Guyana secures upgrade in OECD country risk classification

… Finance Minister says move a major signal of confidence in Guyanese economy

Georgetown, Ministry of Finance, October 17, 2026: The Ministry of Finance is pleased to announce that the Organisation for Economic Co-operation and Development (OECD) has upgraded Guyana’s country risk classification from 5 to 4, effective October 16, 2026. This positive development is reflected in the OECD’s most recent Country Risk Classifications of the Participants to the Arrangement on Officially Supported Export Credits, released yesterday by the OECD Secretariat.

Senior Minister in the Office of the President with Responsibility for Finance Dr. Ashni Singh, commenting on this significant development, said that it is a major signal of continued confidence in Guyana’s economy, and reflects growing global recognition of our government’s sound fiscal management, our country’s strong economic fundamentals and, in particular, our country’s creditworthiness to the rest of the world.

In the OECD’s Country Risk Classification framework, a scale of 0 to 7 is used to set minimum premium rates for officially supported export credits, with 0 denoting negligible country credit risk and 7 the highest. Guyana now sits in Category 4 alongside countries like Bahamas, Brazil, the Dominican Republic, Panama, Paraguay, and South Africa. This marks Guyana’s second upgrade in recent years, following a previous improvement from 6 to 5 in 2022. Among all classified countries, Guyana was one of only two countries upgraded in this round, making Guyana’s achievement especially notable.

Dr. Singh stated that the upgrade is yet another clear indication of the global community’s favourable assessment of our country’s sustained economic progress in recent years and our strong track record of demonstrated fiscal discipline and strong fiscal outcomes. Dr. Singh
welcomed the upgrade and the recognition of Guyana’s progress, and expressed his appreciation to the OECD Secretariat and to the capitals and representatives of OECD Member States, all of whom would have played important roles in helping to ensure the granting of this important upgrade to our country.

Over the last five years, Guyana has built a record of renewed fiscal prudence and macroeconomic stability, and the progress is visible across every major indicator. Between 2020 and 2025, real GDP expanded at an average annual rate of 37.3 percent, driven principally by the ramp-up of offshore crude oil production. At the same time, the non-oil economy grew at an average of 8.2 percent per annum over the same period, indicating that growth was not confined to the oil and gas sector. Price stability was maintained throughout, with headline inflation averaging 3.5 percent with Government measures implemented to cushion the impact of the global supply and energy shocks over the period 2021 to 2023.

Guyana’s debt dynamics have also improved markedly. Total public debt-to-GDP fell from 47.4 percent at the end of 2020 to 28.6 percent by the end of 2025, and external debt declined from 24.1 percent to 10.8 percent of GDP. Debt-service-to-revenue also contracted accordingly, with the ratio of debt service to Government revenue falling from 8 percent in 2020 to 5 percent in 2025, and external debt service amounting to just 0.8 percent of exports.

Guyana’s fiscal buffers have also deepened. The Natural Resource Fund closed 2025 with a balance of US$3.3 billion, exceeding the stock of external debt in full, and had risen to approximately US$5.5 billion by the end of September this year.

Following the IMF 2026 Article IV consultation, the IMF highlighted that Guyana’s strong economic growth continued to be supported by prudent macroeconomic policies and underscored Guyana’s “diversification, resilience, and sustainability, while building buffers through continued rapid NRF accumulation and maintaining one of the lowest debt-to-GDP ratios in the Western Hemisphere”.

The significance of the upgrade lies in what it means for the cost and availability of external financing to the country. The OECD classification sets the minimum premium that export credit agencies charge on officially supported credits, so an improved rating directly lowers the cost of financing for the capital goods that Guyana imports for public investment purchased through export credit agencies. Beyond export credit, the reclassification is a signal that international lenders and development partners consider when deciding how much to charge the Government to borrow, leading to improved access to affordable financing for Guyana. Borrowing will continue to be guided by the same disciplined approach that has brought debt down to its current levels, with new financing directed to projects with clear economic returns, the cheapest available sources used first, and the overall debt kept well within prudent limits.

The Government of Guyana remains committed to managing Guyana’s public finances and debt with the same discipline that helped make this reclassification possible, working with international and local partners to ensure Guyana’s continued rapid and sustained development.