-Finds export earnings for traditional sectors decreased – Predicts Govt.’s revenue will increase by year-end due to stronger tax compliance mechanismsIn the past few months, Guyana’s financial system has faced a number of threats. Some of these risksCentral Bank, Governor, Dr. Gobind Gangainclude the uncertainty in the global environment, de-risking by correspondent banks and the “slower” than expected growth in domestic economic activity.Though the Central Bank acknowledges these, it is appeased by the fact that a number of fundamental macroeconomic indicators remain favourable to help reduce vulnerability in the financial system.As for the details on the performance of the economy for the first half of the year, Central Bank Governor, Dr. Gobind Ganga, said that it grew by 2.0 percent. He said that it can be mainly attributed to the outstanding performance of the mining sector. This contention was in earlier months, supported by Finance Minister, Winston Jordan.While gold production increased by 94.3 percent as a result of rising gold prices, the Central Bank has noted that other major productive sectors recorded slower than expected growth. It believes that this is due to weak global demand, inclement weather and unfavourable commodity prices.The Bank of Guyana has also paid keen attention to the reduction in export earnings for Guyana’s major sectors. It noted that sugar export earnings amounted to US$20.8 million, 31.4 percent or US$9.5 million below the level in 2015. This was due to a decrease in export volumes.Timber export receipts totaled US$19.4 million, 17.3 percent below the value for the corresponding period in 2015, owing to lower export volumes.Rice export earnings amounted to US$88.3 million, 29.8 percent or US$37.4 million below the level in 2015, due to a decrease in the volume exported and a decline in the average export price.Bauxite export receipts amounted to US$46.3 million; 13.1 percent or US$7.0 million below the value for the corresponding period in 2015, due to a reduction in the average export price for bauxite.While export earnings have experienced a decline in major sectors, the country’s importation Bill has increased in a few areas.According to the Bank of Guyana Mid-Year Report, the “consumption goods” category amounted to US$197.3 million. This is 4.7 percent or US$8.9 million more than the 2015 corresponding level.The Central Bank said that this was mainly due to increases in beverages and tobacco, other semi-durable goods, clothing and footwear,Cheap Jerseys Paypal, other non-durable and durable goods.It said, “The tepid growth together with subdued inflationary trend have the potential to negatively affect asset value of households and businesses and their ability to service debt. This can potentially impact banks’ asset quality requiring them to increase provisioning for bad loans and hence, profitability.”In the meantime, the Central Bank Governor says that Government expenditure,NFL Jerseys Wholesale, particularly capital expenditure projects in the areas of construction,China Jerseys, education,China Jerseys Cheap, transport and communication, mining and agriculture will likely contribute to future growth and development to strengthen the financial system.As it relates to the nation’s overall debt,Jerseys NFL China, Dr. Ganga said that this remains at a sustainable level. He said that this implies that there is fiscal space for taking on additional debt to provide developmental resources.Concurrently, the Central Bank Governor said that government’s current revenue is projected to increase by the end of 2016 due to stronger tax compliance mechanisms.According to the Central Bank Governor, the outlook for the remainder of 2016 suggests higher growth and a pick-up in the inflation rate that are expected to enhance the robustness of the financial system.He noted that global economic recovery remained weak, uneven, and uncertain due to mediocre growth of advanced economies and impotent policy actions by national governments.In addition, he said that global economic growth was further beset by additional fragilities that erupted from the outcome of the United Kingdom referendum to exit the European Union.He revealed that Guyana’s financial system has been threatened by de-risking with Bank of America giving notice to a few banks of their intention to cease doing business with them. This was noted, too,NFL Jerseys Outlet, in his mid-year report on the economy.In that report, it was pointed out that although other banks showed an interest to fill the void, the conduct of international banks to terminate correspondent relations with legitimate clients (ban

