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– Power company identified as only state organization to benefit from PetroCaribe Fund By Kiana Wilburg The Guyana Sugar Corporation (GuySuCo) and the Guyana Power and Light (GPL) are yet to fully honour their debt owed to the Government of Guyana.Finance Minister, Winston JordanThis is according to Finance Minister Winston Jordan. The economist made this and other pertinent statements in his historic Annual Public Debt Report.The report, which was prepared with the help of the Debt Management Division of the Ministry of Finance, is the first of its kind in Guyana. The report presents an overview of debt developments during the last five-year period (2011 to 2015).According to the report, the two major state-owned enterprises benefitted from a process called “on-lending”.The document explains that this arrangement is one whereby the Government obtains a loan; usually concessional financing from an international financial institution such as the World Bank or the Caribbean Development Bank, then passes on the loan principal to another entity, usually a State Owned Enterprise (SOE). The SOE is thereafter known as the beneficiary.The document said that the loan between Government and the international financial institution is often referred to as a primary loan. The on-lent loan between Government and the beneficiary is called the subsidiary loan.The report said that on-lending is a means by which the Government can support strategically important projects that aid national development. The Government enters in an on-lending arrangement, given that the primary loan proceeds are earmarked to fund capital expenditure for the SOEs.The terms and conditions of the primary loan agreements differ typically from those included in subsidiary loan agreements. Interest rates are usually higher in subsidiary loan agreements than in primary loan agreements, but the rate is generally lower than the rate that the beneficiary could otherwise negotiate from commercial lenders, the report explained.By improving their financial viability, the report goes on to state that on-lending can facilitate the delivery of development projects that are expected to provide broader economic benefits to Guyana.With the aforementioned understanding in mind, the report highlighted that the two beneficiaries of on-lent loans were the Guyana Power and Light Incorporated and the Guyana Sugar Corporation Incorporated.At the end of 2015, the report said that the Government had on-lent some US$282 million to these two entities. Of that amount,Cheap Jerseys From China, the document said that 54.8 percent was on-lent to the GPL. It said that there are 11 on-lending loan agreements,Wholesale Cheap Jerseys, seven of which are between the Government and the GPL and four between the Government and GuySuCo.Of the 11 on-lending agreements, the report says that six of them were financed directly from the PetroCaribe Fund.The Report said, “Over the review period,Cheap Jerseys Paypal, all new on-lending agreements were contracted with the GPL in the amount of US$80.1 million. The source of funding for these agreements was the PetroCaribe Fund. GPL has been the only SOE that benefitted from the PetroCaribe Fund. The transfer of funds to GPL, financed several projects aimed at improving the services provided by this entity.”It was noted as well that at the end of 2015, GPL and GuySuCo had repaid less than one percent of their debt due and payable to the Government.“These SOEs have over the years been billed for the debt service payments falling due, but have not made payments to the Government. Many SOEs do not appear to have the resources to service their debt obligations to the Government,” the document said.It continued,Cheap Jerseys, “Of the main beneficiaries of on-lent loans, GuySuCo was the only SOE covered by a Memorandum of Understanding (MOU), which was specifically for loans on-lent in relation to the Skeldon Sugar Modernization Project (SSMP). The MOU states the all payments due within three (3) years after 2008 will be deferred. The MOU came to an end on December 31,Cheap NFL Jerseys China, 2011.”However, it was noted that GuySuCo has not resumed repayment of its obligations to the Government. The report shows that its total On-lending Loan Agreements at the end of December 31, 2015 amounted to US$127.6M.The process of reconciling the debt outstanding by SOEs to the Government commenced in 2015.At the end of 2015, this process was still in progress and the Government is expected to make arrangements to recover the debt from the SOEs.


