Friday, February 27, 2009

Economic crisis s real

The PNCR issued a Press Release yesterday on this very important national financial crisis.

It is evident that the Jagdeo Administration has been negligent in its delayed and dilatory manner in which they moved to protect the valuable assets held by the Guyanese people. Thousands of Guyanese workers are dependent on the National Insurance Scheme (NIS), which has a substantial investment in CLICO. Therefore, it must be a matter of national concern that the Administration failed to act with dispatch to protect the investment, made by the NIS , on behalf to these Guyanese workers, in CLICO.

A responsible, caring and pro-active Administration would not have put its friendships before its duty to take all necessary measures to assess the implications of the developments with respect to CLICO, within the Region, as well as the implications of the Hand-in-Hand Insurance Trust Company losing nearly US$1.5 million in pension funds.

The Party also expected, instead of remaining silent, the Bank of Guyana, as the Monetary authority in Guyana , and the Commissioner of Insurance, would discharge their national responsibilities by submitting their proposals for dealing, in a timely manner, with the impending crisis.

The Party also wishes to remind the Jagdeo Administration that it has been calling for the appointment of a group of experts, from within Guyana and the Region, who understand the intricacies of the local and regional economies, to urgently analyse the current financial and economic crisis and propose solutions to cushion the effects of these developments on the Guyana economy.

The crisis is regional in scope and dimension, therefore, the PNCR urges that it be raised, on an urgent basis, at the next summit conference of the Caribbean Community.

The PNCR will table another Motion on this matter in the National Assembly of the Parliament under another Standing Order which could permit it to be debated in three days time.

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