.
Minister of Finance, Hon. Winston Jordan will sign the Agreement with the IsDB on September 19, 2018 in Saudi Arabia. Since becoming a member of the Bank, Government has been aggressively pursuing projects that will increase Guyana’s infrastructure and optimise its productivity in the areas of agriculture, trade and competitiveness and human and rural development having committed to the diversification of Guyana’s economy in preparation for first oil in 2020.
Guyana became a member of the IsDB in 2017; the partnership was formalised with a mutual commitment to a five year work programme.
Minister and PMG represented Guyana at UPU Extraordinary Congress in Ethiopia.
“In the context of the unprecedented challenges faced by the postal sector globally, and given the obvious need to modernize and diversify to better respond to customers’ needs, Ministers of Government came to Addis Ababa to change our policy directions and advise the UPU on the numerous ways to make Postal Services more competitive and profitable,” Bishar Abdirahman Hussein, Director General, Universal Postal Union.
The Universal Postal Union (UPU) on Friday concluded its Second Extraordinary Congress in Addis Ababa, Ethiopia, East Africa. Guyana, one of the 192-member countries of the UPU, was represented by Minister of Public Telecommunications, Catherine Hughes, who holds responsibility for the local Postal Service, and Post Master General, Karen Brown.
The UPU’s Ministerial Strategy Conference closed out this second ever UPU Extraordinary Congress on Thursday 6 and Friday 7 September. The inaugural Extraordinary Congress of the UPU had been held in Berne, Switzerland in July 1900 on the occasion of the Union’s 25th anniversary.
Over these past two days, government ministers, regulatory authorities and other senior decision-makers from around the world discussed how the postal sector should change the way they deliver services in order to remain efficient and relevant in today’s rapidly changing digital environment.
The senior officials examined the various interventions that would enable the post to embrace its changing roles to better serve its nations and citizens, to help to grow their economies and drive socio-economic development. These include encouraging investments and public-private partnerships in the sector in each country.
It became very clear that the postal issues facing most countries are very similar which means that the proposed solutions would be very adaptable.
The Congress passed and recorded several major achievements, and the one affecting the Caribbean Region will benefit six (6) Small Island States, all with a population of less than 200,000. Those countries are Antigua, Dominica, Grenada, St. Kitts, St. Lucia, and St. Vincent.
With a global network of over 677,000 post offices, 5.3 million staff and physical infrastructure covering 192 countries, the postal sector is a key contributor to national and international infrastructure. It plays a very important role in national development and in the attainment of the United Nations Sustainable Development Goals (SDGs).
The National Petroleum Corporation (NPC) has a new Board, which will be chaired by Dr. Asquith Thompson. His deputy is Herbert Yearwood.
The other members are: Richard Hughes, Janaye Burgess, Ricardo Blackman, Lachmi Connell, Sonya Alleyne, Neil Kirton, Nicole Puckerin, the General Secretary of the Barbados Workers’ Union or her nominee, the Permanent Secretary responsible for Finance in the Ministry of Finance, Economic Affairs and Investment, the Permanent Secretary in the Ministry of Energy and Water Resources and the Chairman of the Barbados National Oil Company Limited, or their nominees.
The appointments took effect from July 1, and are for a period of three years.
LUCELE statement on retirement age ruling & strike notice by CSA.
St. Lucia Electricity Services Limited (LUCELEC) operates within the law. There was a dispute between the Civil Service Association (CSA) and LUCELEC on the interpretation of the law regarding the retirement age. The CSA represents the Company’s Grade 1 employees (Junior Staff). The matter went before the Labour Tribunal which ruled in favour of the CSA.
LUCELEC has decided to apply to the High Court for judicial review of the Tribunal’s decision. This is in accordance with Section 448 of the Labour Code which entitles “any party to a matter before the Tribunal to apply to the High Court for judicial review in respect of any decision of the Tribunal” on various grounds. The Company is therefore exercising its right, under the law, to have a judicial review of the ruling of the Tribunal on the retirement age.
This is perfectly legal. In fact, long before the ruling, the CSA representatives had indicated more than once that if the ruling on that matter went against them they would put the matter up for judicial review and take it further, if necessary.
