IMF urges Govt. to tighten oversight of oil spending, resolve outstanding audits

(Kaieteur News) – The International Monetary Fund (IMF) has urged Guyana to strengthen oversight of public spending, resolve outstanding cost-oil audits and improve transparency in the management of public finances as the country’s oil-driven economy continues to expand rapidly.

In its latest assessment of Guyana’s economy, released on Thursday, the IMF also recommended that the government improve the targeting of subsidies, strengthen compliance with public procurement rules and reinforce anti-corruption safeguards as billions of dollars in oil revenues flow into the economy.

The Fund cautioned that if oil prices remain persistently high, a larger share of additional revenues should be saved, taking into account the country’s capacity to absorb increased spending.