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The exact statuses of the financial reports of the National Trust which are to be presented to Cabinet still remain unknown at this time. This finding came to the foreground via a meeting held by the Public Accounts Committee (PAC) on Monday last.Alfred King, Permanent Secretary of the Culture Ministry.Permanent Secretary of the Ministry of Culture, Youth and Sport, Alfred King came under much examination by members of the committee and was subsequently challenged to answer on a number of issues.To begin with, the financial reports on the National Trust which is responsible for the preservation of historic buildings and sites in Guyana were not submitted to the Auditor General on time. It was revealed that this occurred because the reports were riddled with inaccuracies. It was also disclosed that the reports of 2004 to 2011 were sent to the Auditor General to be reviewed.However, the Auditor General, Deodat Sharma,China NFL Jerseys, at the said meeting said that he assumed the reports came over the weekend but he did not see it on Monday last.King said that the inaccuracies delayed the process as it had to be corrected, but noted that measures have been put in place to ensure that it does not repeat itself. But the success of this recently implemented mechanism was not the next concern of the members of the Committee. Instead, King was asked to answer two basic questions: “Where are the reports which are to be before Cabinet?” and “What led to the inaccuracies?” Neither of the questions he was able to answer satisfactorily.Instead,Wholesale Jerseys From China, King was instructed to return to his Ministry to do several checks to determine the status of the reports.Committee member, Gail Teixeira had asked the Permanent Secretary as to the status of the reports and why they are not before Cabinet.King struggled for an answer, but Teixeira at the end of his remarks instructed that he conduct a meticulous search in order to determine the status of the reports. She said, “I would like to know where they (the reports) are and when they are going to be before Cabinet. To my knowledge none is at cabinet.”King up to this point was still unable to provide a definitive answer as to whether the reports for Cabinet were at the Ministry of Culture,Wholesale Authentic China Jerseys, or still with the National Trust.King was then challenged by Committee members to state who normally monitors the reports to ensure it is completed in a timely manner. After indicating that he is tasked with that responsibility, he was then asked about the oversight which occurred between 2004 and 2009 that led to the reports being submitted just recently.“I won’t be able to say, but the Trust provides quarterly reports to the Culture Ministry, and we have systems now to ensure now that proper work is done,” King said.Another PAC member,nfl jerseys authentic china, Jaipaul Sharma,cheap jerseys elite, then asked King to comment on what really prevented the Trust from getting the reports accurately prepared.The Permanent Secretary then informed that there was an issue of miscommunication and a meeting was held to address the procedures in relation to the said reports. The matter, he explained, was subsequently resolved.Sharma then stressed for there to be someone or a system in place to continue proper management of the Trust.


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By Rehanna RamsayFor more than a decade, Mercy Wings Vocational School has taken responsibility for training and educating young people, who have fallen through the care of state institutions. As such, the school will be expanding its curriculum to suit the possible influx of students, this upcoming semester.“We have some courses outlined for the new school term, it will include cosmetology and welding as we already offer training in a number of other subject areas,Authentic NFL Jerseys Wholesale China,” Paula Bess, Coordinator of the Sophia complex stated last Friday.In addition,Cheap NFL Jerseys Free Shipping, to classes in basic, English and Mathematics, Mercy Wings trains teenagers and young adults in masonry, child care,Cheap NFL Jerseys Wholesale, carpentry,Nike NFL Jerseys China, cooking and computer literacy.Mercy Wings Vocational School’s Sophia ComplexSpecial classes include craft, physical education, drumming, dance and dramatics, which provide trainees with an opportunity, in weekly sessions, to explore their creative side. Through field trips, the students gain a broader lens through which to view the world.Field trips are usually made to Georgetown prisons, whereby trainees have an opportunity to hear from the staff and several of the prisoners in order to encourage them to make wise choices in their own lives.Sports events and competition with other local programmes are scheduled. Another major aspect is the provision of daily nutritious content, including freshly prepared meals for trainees. Breakfast is also provided on an ‘as-needed’ basis, while a childcare facility is also available for the community and the trainees.The multi-purpose building of Mercy Wings contains a computer lab, a library,Cheap Jerseys Free Shipping, and a craft room complete with dining and kitchen facilities. However,China Jerseys Wholesale, Bess says that the facility can comfortably accommodate, approximately 90 students.“The classes are small, as the school would usually cater for about 85 to 90 students; we currently have about 33 students, doing different courses, who will be graduating in July.”According to the Coordinator, the project has been a huge success in helping youths to develop a more positive self-esteem, obtain jobs, and gain other life-skills.? The Mercy Wings Vocational and Day Care Centre, is fully sponsored by the Sisters of Mercy, Guyana, a catholic diocese out of Georgetown. The establishment was founded by the Sisters of Mercy back in 2000, and has the mission of facilitating the transformation of students who are labeled as ‘drop-outs’ into? new kinds of individuals,? cultivating positive self-images and? offering sound, integrated moral and spiritual values for socially health conscious lifestyles.This empowerment is obtained through human development and skills training, which enables young people to be self-sufficient and motivated taking charge of their lives and becoming agents of social and attitudinal change.


