IMF Team visits Guyana

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh Wednesday met with the International Monetary Fund’s (IMF) Deputy Managing Director (DMD) Mr. Kenji Okamura and Executive Director Mr. Afonso Bevilaqua.  

Singh, who hosted the IMF delegation in Guyana, was accompanied by a team from the Ministry of Finance, while the IMF’s officials were accompanied by Ms. Reshma Mahabir, Alternate Executive Director, Ms. Alina Carare, Mission Chief, and Mr. Chad Steinberg, Advisor to the Deputy Managing Director.

The team was in Guyana for a high-level two-day visit to Guyana where they met with President Irfaan Ali and other Government officials as well as visited a number of developmental projects around the country. 

In its December 2023 Article IV Consultation report, IMF commended the Government of Guyana for economic management, including the implementation of policies and initiatives geared at transforming Guyana’s economy. The findings were published following an official IMF mission visit to Guyana in September of that year.

The IMF in its findings had highlighted that Guyana’s real GDP is expected to continue to grow rapidly, adding that Guyana achieved the highest real GDP growth in the world in 2022 – 62.3 percent.

It is estimated that Guyana’s economy should record a 38.4 percent real Gross Domestic Product (GDP) growth rate this year, while the country’s growth should continue with an expansion of an expected 26.6 percent in 2024.

Currently, Guyana is poised for continued rapid expansion, with on average growth of 20 percent per year during 2024-28. The IMF projects that non-oil GDP growth will be sustained at 5.5 percent, as the government continues its plans to address the country’s developmental needs.