Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, on Friday, accused sections of the Opposition of misleading the people of Guyana about the reality of poverty levels in the country.
Quoting from a 2024 Inter-American Development Bank (IDB) report – the source of the Opposition’s much-touted claim that 58 per cent of Guyanese are living in poverty, the finance minister pointed out that the figure is in fact based on data from 2016 to 2018, when those now in Opposition were in government.
Addressing the National Assembly during the 2026 Budget debates, Minister Singh defended the government’s economic record and charged that the Opposition is wilfully ignoring available data and the impact of policies aimed at raising incomes and expanding social support.
“There are lies being told about poverty in Guyana,” he said, arguing that increased employment, higher wages, expanded cash transfers, and major investments in housing, education, and health care are improving living standards across the country.
The finance minister maintained that the country’s macroeconomic indicators reflect responsible management and sustained growth, firmly rejecting Opposition claims that the economy is being mismanaged.
He noted that at the end of 2025, Guyana’s debt-to-GDP ratio stood at 28.6 per cent, among the lowest in the Western Hemisphere, while the debt-service-to-revenue ratio is approximately 5.5 per cent.
Minister Singh contrasted this with the early 1990s, when more than 100 per cent of government revenue was required to service debt.
“It is this People’s Progressive Party/Civic government… that brought Guyana back from bankruptcy,” he told the House.
‘It’s basic arithmetic’
Responding to claims that economic growth is slowing, Minister Ashni Singh said lower percentage growth rates are expected as economies expand from a larger base.
“When you start at one and grow to two, you grow by 100 per cent. When you grow from two to three… your rate of growth declines as the base becomes larger,” he explained.
“It is not rocket science… It’s basic arithmetic.”
He stressed that both oil and non-oil sectors continue to expand, with growth recorded in construction, agriculture, mining, and services.
Natural Resource Fund and transparency
Min Singh also rejected criticisms about the use of oil revenues, saying Guyana’s withdrawals from the Natural Resource Fund are governed strictly by law and spent through the national budget.
“In Guyana, we are governed by the Natural Resource Fund Act… and we are in full compliance,” he said.
He added that international research has highlighted potential drawbacks of earmarking resource revenues, noting that different countries adopt different approaches based on their circumstances.
Employment and the mining sector
Turning to the mining sector, Singh said bauxite production and employment have strengthened in recent years, particularly in Linden, where production is projected to exceed four million tonnes.
He also criticised the closure of operations on the Berbice River under the previous administration, saying the loss of more than 1,000 jobs had severe consequences for surrounding communities.
Exchanges with opposition members punctuated the minister’s presentation as he pushed back against criticisms raised during the debates.
Despite the back-and-forth, Singh maintained that economic data, fiscal indicators, and continued investments point to a country that is progressing.
“These are different times,” he said, insisting that the government remains focused on improving the lives of all Guyanese.