Left Menu
Development News Edition

Guyana ruling party proposes direct cash transfers with new oil wealth

Guyana ruling party proposes direct cash transfers with new oil wealth
Representative Image Image Credit: ANI

Guyana's ruling party on Friday said it would distribute some of the country's newfound oil wealth directly to citizens through cash transfers should it win re-election in the upcoming March 2 vote.

The poor South American country, which joined the ranks of oil producers in December when a consortium led by Exxon Mobil Corp began pumping crude in the offshore Stabroek block, is seen as a test case for whether oil riches can bring sustainable development in nations with weak institutions. President David Granger's APNU+AFC coalition has pledged not to use funds from oil sales until after the election, in which plans for how to use the windfall is a major issue. One possibility is direct payments to citizens, similar to the U.S. state of Alaska's annual dividend from oil and gas revenues.

In a manifesto laying out its plans for a potential second five-year term, the coalition said it would approve cash transfers to citizens "for the purchase of essential items" as well as "conditional cash transfers" for single parents, public transit, and elder care, among other items. "Guyana is about to start receiving significant revenue from our new oil and gas sector," prime ministerial candidate Khemraj Ramjattan wrote in the manifesto. "We are going to use...the oil revenue to transform Guyana for the benefit of all Guyanese."

The manifesto - which also pledged to diversify the economy, invest in infrastructure and crack down on corruption - did not indicate how much money citizens could expect to receive from the transfers. The government expects up to $300 million in oil revenues this year alone, said Finance Minister Winston Jordan. The opposition People's Progressive Party said in its platform, released last year, that it supported "targeted cash transfers" geared toward the elderly, children, and the poor. It also said it would use oil revenues to improve health care, reduce taxes, and save for future generations.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...


Latest News

US Domestic News Roundup: Biden battles to secure needed victory; 'This Land is Your Land' lawsuit dismissed and more

Following is a summary of current US domestic news briefs.On the trail Biden battles to secure needed victory in South CarolinaFormer Vice President Joe Biden plans to stump hard in South Carolina on Friday, aiming to solidify support in th...

Trump wins bid to block McGahn testimony sought by House Democrats

A divided U.S. appeals court handed President Donald Trump a major legal victory on Friday by dismissing a Democratic-led congressional panels lawsuit seeking to enforce a subpoena for testimony from former White House Counsel Donald McGahn...

World News Roundup: Global downturn looms and countries struggle; Coronavirus slams, Italy, paralysis, and anxiety spread and more

Following is a summary of current world news briefs.Global downturn looms as countries struggle to contain coronavirus outbreakThe coronavirus spread further on Friday, with cases reported for the first time in at least six countries across...

Visiting Canucks looking to strike first vs. Leafs

The Vancouver Canucks will be trying to change the script when they visit the Toronto Maple Leafs on Saturday night. The Canucks have allowed the first goal in each of the first two games of their four-game road trip.They overcame the early...

Give Feedback