Vice President Dr. Bharrat Jagdeo stated on Thursday that Guyana will not become an ATM for the Caribbean or any other nation due to its newfound oil wealth, but it remains open to investments from its Caribbean neighbors.
Addressing the notion of Guyana potentially being viewed as the financial capital of the Caribbean, Jagdeo emphasized, “It’s disparaging to the Caribbean people to think that they would see us as an ATM.” He clarified that he does not believe Caribbean nations view Guyana in this manner. Instead, he envisions a future where Caribbean countries can invest in Guyana and share in its prosperity.
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Jagdeo highlighted the priority of ensuring that the benefits of Guyana’s oil wealth reach its own citizens first. “We have to ensure that our own people are prosperous first, here in Guyana, wherever they live – in the most remote parts of the country, every Guyanese – that’s the first order of business,” he asserted.
He also noted that Guyana’s current oil revenue does not allow for excessive spending. “We have to manage this wealth and we can’t splurge now when we don’t have money as yet, but later it’s going to get better,” he explained. To illustrate this, he pointed out that less than 30% of Guyana’s GYD $1.1 trillion budget for 2024 is funded by oil money from the previous year.
Nevertheless, Jagdeo emphasized the importance of supporting neighboring countries in the region, especially in times of need, citing past assistance received by Guyana during the 2005 flood. “We have to be generous to people in our region too and people who suffer calamities around the world,” he said. He praised the previous government’s aid to Haiti during the 2010 earthquake, when Guyana was not yet producing oil, noting that the country had donated US$1 million, a significant amount in proportion to its GDP at the time.
Jagdeo’s remarks underline a balanced approach to managing Guyana’s oil wealth, prioritizing domestic prosperity while remaining open to regional cooperation and support.
