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IMF team in Guyana to review GDP formula – Jordan

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first_img– as new oil & gas sector to make changes necessaryA team from the Inter-American Monetary Fund (IMF) is presently in Guyana working with the Finance Ministry in a bid to review and rebase Guyana’s Gross Domestic Product (GDP) calculations.Finance Minister Winston JordanThis is according to Finance Minister Winston Jordan. At the time, the Minister was addressing a workshop convened by the Civil Defence Commission (CDC) at the Arthur Chung Convention Centre on Monday.“Even as I speak, personnel from the Caribbean Technical Assistance Centre of the International Monetary Fund are in Guyana supporting our efforts to rebase the Gross Domestic Product, in light of our evolving production profile,” Jordan said.“Data gathering across all segments of the Private Sector producing goods and services is critical to the accuracy and success of this exercise. Several indicators within the national and SDG framework are expressed as a percentage of GDP.”It is understood that Guyana’s economy grew by 3.4 per cent for 2018. But in the country, various sectors have taken a beating over the past few years as production numbers have dropped. Despite the economy growing by 4.5 per cent in the first half of 2018, traditional sectors like sugar and rice contracted by 30.6 and 3.8 per cent respectively. This was revealed in the Finance Ministry’s Mid-Year Report 2018.Last year, Finance Minister Winston Jordan admitted to the National Assembly that the gold sector also suffered a decline of 9.1 per cent. This is equivalent to a decrease of 288,114 ounces in gold declaration. The report also revealed that this represented a 19.4 per cent shortfall.The Minister in his report also noted that there are a number of downside economic and fiscal risks to the economy, both domestic and external, which can frustrate the achievement of the various revised targets.In relation to sugar production, the report stated that this continued to be impacted negatively by a sub-optimal mix of factors which also include deficient cash flow alignment and the undue absence of a Board to oversee the management of the remaining sugar estates. Already, struggles in lowering production costs for the sugar industry have seen sugar from other countries take precedence over locally produced sugar.Private sectorPersons have opined that the growth of Guyana’s economy which was presented as part of the 2018 mid-year report was as a result of continuous support from private stakeholders with an interest in the country’s propulsion.This was the sentiment of President of the Guyana Marketing and Services Association (GMSA), Shyam Nokta, during the Association’s annual award ceremony on Thursday. He expressed that members of the organisation would have played a key role in this progress.“Guyana’s economy grew by 4.5 per cent during the first half of 2018, compared to 2.5 per cent for the corresponding period in 2017. This growth was led by continued efforts from the Private Sector, including our members,” Nokta said.But with first oil expected next year, estimates have been made that economic growth will triple in the years to follow.After its 10th discovery of oil in the Stabroek Block, ExxonMobil had estimated the recoverable resource in the block to be 5 billion oil-equivalent barrels. At US$50 a barrel, that equates to well over US$200 billion. More oil was subsequently found earlier this year.In addition, an independent assessment, or competent persons report, had found that 2.9 billion barrels of oil existed in the Orinduik Block. All of this will represent a monetary windfall for Guyana, which will be saved and invested through a Natural Resources Fund.last_img read more

Talented Women’s Basketball Sophomore Trio Grow In Second Year

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first_imgBy Kylie DeHaven – Drake Athletic Communications Student AssistantThis story originally appeared in the Feb. 5 & 7 edition of the Drake Women’s Basketball Gameday Program.Sophomores Maddy Dean, Paige Greiner and Becca Jonas of the Drake University women’s basketball team each had stellar freshmen seasons, and are looking forward to continuing their success in the Drake uniform during this 2015-16 season. Dean tallied a number of awards her freshman year, including the MVC Freshman of the Year, and a place on the All-MVC First Team and MVC All-Freshman Team. Greiner led the MVC in three-point percentage her freshman year with a 47 percent, and this season currently leads the team with a 42.5 percent mark. Jonas was recognized by the conference with a spot on the MVC All-Freshman Team and All-MVC Honorable Mention accolades. Jonas’ sophomore year was delayed when she had season-ending knee surgery in August, 2015. Jonas is six months into her recovery and can’t wait to get back out on the court. These Drake women’s basketball sophomore standouts had a chance to sit down for an interview. What about Drake and the women’s basketball program led by head coach Jennie Baranczyk made you want to come here?  Dean: “Definitely the people. I think the community here is awesome. What really stood out was the players and just Jennie and her coaching staff. I just really felt like it was a special place here and I wanted to be a part of it. The academics are great, and the location is great.” Greiner: “For sure the first thing was the people. I remember meeting Jennie and immediately felt a connection there and that just grew when I met the team. Also, Drake’s education really stuck out to me and that was really important in my decision. And it was close to home.” Jonas: “Drake was the first school to recruit me. All the games are close to home so my parents are able to come to all the games. That was big for me. And the basketball program in general was on the rise and I wanted to be a part of it.”  As sophomores, you all have a year of experience under your belt, what is the most important thing you learned from freshman year?  Dean: “Probably for me was just the every day stuff. The speed of the game and confidence. We did get to play a lot as freshmen, so we have that confidence and we know what to expect when it comes to conference season. Every day is a different day, but having that experience under our belt is big.” Greiner: “One of the big things I learned was how to take care of my body. Making sure that we’re fueling it the right way and doing all we can to make sure we compete at the highest level. That was a big thing for me.” Jonas: “I guess I would say the biggest thing is really learning how to focus. And that goes for school, for the sport, every day in practice, just being able to hone in on what you’re doing so you can get the most out of every single day.” Becca – you had season-ending surgery knee surgery this past August. How have you been able to manage juggling recovery, school, and still keeping up with everything on the team? Jonas: “Obviously coming off of surgery has been hard not being able to be out on the court. But the team has been super great. The coaches have done a good job of trying to give me stuff to do to keep me involved. It’s been tough, but there’s still stuff you can learn from sitting out and that’s the biggest thing I’ve taken probably. You just see things from a different perspective so I’m trying to take in as much as I can until I get back out there.” What is your favorite memory so far at Drake?  Dean: “Honestly, just the feel of the Knapp Center on game day. Being on our home court with all our home fans and our team is just the coolest thing ever. My favorite memory happens every week but it’s such a cool experience that you can’t beat.” Greiner: “I think one of my favorite memories to date would be beating Creighton this year. That was just a really good team win.” Jonas: “Probably starting 9-0 in the conference last year. The month of January last year was really fun for us. We really just got into our groove.” Print Friendly Versionlast_img read more