TOPIC

PLAN

ACHIEVEMENT

Job Creation

1. Establishment of a Youth Employment Programme.
   
2. Preference to be given to youth organisations & groups to undertake public works.

Not Done

Not Done

Housing Development

1. Amend the NBS Act to allow it to accept other forms of collateral.
   
2. Create mortgage finance legislation that would extend to lending institutions generous concessions that are similar to those granted to NBS.

Not Done

Not Done

1. Explore the possibility of engaging inspection agencies to carry out pre-shipment inspections.
   
2. Comprehensive review of all tax legislation with a view to strengthening the penalties for tax evasion.

Not Done

Not Done

Exchange Rate Policy

1. Reduce temporary excess volatility.
   
   
   
2. Maintenance of an adequate level of foreign exchange reserves.
   
   
3. Development of a liquid and efficient foreign currency market.
   
4. The Bank of Guyana stands ready to defend the value of the Guyana dollar against speculative runs unrelated to market conditions.

There was no volatility as movement was essentially one-way.

Level substantially revised and target reduced from US$335M to US$276M.

Not done due to inadequacy of foreign exchange.

Sporadic intervention without adequate information and asurance.

 Financial Sector Reform

1. Establish the National Clearing House to rationalise and speed up the cheque payments system.
   
2. Initiate steps to activate the inter-bank money market and promote secondary trading in treasury bills.
   
3. Revise the 1996 reserve requirements and liquid assets ratio.
   
4. Recapitalise the Bank of Guyana and reorganise its operations.

Done

Steps taken to activate money market but not to promote treasury bills.

Done

Legislation passed, but little policy and institutional changes to meet demands of a modern Central Bank.

Civil Service Reform

1. Revise Civil Service Rules.
   
   
   
   
   
   
2. Carry out a survey of private sector remuneration to establish benchmarks that will be used to improve remuneration of comparable positions in the civil service.

Not completed. Public Service Union withdrew from the process due to conflict over the scope of the exercise and the composition of the review team.

A Report submitted in mid 1998 to the Government by the Commonwealth Secretariat.

1. The following entities will be brought to the point of sale, with possible privatisation being concluded in 1998:

• LINMINE
• BERMINE
• Guyana National Printers Limited
• Guyana Pharmaceutical Corporation
• Guyana Stores Limited
• Versailles Dairy Complex
• GNCB Trust
• Wauna Oil Palm Estate

2. The most significant privatisation will be that of GEC which is expected to be completed by mid-1998.

Advertised
Advertised
Advertised
Advertised

Advertised
Advertised
Not Done
Bids received

Not done. Negotiations with CDC/ESBI currently in progress.

Debt Reduction Initiatives

1. A secured grant from the IDA Debt Reduction Facility will be used to undertake a debt payback operation to eliminate arrears.

Unilateral action by Government has angered creditors, some of whom are seeking legal advice.

1. Establishment of legislative framework for private sector development bank.

Not Done

Securities Trading

1. Introduce legislation for securities trading to establish securities market.

Legislation passed but not brought into effect.

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Last modified: March 31, 1999