IDB enthused about supporting energy sector reform in Guyana – IDB President
The Inter-American Development Bank (IDB) is “enthusiastic” about providing technical and financial support reform of Guyana’s energy sector governance, President Luis Alberto Moreno told President Donald Ramotar in New York on Friday.
The two met for talks on the sidelines of the 68th session of the United Nations General Assembly after President Ramotar delivered an address focusing on poverty eradication, climate change and world peace.
The IDB President vowed to help Guyana modernise its energy matrix and advance its innovative Low Carbon Development Strategy (LCDS) in an effort to maintain debt sustainability, while providing the desired benefits to Guyana’s economy and its people.
Having acknowledged the pressing need to diversify Guyana’s energy matrix in a way that protects its environment, improves energy sustainability, and lowers total energy costs, the two officials agreed to have technical teams from Guyana and the IDB jointly explore alternative ways to upgrade and diversify the country’s energy matrix.
This endeavour is seen as one of immediate importance to lower the risks and maximise the benefits of any initiative in the energy sector.
The discussion between the two also addressed the development challenges facing Guyana. Commendations came from Moreno for Guyana’s economic team working towards effective management of fiscal policy after debt forgiveness in 2006.
Guyana’s economy is ranked among the strongest in the region with consecutive years of impressive growth in Gross Domestic Product (GDP), and fiscal stability even throughout the international economic downturn.