The International Monetary Fund (IMF) has praised Guyana for its pioneering climate policies and efforts to enhance its energy matrix, promote sustainable growth, and foster economic diversification. The global credit agency highlighted the South American country’s Climate Policies and Sustainable Development, Energy Transition, Economic Diversification and Workforce Development, and Inclusive Growth and Investment.
Climate Policies and Sustainable Development: Guyana is recognized as a global leader in climate policies, particularly through its Low Carbon Development Strategy (LCDS), which focuses on monetizing forest conservation, promoting sustainable forestry, and enhancing biodiversity. In 2024, the government allocated US$ 4.7 billion to 254 Amerindian villages under the LCDS to support their development. Guyana has also issued carbon credits, including a US$ 750 million deal with Hess Corporation for 37.5 million credits from 2016 to 2030, and the world’s first carbon credits for use in the UN’s CORSIA aviation emissions reduction program.
Energy Transition: The Guyanese government is advancing cleaner energy through initiatives like the Gas-to-Energy (GtE) project, supported by a US$ 527 million loan from the US EXIM Bank. The GtE project involves a 200-km pipeline to bring gas onshore, aiming to provide reliable electricity and reduce reliance on heavy fuel oil, fostering a transition to renewable energy sources.
Economic Diversification and Workforce Development: The IMF supports Guyana’s efforts to address labor shortages and skill gaps through vocational training and education. Programs like the Skills Connect app and the Board of Industrial Training (BIT) have helped over 12,000 people gain modern skills, with a notable increase in women pursuing non-traditional training. The Guyana Online Academy of Learning (GOAL) has provided scholarships to 29,785 individuals since 2021, surpassing its initial target and enabling access to tertiary education through initiatives like the GROW program.
Inclusive Growth and Investment: The government’s reforms and investments aim to boost productivity, trade connectivity, and export diversification, particularly in high value-added agriculture and manufacturing. President Irfaan Ali has highlighted growing investor interest in these sectors, positioning Guyana as a food hub and key exporter.
Overall, the IMF commends Guyana’s multifaceted approach to sustainable development, economic resilience, and workforce empowerment under the People’s Progressive Party/Civic (PPP/C) administration since 2020.