Georgetown : Finance Minister Dr. Singh signalled that this Thursday’s sitting of Parliament is critical for matters relating to the Amaila Falls Hydro Power (AFHP) project. Two matters up for discussion are a motion to increase the debt ceiling and Amendments to the Hydro Electric Act.
Without timely Parliamentary support, progress with the Amaila Falls Hydro Power (AFHP) project could be threatened as critical deadlines are threatening and expiration dates on certain commitments expire this year, Finance Minister Dr Ashni Singh expressed.
Government tabled Hydro-Electric Power (Amendment) Bill 2013 – Bill No.15/2013 tabled on June 13 is scheduled to be read a second time on July 18 in the National Assembly. Following the format of the reading of Bills, there is expected to be vigorous debate.
Prime Minister Samuel Hinds had tabled the amendment to the Hydro-Electric Power Act which increases the penalty for the breach of regulations made under the principal Act to $1M. The Bill also confers on the President, the power to create hydro-electric offset reserve areas and rules for the establishment of the said areas, and for the conservation and preservation of the environment and ecosystem surrounding the hydroelectric resources in Guyana.
Government over the last few weeks has maintained a close engagement with the opposition, particularly APNU. A huge number of critical documents have been shared on a confidential basis. Despite repeated invitations, the AFC has not taken up Government’s offer to engage on the issue.
Decisions on the matters at the upcoming Parliament meeting are critical to ensuring that the Inter American Development Bank (IDB) timetable for the Board’s consideration of the transaction is achieved. Government officials have indicated that key documents pertaining to the environmental studies of the project have been published on the Bank’s website.
Minister Singh also pointed out that hydro power in Guyana will see a reduction or almost elimination of the risk of exchange rate, and it will remove the risk of price volatility, particularly regarding oil.
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