On the matter of the Strike Notice issued against the Company by the CSA, LUCELEC can confirm the Company has received a copy of the strike notice filed with the Minister for Labour, which is to take effect on September 10. The notice is related to a long standing dispute on a grade structure and its inclusion in the Collective Agreement for the period 2011 – 2013. That matter is also before the Labour Tribunal. In fact, the Company and the CSA met with the Labour Tribunal on August 23 and 30, and this matter is currently being heard by the Tribunal.
Notwithstanding, the CSA has not lifted the Strike Notice although Section 392 (1) of the Labour Code says “a person shall not take part in industrial action in connection with a trade dispute in an essential service during the period that the matter is before the Tribunal or where the Minister has referred the matter for settlement in accordance with Section 391 (3).” LUCELEC is an essential service, as defined by the law.
LUCELEC would like to clarify that there are no monies owed to the Grade 1 staff in relation to the unsigned 2011 – 2013 Collective Agreement. The Company has provided to the staff all benefits and retroactive payments including the wage increases of 4%, 2% and 2% negotiated for that period despite the agreement not being signed. In addition two proposals made by the Company in an effort to resolve this matter have been rejected by the CSA without even offering a counter proposal.
IMF Reaches Staff-Level Agreement with Barbados on an Economic Program under the Extended Fund Facility – EFF.
Staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by early October.
The Barbados’s Economic Recovery and Transformation Plan aims to restore macroeconomic stability and put the economy on a path of strong, sustainable and inclusive growth, while safeguarding the resilience of the financial sector.
The cornerstone of the program is a strong front-loaded fiscal adjustment focused on curbing current expenditure, while maintaining space for bolstering social safety nets and infrastructure spending.
At the request of the Government of Barbados, an International Monetary Fund (IMF) team led by Bert van Selm visited Bridgetown from August 30 to September 7, for discussions on possible IMF financial support for the Government of Barbados’s Economic Recovery and Transformation plan. At the end of the visit, Mr. van Selm made the following statement:
“I am pleased to announce that, in support of the Barbadian authorities’ economic reform program, the IMF team and the government of Barbados have reached staff-level agreement on a 48-months Extended Fund Facility, with access of SDR 208 million (equivalent to 220 percent of quota, or about US$290 million). If approved by the IMF Executive Board, SDR 35 million (about US$49 million) would be immediately available. Staff envisages that the IMF’s Executive Board would consider the proposed arrangement under the EFF by early October.
“In the last decade, the Barbadian economy has been caught in a cycle of low growth, widening fiscal deficits and increasing debt. International reserves have dwindled to US$240 million, well below reserve adequacy levels, while central government debt has become unsustainable.
“The new government that took office in May 2018 is rapidly developing plans to address the current vulnerabilities, in close consultation with its social partners. The Barbados’s Economic Recovery and Transformation Plan aims to restore macroeconomic stability and put the economy on a path of strong, sustainable and inclusive growth, while safeguarding the resilience of the financial sector. The authorities’ fiscal consolidation program, in conjunction with the announced debt restructuring, would place debt on a clear downward trajectory. The strategy of accelerating growth focuses on attracting new investment in areas such as renewable energy, creative and artistic industries, education and health services, agro-industries, research, the international business sector, and tourism.
“The authorities’ reform program, and the important commitment of IMF resources that it entails, is a vote of confidence in Barbados’ Economic Recovery and Transformation Plan. The cornerstone of the program is a strong front-loaded fiscal adjustment focused on curbing current expenditure, while maintaining space for bolstering social safety nets and infrastructure spending. In this context, the measures to reduce government expenditures announced in late August are a critical and important first step. These measures aim to improve the efficiency and effectiveness of public services and reduce government transfers to state-owned enterprises by reviewing user fees; exploring options for mergers; and strengthening oversight. The measures should help reach a primary surplus target of 6 percent of GDP in 2019/20.
“The fiscal adjustment will be complemented by a comprehensive debt restructuring, aimed at securing meaningful debt reduction, reducing financing needs, and restoring debt sustainability. Barbados’ central government debt will be put on a clear downward path towards a target of 60 percent of GDP by 2033, from an estimated 157 percent of GDP at present. Progress being made by the authorities in furthering good-faith discussions with domestic and external creditors is welcome. Continuing open dialogue and sharing information will remain important in concluding an orderly debt restructuring process.