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By Ralph SeeramSome years ago on a visit to Guyana, I had the misfortune of experiencing a relative dying. It was not pleasant, but it was an experience that remains indelibly in memory. He had an enlarged heart and was told he can die any day. The night after he received the news,NFL Jerseys China Wholesale, he had a transformation, a total 180 degrees change in personality. The spirit of death had visited him. You would have to see this to believe what I about to say. The spirit of death was transforming his personality.One could tell there was an internal battle going on between his conscious self and the shadows of death, his illogical utterances interspaced with some logical conversation, his unbelievable display of strength, the constant back and forth conversation between himself and the spirit of death, all totally out of character with the person I knew.A few hours later all was quiet; the spiritual battle was finished; death had won. And as he lay on his death bed in the final throes of life he began to”travel”. The physical battle began. Death starts at the sole of your feet and works its way up. His feet were cold then lifeless, same for his legs and waist. The Pastor said even though he appeared unconscious he could still hear.The Minister whispered something in his ears and we saw a trembling reaction from his hands and head. He was conscious. It must be a terrible thing to know you are dying and incapable of doing anything about it. Finally the numbness reached his heart and his journey was over. His journey however, did not happen overnight, the neglect to his health started years before.Like my relative, the PPP as a political party has been dying for years. However the resignation of the highly respected former Speaker of the House and PPP stalwart, Ralph Ramkarran,Cheap NFL Jerseys Wholesale, has put the PPP in death throes, the likes of which the PPP will not be able to recover from unless President Donald Ramotar can show some fortitude, display strong leadership and take drastic measures to resuscitate the PPP.It doesn’t matter if Ralph Ramkarran returns to the PPP fold that is irrelevant at this stage. His outspoken article about corruption within the Government, and his subsequent resignation have hastened the death of the party. Death is working its way to the heart of the PPP.President Ramotar has the power to stop it. The question – is he going to take any action or will he let the patient die?I am sure some may ask about the symptoms which are showing the PPP is in demise. In 1992 the PPP received 162,000 votes from roughly 300,000 vote cast.? Moving on to the 1997 elections, with a voter turnout of nearly 400,000 the PPP got 220,000 a gain of 58,000 votes but the PNC also picked up 33,000 new votes for a total of 161,000 votes.Of note, the cast votes had increased by 100,000 new voters in 1997. Moving on to the 2001 elections the PPP dropped to 210,000 votes a loss of approximately 10,000 supporters while the PNC gained 4,000 vote for a tally of 165,00 votes. Then came Bharrat Jagdeo elections in 2006 where the PPP made its biggest gains in Parliamentary seats, but this was also deceiving because the PPP dropped to 182,000 votes, a loss of 28,000 votes.It gained more seats because the PNC did worse garnering only 114,000 votes.? This steady decline made me predict long before the elections last year that the PPP could lose the elections. No one at that time even conceived such a thought. When I brought my views to former President Bharrat Jagdeo on a fundraising trip to Orlando last year, he said that they “ran the numbers” and will win the elections.The 2011 elections saw the PPP slumped to 166,Cheap Jerseys Free Shipping,000 votes a loss of 16,000 votes despite an increase in voter turnout of 7,000. In 2011 the PNC under the banner of APNU pulled in a gain of 25,000 votes for a total of 139,000 votes… Just 27,000 votes separated the two major parties.The PPP has been in steady decline for the past three elections, the PNC has shown increase.The point I want to show here is that the PPP supporters are disenchanted, frustrated with the constant revelation of corruption, and are staying away from the polls. There are some in the PPP hierarchy who are aware of this while some are in denial.One senior executive of the PPP told me flatly that Bharrat Jagdeo divided and destroyed the PPP and there may be a lot of truth to that. The PPP Government must realize that you can build the best roads, airport, hydropower or whatever grandiose plans you may implement.Every Guyanese can own a car and a house. At the end of the day no one, even PPP supporters, likes people to steal his hard earned money,Wholesale Stitched Jerseys, be it one’s personal money or one’s