Guyana’s parliamentary Opposition, the People’s Progressive Party (PPP), has expressed its willingness to assist in discussions surrounding the planning of a Sovereign Wealth Fund (SWF) and the setting up of a body such as a Petroleum Commission that will help to guide the sound management of the impending oil and gas sector in Guyana.
This disclosure was made on Thursday by Opposition Leader Dr Bharrat Jagdeo, who was asked at a press conference whether consideration has been given to this idea, and what level of assistance the Opposition is willing to give. Jagdeo maintained, however, that institutions set up to manage the oil and gas sector must be free of politics.
Jagdeo said he knows of examples where countries rich in oil resources and exporting millions of barrels earn miniscule finances because they have treated the sector in a political fashion. He said he doesn’t want this for Guyana, because the people should be able to feel the real benefits of the sector.
“If it is treated in an apolotical manner, then our country will make long-term progress. We will be able to really translate the barrels export and revenue earned to real development for our people. But it has to be treated in that manner if we are to see some progress,” he maintained.
The former Head of State noted that this has been the message of the PPP even before the 2015 elections. He said that message was reinforced when he called for the (Petroleum) Commission to be apolitical and made up of purely technical people. He still believes it must be free of ministerial interference, and he said he would support a two-thirds vote, so no party can change it.
The Opposition, he said, feels that the Government is dragging its feet on the issue, and needs to start making moves to prepare now for first oil in 2020.
Jagdeo said the issue is not about rushing the process, but taking all the necessary steps to prepare for an industry that could bring enormous benefits to Guyana and all Guyanese, something that is needed and will be welcomed. (Samuel Sukhnandan)
