Guyana Observer News

By Freddie Kissoon

A columnist of this newspaper posited an election victory for the PPP next year because he said debt rescheduling has left the economy in a much better state. Statistics do not support that contention but let’s dwell on the debt. The columnist who made that observation omitted to provide context. here has been no evidence that debt rescheduling was an achievement of any leader who received it. The cancellation of the Third World’s debt was a global issue that occupied the thoughts of the people who were in a position to help the Third World, that is, the G7 group. The Third World could have put a Michael Manley, a Forbes Burnham or an Indira Gandhi in the conference room and the terms would have been dictated by the G7 countries. he major part of the debt of the eleven poorest nations in the entire world was erased by the G7 three and a half years ago and in that category was Guyana. Interesting to note (and I wrote this shortly after) in that generous offer, Burkino Faso got better treatment than many others. I wrote this at the time because here in Guyana some politicians in the corridors of power were talking about Guyana’s leadership role in the debt write-off. That was far from the truth. The forgiveness was an act of the G7 in which British PM Tony Blair had to wrest compromise from President George Bush.