World Bank Urges Guyana To Be Wary Of Environmental Consequences, Overheating The Economy – As Exxon Ramps Up Production

• Given ExxonMobil’s aggressive approach towards unlocking more oil in the Stabroek Block, which already holds almost 11Bn barrels of oil equivalent resources, the World Bank is now warning Guyana to be wary of the environmental and economic consequences that come with an accelerated pace of development. 
• The financial institution has been one of the nation’s key development partners since the discovery of oil back in May 2015. Over the years, it has spoken glowingly about the nation’s potential to be a state with oil and gas as well as the significant revenues that will come. 
• Of note, in an updated economic review of the nation, the World Bank said Guyana, is poised to be the fastest growing economy in the world, fuelled primarily by the expansion of oil output. Nevertheless, the World Bank was keen to note that the real challenge will be for Guyana to transform this newfound oil boom into a better standard of living for citizens. 
• It also underscored the importance of the country being cognizant of its vulnerability to oil-related shocks, both price and output, and highlighted the possibility of increased spending as the revenues pour in, which could overheat the economy. The bank cautioned that the nation must spend according to the effectiveness of its systems to monitor and control wastage and ensure efficiencies.

(Source: Kaieteur News)