SWF proceeds could be spent on restocking reduced reserves – Jagdeo

first_imgDepleted reservesFollowing reports of Guyana’s reserves, including that gold has been significantly depleted by Government, Guyanese could very well see the proceeds of the prospective Sovereign Wealth Fund (SWF) being utilised to replenish the country’s assets which signals that some time would pass before citizens can benefit from the impending oil and gas sector.This was posited by Opposition Leader Bharrat Jagdeo, who told members of the press on Wednesday that Government’s approach to the yet to be established investment fund is “wrong in principle”.“Often Sovereign Wealth Funds are there when you have reserves to manage but we are running down our reserves so low now [with] over $400 million [spent in] less than three months of imports, that we may have to spend a couple years using all the money we receive from ExxonMobil just to build up back our reserves,” Jagdeo noted at his Georgetown office.The former President told reporters that the current approach is being dominated by the Government to which the People’s Progressive Party is opposed.“We want an independently managed Sovereign Wealth Fund that insulated from actions of people in the political sphere. We want a petroleum commission that exhibits the same features that is a technical body without political interference. We believe that once the management of the SWF caters for that, it must have a simple fiscal rule to get resources out of this fund and once that happens there must be a transparent system,” he noted.The PPP’s position is that once the resources are paid into the revenue stream of the Government, it must go through the requisite parliamentary process. Noting that SWFs are managed for saving for a country’s future, stabalisation and excess reserves but according to him, State reserves have be “run down” by the present coalition Administration.“They have already sold out all the gold and used up the money; they have transferred over $40 billion from the semi-autonomous agencies that they claimed was there as a slush fund under the PPP. They transferred it and used it all up. In the reserves in the central bank, the net foreign assets in the country are being depleted and they are borrowing more. Government is damaging our future by borrowing so much money,” the former Head of State opined.In April 2018, an interpretation of the Bank of Guyana’s Statement of Assets and Liabilities reflected that the bank’s total assets were on a slide, as several indices ranging from the bank’s gold holdings to its market securities showed reductions when compared to previous years. According to the bank document, its total assets as of March 28, 2018, were $206.4 billion which had included $1.9 billion in gold reserves, $82.1 billion in capital market securities and $5.6 billion in money market securities. This is a reduction from the gold reserves the bank recorded in June 2017. According to the bank’s Half Year Report last year, it had $4.8 billion worth of gold in its foreign holdings as assets. The central bank in a subsequent report, explained that gold reserves were down as it was taking advantage of a higher price. Bank of Guyana Governor Gobind Ganga told the press that “you sell when the value is high and buy when it is low”.At the end of August 2018, ExxonMobil made its ninth discovery offshore Guyana, marking its fifth discovery on the Stabroek Block in the past year. The previous discoveries had led to the announcement of an estimated recoverable resource of more than four billion oil-equivalent barrels discovered to date. It also created the potential for up to five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels per day by 2025.The first discovery was made in 2015 and as 2019 approaches, Government is yet to establish the SWF even though first official oil production is expected by 2020. Government had issued a Green Paper on the Fund but Jagdeo had said it proved nothing unless the Administration took the necessary steps to introduce draft legislation on the SWF which will guide how money from oil resources will be utilised for the country’s development.last_img read more

RCMP continue to investigate after man was swept away in the Peace River

first_imgIf you have any information, you are being asked to contact the Hudson’s Hope RCMP at 250-783-5241. HUDSON’S HOPE, B.C. – RCMP are continuing to investigate the case of a missing man after he was swept away by the strong current of the Peace River.According to Corporal Madonna Saunderson, of the North District RCMP, a dive team was brought in to search for the missing man but was halted due to poor conditions.“The Dive Team was brought in, however, conditions were not in their favour to dive, so they did not, could not dive.”- Advertisement -Saunderson adds that Search and Rescue have been suspended for now, pending any new developments on the case.On Wednesday, May 29, 2019, the Hudson’s Hope RCMP were called to a location near the Peace Canyon Bridge after reports that a male had fallen into the river. Local emergency crews immediately started the search with help from North Peace Search and Rescue.The RCMP will not be releasing the identity of the man.Advertisementlast_img read more

Nicaragua clashes leave eight dead including baby rights group

first_imgTalks between the government and the opposition Civic Alliance were suspended once again last Monday when the government failed to allow international human rights bodies to investigate the violence.It eventually did so on Wednesday.Protests erupted on April 18 against now-scrapped social security reforms, but have grown into demands for justice for those killed and the exit of Ortega and his wife and vice president Rosario Murillo.Ortega, a former leftist guerrilla, led the country from 1979 to 1990 and then returned to the presidency in 2007. He is now serving his third consecutive term. Facebook Comments According to Alvaro Leiva, secretary of the Nicaraguan Pro-Human Rights Association, the attack against the university was intended “to plant terror in the population” ahead of a march planned for Saturday afternoon in memory of victims of the violence.Later Saturday organizers cancelled the march due to what they branded “indiscriminate” attacks by government forces. The organizing Civil Alliance opposition called for a 48-hour strike among social sectors and trade unions to press for Ortega’s departure.The Nicaraguan Episcopal Conference urged Ortega’s government and the opposition to return to the negotiating table on Monday to discuss a proposal to bring elections forward from 2021 to March 2019, in a bid to end the crisis.Ortega, 72, has not responded to the Catholic bishops’ initiative, but has previously expressed his willingness to work toward democratization. Among the dead were two students killed in the university area and two minors who died in Managua – a 17-year-old and a baby who was shot in the head. The baby was killed when his mother was taking him to a babysitter.“He was killed by a police gunshot. I saw them. They were police,” the mother Kenia Navarrete told news channel Cien por Cien Noticias.The government denied the charge, saying criminals in the university area were to blame.UNAN is one of several student protest camps in Managua. About 450 students have been living there under plastic tarp tents and in class buildings, surrounded by empty bottles, old food and used rounds from their homemade mortars.“Ortega’s government continues to repress and kill young people,” CENIDH said on Twitter. Related posts:President Ortega celebrates anniversary; Costa Rica opens shelters 35 years after Somoza’s overthrow, not much for Nicaragua to celebrate U.S. government restricts visas for Nicaragua officials over unrest Army’s role under the spotlight in Nicaragualast_img read more