IMF Hails Guyana’s Growth: A Testament to Ali’s Strategic Leadership

Guyana's ongoing economic transformation, backed by responsible governance and strategic policymaking, has garnered international acknowledgment from the IMF. 

Rodrigo Valdés, Director of the Western Hemisphere Department at the IMF

The trajectory of rapid growth, combined with social safety nets and infrastructural developments, positions Guyana as a model for resource-rich nations navigating the complexities of economic management and governance in a volatile global landscape. 

IMF Director for the Western Hemisphere, Rodrigo Valdés during a recent press event, emphasised Guyana’s exemplary management of its natural resources.

Director Valdés also noted Suriname's need to establish frameworks that could support successful management of its emerging oil sector, similar to Guyana’s current practices.

Meanwhile, Deputy Director Ana Corbacho highlighted that Guyana's economy has seen a remarkable 47% increase in economic growth from 2022 to 2024, marking it as one of the fastest-growing economies not only in the Caribbean but globally.

The IMF projects continued growth for Guyana, with real GDP and real non-oil GDP anticipated to grow by approximately 10.25% and 13%, respectively, in 2025.

It should be noted that both Valdés and Corbacho stressed the importance of maintaining macroeconomic stability and building resilience against potential shocks in an increasingly uncertain global environment.

The IMF underscored that despite rapid growth, careful monitoring and strategic management are critical to avoid overheating the economy.

Additionally, the IMF's March 2023 Article IV Consultation praised the Guyanese government for implementing effective policies and initiatives that have had a significant positive impact on the economy.

These lauded initiatives by the PPP/C government include the $100,000 cash grant for citizens aged 18 and older, a newborn cash grant of $100,000, and a Universal Health Voucher of $10,000.6. 

Significant projects, such as the gas-to-energy initiative, have been recognized for not only fostering short-term growth but also laying the groundwork for reliable electricity and improved infrastructure essential for sustaining long-term economic development.