Jagdeo, try not to be so thin-skinned

THE EDITOR: Instead of being quick to remind the people of TT of all the reasons why, in spite of its ridiculous foreign exchange rate, Guyana can look forward to a decades-long windfall from its growing oil reserves, thin-skinned Vice President Bharrat Jagdeo ought to offer equal haste and eloquence in explaining when we can expect to see some repayment on the debt that his "booming" republic owes us.

At last reckoning, that debt amounted to US$540 million. That is equivalent to TT$3.6 billion at current exchange rates. Or GUY$114 billion, should people who are in agreement with his point of view need to truly appreciate the value of our assistance to the people of Guyana through the decades.

Similarly, instead of attempting to "shame" TT companies operating in Guyana, Jagdeo should be equally candid about the millions (if not billions) of dollars in hard currency that have made its way from TT to Guyana since the 1980s (when the bauxite boom went bust).

First, Guyanese expats living and working here repatriated funds to their families still domiciled there, and then in the past decade, a slew of our businesses and individuals placed the TT exchange rate system under pressure as they deliberately invested in opportunities in Guyana. As I recall, there were no complaints about the clear lack of restrictions then.

It is patently clear that there were few complaints about our managed foreign exchange system when the cash was flowing in Georgetown's favour. To see that now, the knee-jerk reaction is to not only rub our collective faces in their presumed good fortune, but to "palance" on our heads to the sounds of a debt that will never be repaid as well. That only adds insult to injury.

Curiously, in 2014 the then minister of national security, one Gary Griffith, reported that there were 25,884 illegal Guyanese immigrants living in TT. Making Guyana at that time the largest source of illegals living, working, (voting?) and exporting currency. Giving one pause to wonder if the thin-skinned vice-president has a plan to take those immigrants back any time soon.

Of greater concern to the people of Guyana should be the fact that in the current scenario, tax revenues (mainly from Exxon) are the main source of foreign exchange, as well as income to the government of Guyana. There is therefore little change in the demand outside of Guyana for Guyanese dollars to speak of, and, consequently, consumers there can look forward to little or no appreciation of their currency in the immediate future.

Naturally, one can assume that for the men and women on the streets of Georgetown, Demerara, Essequibo and Berbice, the self-deprecation about the value of their currency, and of the exchange rate, that has been going on for decades will continue unabated.

Instead of revelling in a perceived insult where none was intended, Jagdeo should be watching the multinationals like a hawk to ensure that his people are receiving every unwanted Guyanese dollar that they are entitled to, before the wells run dry.

G ELIAS

Cascade