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Practising financial prudence where it counts

first_imgDear Editor,I read the statement from the Guyana Gold Board which questioned the Guyana Times’ article titled “Lost $4.7B Gold Board revenues could have cushioned sugar industry – Jagdeo”, and I particularly noted the nexus that was drawn between the Gold Board and the sugar sector.But I wish to submit that the nexus is clear: Under this Coalition Government, billions were lost due to incompetence; while the very Coalition Government was justifying its decision to close the sugar sector and put thousands of Guyanese on the breadline by saying it was acting in a financially prudent manner.Claims of financial prudence were made when the 7,000 sugar workers — over 4,000 of whom are still to receive their severance money owed by the Coalition Government — were fired.Claims of financial prudence were made when four factories were closed despite there being no study or even theoretical base on which such a decision was made.Now, there have also been arguments made about other aspects of the sugar industry, such as the Skeldon Sugar Factory and about what it cost. It has also been said that the factory is a white elephant. But what do the public agencies, where such large amounts of money is lost, have to show? No one has missed the fact that despite the criticisms of the Skeldon Factory, it is now being promoted as an attractive investment.Finally, Editor, the Guyana Gold Board’s numbers — according to the National Budget Estimates available on the Ministry of Finance’s website — reflect clearly the incompetence of the Coalition Government when it comes to practising financial prudence where it counts.Regards,Attiya Bakshlast_img read more