“The success of Barbados’ program will require an extraordinary effort and resolve on the part of the authorities and other segments of society, as well as broad international support. While the initial implementation period will be challenging, Barbados will emerge stronger and more dynamic from the program, and it will be better poised to generate growth and job creation for the people of Barbados.
“The team would like to take this opportunity to thank Barbados’ authorities and the technical team for their openness and candid discussions.”
The Government of Saint Lucia extends deepest condolences to former Permanent Secretary Ms. Allison Jean following the sudden death of her son, Mr. Botham Shem Jean.
Acting Prime Minister Honourable Government of Saint Lucia, speaking on behalf of the Government of Saint Lucia, stated that the tragic circumstances leading to the death of the 26-year-old in Dallas, Texas, has come as a shock and stated that “our thoughts and prayers are with Ms. Jean, the Jean family and friends during this difficult time.”
Minister Joseph explained that The Embassy of Saint Lucia to the United States of America will do all within its power to assist the family in this time of great sorrow.
Ms. Jean is a long serving member of the Public Service and most recently served as Permanent Secretary in the Department of Education, Innovation and Gender Relations.
I appeal to all those who have been entrusted with the responsibility and blessing of employment to honour and respect this obligation.
As public servants, our work is not just a means by which we earn a wage but the very foundation required for the nation’s sustainable growth and development.
We are the stewards of the people’s business.
I understand and accept the concerns expressed for the workers at Petrotrin who will be impacted by the company’s ongoing restructuring exercise. It is a heartening indicator that our ability to empathise with each other is active and strong.
The Government remains committed to ensuring that all affected employees, families and communities are treated with due care, dignity and respect. These changes, while absolutely necessary, will be implemented with compassion. The restructuring process will include measures to support all stakeholders as Petrotrin transitions to profitability.
In the coming weeks the union and the company will work out the details regarding separation packages for employees and this may help alleviate some of the current anxieties. The Government is also working on the implementation of industrial projects that will rejuvenate the South-Western peninsula.
If we are to chart a course forward for Trinidad and Tobago we will need to be proactive, progressive and productive. It will require us to work harder and smarter for our own benefit. And sometimes it will call for the enforcement of unpleasant decisions today so that we can secure a better tomorrow.
We cannot keep repeating the same mistakes and uphold the status quo if we want change.
To those of you who are committed to building a better Trinidad and Tobago I urge you to adopt a nation-first approach.
Today, our fellow citizens are depending on us to show up and give our best demonstration of patriotism.
Dr the Honourable Keith Rowley
Prime Minister of the Republic of Trinidad and Tobago
PHOTO: Prime Minister Dr the Honourable Keith Rowley has met with the unions and the OWTU in particular on several occasions since assuming office three years ago.
Chairman Justice Blackman pays courtesy call on Minister Stephen Tsang of Suriname.
In his first official visit to Paramaribo, Suriname, the new Chairman of the CARICOM Competition Commission (CCC) Justice Christopher Blackman made a courtesy call on Minister Stephen Tsang, Minister of Trade, Industry and Tourism with responsibility for competition and consumer protection on 04 September 2018.
Chairman Blackman and Minister Tsang covered a range of topics of interest to the Republic of Suriname and the CCC including competition law, consumer protection, regional trade arrangement, and regional transportation for goods and people.
The courtesy call was informative and allowed both delegations to identify future areas of cooperation in competition and trade policy. Chairman Blackman thanked the Minister for the support provided by the Republic of Suriname to the headquarters of the CARICOM Competition Commission. Minister Tsang expressed his governments continued support for the CCC and the other CARICOM institutions headquartered in Suriname.
Ceremony in recognition of work done by the Taiwanese.
The Minister of Housing, Informal Human Settlements, Lands & Surveys and Physical Planning, and Parliamentary Representative for the Constituency of North Windward, Hon. Montgomery Daniel, in collaboration with the Embassy of the Republic of China (Taiwan) will be hosting a ceremony in recognition of the work done by the Taiwanese on the Chatoyer National Park, on Tuesday 11th September 2018, beginning at 10:00 a.m.; at the Chatoyer National Park, Rabacca. The feature speaker at this event will be the Hon. Montgomery Daniel.
