In a few years South America’s third-poorest country, Guyana, will probably become one of its richest thanks to oil. Will its new government spend the money wisely?
months Guyana has waited to see if the stand-off between its president, David Granger, and the opposition would end in violence, a coup or a peaceful transfer of power. On August 2nd peace prevailed. The Elections Commission declared that Irfaan Ali, the opposition’s candidate, had won the election held on March 2nd. He took office the same day.
The transfer of power comes just as Guyana begins to cash in on massive offshore oil deposits . Thanks to them, theexpects the economy to grow by 53% this year. In a few years, South America’s third-poorest country, which has one of the world’s highest rates of emigration, will probably be one of its richest.
He did, but has left Mr Santokhi with a mess. Before leaving office Mr Bouterse gave public servants a 50% pay rise, which the government cannot afford. The budget deficit last year exceeded 10% of. Mr Santokhi persuaded public-sector unions to wait for the pay rise. He has begged banks for cash, raised income-tax rates and deferred payment of a loan taken out last year to buy a hydroelectric dam.
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