GUYANA: the Good Samaritan
At the end of 2023 Venezuela’s central bank reported that the country’s inflation rate stood at 189.8%, while the International Monetary Fund projects Guyana’s real gross domestic product at 26.6% for 2024.
In January, Venezuela’s President Nicolas Maduro announced that his country’s gross domestic product (not including inflation) would grow by about 8% for this year.
This is the country that continues to criticize and attack Guyana’s leadership decisions and policies especially those regarding the booming oil and gas sector; while still claiming ownership of the Essequibo region.
Just recently, unknown actors took to their social media accounts and blasted Guyana’s production sharing agreement with Exxon Mobil et al, declaring that “Guyana receives crumbs in illegal oil production in waters bordering Venezuela”.
The publication ‘Mi Mapa’ continues with “The people of Guyana are being tricked through advertising fences placed across the country (and in Essequibo) by @ExxonMobil”. An assertion with the oil giant continues to deny.
In a recent comment to CNBC, representatives for the oil giant said “The government of Guyana negotiated a fair agreement in 2016 with globally competitive terms during a period with significant technical and price risks…”
Meanwhile, Venezuela’s oil industry continues to see low production due to deteriorated infrastructure and lack of investment.
Where have the Venezuelan people gone
While prices continue to rise in the Bolivarian Republic and life grows harder many Venezuelans have opted to leave their country in search of greener pastures.
In fact, the International Organization for Migration (IOM) and the United Nations High Commission for Refugees (UNHCR) puts Venezuela’s migrants and refugees numbers at about 7.7 million for 2023.
According to the IOM, Guyana now plays the part of home to about 19,000 Venezuelan migrants but HIAS Guyana (another organization aimed at supporting displaced people) puts the number of Venezuelans living in Guyana around 29,000. Despite this, anti-Guyana groups will hide behind their anonymous accounts attacking a country that has been not only diplomatic but generous.
Meanwhile, Guyana continues on its trajectory of positive growth and prosperity. Guyana’s oil and gas sector projected to generate US$16.8 billion this year.
And Guyanese will continue to share in this wealth just as was done last year. This confirmation was given by Guyana’s Vice President Dr. Bharrat Jagdeo who was recently quoted in the Guyanese press stating that some 350,000 people have benefited directly from the $70 billion received in oil revenues for 2023. This is from a total of $200 billion that was budgeted in oil revenues for the same year.
The 350,000 Guyanese represents almost 50% of the population but more specifically Dr Jagdeo noted that the beneficiaries included “over 200,000 children, 74,000 pensioners, and 54,000 public servants…Also, roughly 15,000 persons benefitted from the part- time jobs.”
Perhaps some of these beneficiaries even include a few or many Venezuelan migrants who were not turned away but were instead offered a chance to improve their circumstances.
