The European Commission has released over €24.4 Million to Guyana to assist in budget support programmes.
On Tuesday, the European Commission’s Director General for International Cooperation, Stefano Manservisi, signed documents triggering the release of the funds with Guyana’s Finance Minister Winston Jordan.
The signing took place in the Dominican Republic.
The EU had suspended disbursements through the programme to Guyana following the Prorogation of Parliament by former President Donald Ramotar.
According to a statement from the Foreign Affairs Ministry, “following the finding by the WTO Dispute Settlement Body in 2004 that the EU Sugar Regime was inconsistent with WTO rules, the EU had established a 1.2 billion Euros fund to assist the ACP sugar exporting countries to reform their sugar sector in order to improve their competitiveness or to diversify out of sugar. In releasing these resources the European Commission has indicated that the Government of Guyana has made remarkable progress and commendable efforts in terms of budget transparency and accountability.”
Mr Manservisi emphasized the European Union is committed to continue assisting Guyana in its transformation.
Guyana was praised by the EU for its massive strides in improving transparency and accountability and developing an open government.
The EU has also given an undertaking to support Guyana in several other areas of development including sea defence and infrastructure development.