IMF Recognises Guyana’s Anti-Corruption Efforts, Enhanced Governance Framework

• The International Monetary Fund (IMF) has commended the Government of Guyana for its anti-corruption efforts and steps to strengthen its governance framework.
• In a report documenting the conclusions of its Article IV Consultation with local authorities, the IMF said: “Staff commended the authorities’ progress in strengthening AML/CFT, governance, anti-corruption frameworks, and support further advances in their effective implementation.”
• The authorities have continuously engaged with the Caribbean Financial Action Task Force (CFATF) to prepare for the scheduled fourth round of mutual evaluation currently underway and are further strengthening the AML/CFT framework.
• Guyana has approved a National Policy and Strategy for Combating Money Laundering, and Terrorism Financing, which addresses the risks identified in its 2021 National Risk Assessment and introduced in parliament legislative amendments to the AML/CFT Act.
• Several pillars of the anti-corruption framework have been further strengthened, including the Integrity and Public Procurement Commissions and the National Procurement and Tender Administration Board. The efforts of the Integrity Commission led to a significant increase in the number of timely asset declarations of public officials.
• Outside of this, the IMF noted that; the Guyanese economy continues to grow very rapidly, supported by the government’s modernization plans, including the unparalleled oil sector expansion. Following record real GDP growth in 2022 (62.3%), the highest in the world, real GDP is expected to continue to grow extremely fast in 2023 by approximately 38%.
• This growth will be bolstered by oil production along with growth in the non-oil sector supported by the implementation of a fast-paced public investment programme focused on providing transportation, housing, and flood management infrastructure, and raising human capital. 

(Sources: Guyana Chronicle & IMF)