PPP criticises PNCR-led coalition for unrealistic economic claims

General Secretary of the People’s Progressive Party (PPP), Dr Bharrat Jagdeo has sharply criticised the PNCR-led APNU+AFC Coalition for what he describes as unrealistic claims about managing Guyana’s economy without inflation or rising living costs.

Speaking at a press conference at Freedom House on Robb Street, Georgetown, Dr Jagdeo dismissed the Coalition’s assertions as delusions. He argued that no country has successfully eliminated inflation and cost-of-living increases while maintaining economic stability and labelled the Coalition’s promises as an attempt to defy global economic principles.

“This is a rework of international economics. It is impossible. No country has ever done that in the world, but the big brains in the PNC and AFC believe that they can defy the whole world, every economist, by claiming they can manage Guyana without any inflation,” he said.

Dr Jagdeo also accused the coalition of hypocrisy, noting that during its previous five-year term, Guyana experienced higher inflation despite lower global oil prices, minimal impact from COVID-19, and stable freight costs.

“Their tenure saw high inflation driven by increased taxes. They seem to ignore their own track record entirely,” he said.

The PPP general secretary highlighted the current government’s efforts to mitigate the cost-of-living crisis through various interventions. He pointed to comparative metrics showing Guyana’s relative success in managing utility prices, transportation costs, and mortgage rates.

“Despite global pressures, we have maintained or reduced rates in these areas. For example, we have lowered mortgage and water costs,” Jagdeo noted.

He assured that the PPP/C government would continue its initiatives to support Guyanese citizens, emphasising a commitment to fiscal discipline and prudent spending. In contrast, Jagdeo criticised the Coalition’s approach, accusing them of prioritising consumption over investment and failing to build for the future.

The GS recalled the Coalition’s early term decision to grant substantial salary increases to senior officials, including former Prime Minister Moses Nagamootoo, whose salary increased significantly compared to his predecessor.

Historically, Dr Jagdeo pointed out that Guyana faced severe economic challenges under previous administrations, including massive debt and high poverty rates.

Since then, the PPP/C government has made significant progress, reducing external debt from over 900% of GDP in 1992 to approximately 17% today, and drastically cutting the debt service burden.