Georgetown : President Donald Ramotar speaking at a packed programme at the International Convention Center last evening in celebrating the 20th anniversary of the People’s Progressive Party/Civic (PPP/C) administration in Government said over the two decades the PPP/C has been in office, the country has seen four successive Presidents after Cheddi Jagan and a determined effort to clear the country of the heavy debt that the new government had inherited.
Twenty years ago, Dr Cheddi Jagan took the oath of office as Guyana’s third executive president when the PPP gained victory at the 1992 polls in what was described as the first free and fair elections in the country.
The foreign debt accumulated required about 94 percent of the country’s revenue to service it and inflation was in triple digits, according to President Ramotar who chronicled Guyana’s journey since 1992 in his feature address.
Former President Mr Bharrat Jagdeo who joined the anniversary celebrations along with ministers of the government, members of the diplomatic corps and civil society had on several occasions spoke about the debt situation and the fact that the country lived above its means for almost three decades.
Finance Minister Asgar Ally in 1992 had highlighted the need for extraordinary debt relief and write off and Guyana was projected at that time to clear US $169 million in debt.
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