By Ray Chickrie
Caribbean News Now contributor
GEORGETOWN, Guyana – In a sign of growing ties between Guyana and Kuwait, and a significant accomplishment for the minister of finance, Winston Jordan, his team and Guyana’s ambassador in Kuwait, Dr Shamir Ally, the state of Kuwait has cancelled almost US$51 million of Guyana’s debt to that country.
A bilateral debt settlement agreement was signed by Jordan, on March 18, 2019, with Kuwait, through the Kuwait Investment Authority, which agreed to cancel US$50,739,255.67 of Guyana’s debt to that country.
This debt cancellation will reduce Guyana’s external debt and allow the country to expand its development agenda, as funds saved under this agreement would be allocated to social projects within the context of the national budget, the finance ministry said in a press statement.
“The agreement, which came after an ardent negotiation process, paves the way for greater cooperation and the strengthening of cordial ties between the two countries.”
Jordan, Donna Marie Yearwood, head of debt management at the finance ministry, and David Patterson, minister of public infrastructure travelled to Kuwait in September 2018, where negotiations entered a crucial stage. Ambassador Ally and his spouse, Dr Maryann Ally then continued to garner support in Kuwait utilising their strong relationship with the people and government of Kuwait to make the debt write off a priority.
