Georgetown : Finance Minister Dr. Ashni Singh speaking to small and medium entrepreneurs, during the eighth General Meeting of the Small Business Development Finance Trust Inc. (SBDFT Singh said that while the world has been faced with the effects of the global and economic meltdown, Guyana has boasted many successes, since its economy weathered the crisis, without traumatic consequences such as the ones observed in other Caribbean countries.
“The performance of Guyana’s economy is not only a function of Government’s policies but, an aggregate productive effort of all of the people of the country as such, the strength and stability of the economy should also be credited to every business, and citizen,” he said.
He added that over the years, the administration has also implemented the necessary policies and legislative framework to ensure that the country’s financial system remains strong.
In this regard, the National Assembly enacted several legislations such as, the Central Bank Act; Financial Institutions Act; Anti-money Laundering Act; Money Transfer Agencies Act and the Credit Reporting Act.
“I could even share with you statistics that show that, in response to this policy environment the financial sector has been growing and people have been accessing credit increasingly. The most compelling statistics perhaps is total credit of the banking system to the private sector, which has grown $52 billion in 2005 to $112 billion in 2010,” Dr. Singh said.
The annual meeting which serves as a method of strengthening the economic base of local businesses, through increased access to lending, technical support and non-traditional financial facilities, has paved the way for the establishment of over 10,000 businesses, since its inception in October 2002.
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