GINA responds to PNCR bankruptcies claims
New companies being created
Stabroek News
November 16, 2003
A total of 238 new companies have been established and registered over the last 21 months, the Government Information Agency (GINA) asserts in response to the PNCR's criticism of the government's management of the economy.
The PNCR said recently that 21 companies went into receivership over the past 21 months.
However, GINA said, the Guyana Office for Investment had facilitated significant new investments. So far for 2003, Go-Invest, in addition to facilitating foreign investment projects, had guided over 130 local investment projects valued at US$48 million.
In response to a statement by Stanley Ming of the PNCR that the government has been hostile to private sector investment, GINA said the government had introduced a number of tax and fiscal incentives in its efforts to ensure that the private sector became the engine of growth. GINA said as part of government's fiscal and monetary stance, it had ensured that there was macro economic stability over the years.
A senior official at the Ministry of Finance said the government had been fostering the establishment of several new industrial estates and exclusive economic zones.
The official added that the financial management of private companies was totally outside the ambit of any government's control.
The official noted too that many companies in crisis had received significant government support and concessions in efforts to make them viable again.