Newly re-elected President Irfaan Ali will have to move fast on promises to convert his country's sizable oil income into tangible benefits for Guyana's poor, beyond huge prestige infrastructure projects. If President Ali is unable to capitalize and create a coherent development plan and enable a reorientation of Guyana's economy, there will be cause for concern, not least from Azruddin Mohamed, leader of the new WIN (the recently formed, We Invest in Nationhood party) who pulled in 25 per cent of the vote in the general election.
Guyana’s offshore oil fields, discovered by ExxonMobil in 2015, have transformed the country into a burgeoning energy powerhouse. The country, which is estimated to have the world’s highest crude oil reserves per capita, has been one of the fastest growing economies globally since oil production began in 2019 and yet the wealth disparity is starkly evident.
This week on The LatinNews Podcast, we welcome back Anand Persaud, Editor-in-chief of Stabroek News, to discuss the challenges facing President Ali and Guyana including, the Dutch Disease, massive infrastructure expenditure, the on-going dispute with Venezuela over the Essequibo, the US military build-up in the southern Caribbean and climate change.
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