The Brazilian Embassy says that the visit of the Governor of the State of Roraima,China NFL Jerseys, Jos? de Anchieta Junior to Lethem, last weekend, was in no way to campaign for the incumbent Peoples’ Progressive Party/Civic.This was in reaction to concerns expressed by the Alliance for Change (AFC) who had upped the ante on their protest of the Brazilian Governor,China Jerseys For Sale, on this occasion taking their action in front of the Brazilian Embassy at 309 Church Street, Queenstown yesterday. A Partnership for National Unity (APNU) had also voiced its concern at the development.AFC representatives protesting in front of the Brazilian Embassy yesterday.The Embassy in a statement said the “Brazilian Government expresses its total neutrality and impartiality in the development of the electoral process in Guyana and expresses its best wishes and confidence in a successful outcome,NFL Jerseys 2018, as by all expected.”It was further noted by the embassy that the Governor learned about President Jagdeo’s visit to Lethem, and he took the opportunity to visit him in order to discuss subjects related to the border as well as the integration between Roraima and Guyana.“Governor Anchieta also had the chance to meet Donald Ramotar at a courtesy meeting. The Governor took the initiative to salute the community attending the meeting, residents of both Lethem and Bonfim,” the statement further said.The Diplomatic Embassy further reiterated its “well known and traditional position of the Brazilian Government in favour of the principles of non-intervention and self-determination”.“Therefore, the Brazilian Government understands that Guyana – as well as any country – is entitled to choose their representatives in an independent, free and transparent way. Following this principle, the presence of a Brazilian authority to salute the communities at the above-mentioned meeting should not be construed as a support for any of the political parties contesting the forthcoming elections,Jerseys NFL China,” the Embassy stated.Prior to the statement, AFC representatives who were present at the protest collectively stated that the Governor’s actions were “violating Guyana’s sovereignty.”Executive member Dominic Gaskin said that it appeared as if the Governor was campaigning on the platform of the incumbent Peoples’ Progressive Party/Civic (PPP/C) on Saturday.Other than calling on the Brazilian Embassy to issue a statement pertaining to the issue (which was done), Gaskin opined that the actions of the Governor shows support for the PPP and is partial.“And I don’t think the Brazilian Government would approve of that, I am not sure if he was fully briefed or even knew what he was doing,” Gaskin asserted. “They need to let the Guyanese public know what their intentions are in the elections season.”Another protestor said that the Governor should give an apology pertaining to his actions, since he should not have meddled with politics here.The AFC expressed concern about the political motive behind the Governor’s move since him speaking at a political rally in another country is a clear violation of protocol, and international laws and conventions.The incumbent party said that prior to the public meetings, the Governor had official talks with President Jagdeo,China Jerseys Cheap, Foreign Affairs Minister Carolyn Rodrigues-Birkett and Region Nine officials on improving relation and cross-border trade.“The meeting was held on Sunday as it was convenient for President Jagdeo’s schedule,” the PPP stated. Critics have said that this move is the convenient use of state resources for political campaigning.The PPP said that the Governor merely used the platform to bring greetings from the neighbouring state to the residents of Region Nine.The incumbent PPP/C yesterday accused APNU and AFC of distracting the public from the overwhelming support for the PPP/C public meeting in Lethem, Rupunnuni.According to PPP Executive Member,Jerseys Wholesale, Robert Persaud, the joint protest of the APNU and AFC yesterday outside the Brazilian Embassy further confirms the growing alliance between the two opposition parties.He said both the PPP/C and the Government of Brazil have clarified the role of the Governor of Roraima visit to Lethem having nothing to do with campaigning for the PPP/C.“But devoid of real issues to discuss during the elections, the APNU/AFC alliance is latching on to another extraneous matter hoping to gain some political traction and relevance with a very discerning electorate.”

Commander-in-Chief of the Armed Forces,Cheap Wholesale Jerseys, President Donald Ramotar has approved the promotionChief-of-Staff,Cheap Authentic Jerseys, Commodore Gary Bestof Chief-of-Staff of the Guyana Defence Force (GDF),cheap jerseys, Commodore Gary Best to the rank of Rear Admiral. The Government Information Agency (GINA) reported yesterday.The swearing in ceremony will take place tomorrow at the Office of the President.A Rear Admiral is a naval commissioned officer rank above that of a Commodore.

Eminent Persons Group calls for immediate Commonwealth actionMembers of a Commonwealth Eminent Persons Group (EPG) that authored a report on reform of the Commonwealth have called for immediate Commonwealth action in relation to threats against the life of Pakistani lawyer and human rights activist, Asma Jahangir.The EPG, of whom Jahangir was one, last year submitted the report A Commonwealth of the People: Time for Urgent Reform,Wholesale Jerseys, to Commonwealth Heads of Government at their meeting in Perth last October.? One of its key recommendations is that the Commonwealth should establish a Commissioner for Democracy, the Rule of Law and Human Rights.Members of the group made their call for action in a letter to the Commonwealth Secretary-General, Kamalesh Sharma and the Chairman of the Commonwealth Ministerial Action Group (CMAG).? The letter declares that the EPG members “are extremely troubled by the charges that Dr. Jahangir has reliable information that her life is under threat from Pakistan’s security establishment”.They declared: “Given our knowledge of her and of her highly regarded work,NFL Jerseys Wholesale, we are confident that her charges would have been made only after the most careful consideration and in light of credible intelligence”.The Group called on the Secretary-General “to request the Government of Pakistan to provide full protection for Dr. Jahangir and to launch an immediate and transparent inquiry into the threats directed at her”.“We are sufficiently alarmed to suggest that you should appoint a ‘good offices’ representative to be engaged in this matter with the authorities in Pakistan to furnish both you and the Commonwealth Ministerial Action Group (CMAG) with information” the Group said.Copying their letter to the Chair of CMAG, the EPG members asked that CMAG take appropriate steps “to advise the Government of Pakistan of the deep disquiet that this matter has engendered”.The letter was signed by Tun Abdullah Ahmad Badawi,Cheap NFL Jerseys Wholesale, Dr. Emmanuel O. Akwetey, Ms. Patricia Francis, Mr. Samuel Kavuma,Cheap Jerseys China, The Hon Michael Kirby, Rt Hon Sir Malcolm Rifkind,Jerseys NFL China, Sir Ronald Sanders,Cheap NFL Jerseys China, and Senator Hugh Segal.

A fire of unknown origin in the wee hours of Friday morning damaged a two-storey house in Princes Street,Wholesale China Jerseys, Lodge.According to a source,Cheap NFL Jerseys China, about 3:30 hours the house located at Lot 46 Princes Street,Jerseys NFL China, Lodge,Cheap Jerseys Store, thick smoke was seen billowing from the building before occupants were evacuated from the premises.The source added that it took a while for fire tenders to respond but they were able to save the wooden and concrete structure from total destruction.The scorched exterior of the structurePamela Singh,Cheap Adidas NHL Jerseys, who resided at the top flat of the home,Cheap NFL Jerseys Wholesale, said that she was awakened by the smell of something burning. She said that it was coming from a hole in the floor.She added that when further inspections were made she realized her entire house was in smoke and decided to wake up the three other persons. The distraught woman further stated “I living here for 30 years and to know that everything you work for in this life was gone in 15 minutes”.Singh added that she constantly contacted the fire service but she was unable reach them. She added that when she finally got them they arrived promptly.She estimates her loss to be in the millions.