Guyana Politics And Oil Discovery

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Guyana Politics and Oil Discovery

Author : Nat Khublall
Publisher :
ISBN 13 : 9781708961602
Total Pages : 336 pages
Book Rating : 4.9/5 (616 download)

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Book Synopsis Guyana Politics and Oil Discovery by : Nat Khublall

Download or read book Guyana Politics and Oil Discovery written by Nat Khublall and published by . This book was released on 2019-11-23 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a brief account of the original people of British Guiana (now Guyana), the plantations of European planters, political development from the 1940s to present day and, most importantly, the imminent emergence of Guyana as an oil-producing country. Information is provided on slave workers from Africa and the abolition of slavery, followed by workers from other countries and ultimately the arrival of indentured workers from India. The brutal system of slavery was equally applied to the workers from India. The brutality was exposed by a three-member team from England and those responsible were prosecuted. Information is provided regarding the territorial claims by neighbouring countries. A fairly detailed account is given about the politics dominated by the two major races: Afro Guyanese and East Indians. They together fought the general elections in 1953, but from 1957 they fought elections separately since when the PPP under Dr Jagan won all the elections until 1961. With covert assistance from the US to remove Dr Jagan and the US pressure on Britain proportional representation was introduced and Dr Jagan and his party were replaced by LFS Burnham as prime minister under a coalition government, supported by Peter D'Aguiar. All the general elections since 1968 were massively rigged until 1985. However the PPP under Dr Jagan returned to power in 1992 under fair and free elections. The PPP held on to power under different leaders until 2015 when it was replaced by a coalition of opposition parties headed by David Granger. There was a massive oil discovery in offshore Guyana in 2015 and production is due to commence in December 2019. The windfall from oil is likely to transform Guyana from rags to riches, assuming Guyana does not suffer from "resource curse" or the "Dutch disease". David Granger's government has been defeated in a no confidence motion (NCM) since December 2018 and general elections should have been held on or before 18 March 2019. He challenged the NCM on a spurious ground that a figure of 33 votes is not the majority of 65. Obviously, he was unsuccessful, and his unilateral appointment of the chairman to GECOM (the election body) was held to be unconstitutional. The ABE diplomats criticised Granger for not setting a date for the general elections. A week later he reluctantly set the date for 2 March 2020.

Oil and Climate Change in the Guyana-Suriname Basin

Author : Ivelaw Lloyd Griffith
Publisher : Taylor & Francis
ISBN 13 : 1040034330
Total Pages : 314 pages
Book Rating : 4.0/5 (4 download)

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Book Synopsis Oil and Climate Change in the Guyana-Suriname Basin by : Ivelaw Lloyd Griffith

Download or read book Oil and Climate Change in the Guyana-Suriname Basin written by Ivelaw Lloyd Griffith and published by Taylor & Francis. This book was released on 2024-06-03 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is about oil and gas dynamics in the world’s newest petro-powers-in-the-making, and the attempts to balance this against the impact of climate change. The known oil reserves in the Guyana-Suriname Basin total some 30 billion barrels equivalent, and the gas reserves exceed 30 trillion cubic feet. This massive offshore discovery amounts to 10 percent of the world’s conventional oil, but Guyana and Suriname are also in a wet neighborhood, where the impact of climate change stands to wreak havoc on the area and undermine some of the oil gains. Examining the political economy of petroleum production and some of the myriad challenges and opportunities involved, the expert contributors discuss the global and regional geopolitical and national security ramifications of the petroleum pursuits and explore global climate change dynamics and their effects on the region. This title will be of interest to students, scholars of international political economy, environmental politics, and the Caribbean. It will also be invaluable to policymakers in countries with business investments in Guyana and Suriname, especially in the energy sector, and policy and operational staffs in regional and international organizations and companies.

Guyana's Oil Discovery - Pros & Pitfalls

Author : Moses V Rambarran
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.8/5 (229 download)

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Book Synopsis Guyana's Oil Discovery - Pros & Pitfalls by : Moses V Rambarran

Download or read book Guyana's Oil Discovery - Pros & Pitfalls written by Moses V Rambarran and published by . This book was released on 2024-08-27 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Celebrated lawyer and businessman Moses V. Rambarran, Esq. shares an elucidating discourse about the oil industry in Guyana - focusing on how the profits haven't translated to the improvement of the population's quality of life. Moses V. Rambarran earned a Master of Laws specializing in Oil and Gas - he's also committedly close to his family and roots in Guyana. His debut nonfiction hinges on his education and passion to make a contribution to improve the lives of people, especially in his home country Guyana by creating and documenting commentaries, insights, guidance which can fuel discussion around the corruption and examine the reasons for failure surrounding the oil industry in Guyana by providing comparisons with other oil producing countries. Despite Guyana rapidly developing as a rich-oil producing country, the citizens remain impoverished, according to Rambarran's research. Unfortunately, the standard of living of the Guyanese is not improving as expected or anticipated with the increase of oil production. Rambarran's research and experience has found that corruption is a major obstacle and the redistribution of wealth has become both unfair and unacceptable. Says Rambarran of the situation, "Change is necessary. I advocate for sensible, internationally-acceptable standards, governance methods, and a governance legislative framework to be established, enacted into law, and enforced." In Guyana's Oil Discovery - Pros & Pitfalls, Rambarran exposes the Guyanese government's weaknesses surrounding oil exploration and production, the discrimination against the poor and impoverished citizens, and the corruption that rewards family, friends, and favorites of the highest political leaders in the country. The significantly meaningful message in Guyana's Oil Discovery - Pros & Pitfalls is for all age groups. It especially will motivate and inspire political, civil society and business professionals and enthusiasts. This informative analysis of current Guyanese and Global petroleum, transparency, accountability, and corruption issues is also presented as an easily accessible source of inspiration for students and youths to read and draw their own conclusions.

The Oil & Gas Year Guyana 2019

Author : The Energy Year
Publisher : The Oil & Gas Year Limited
ISBN 13 : 1783021861
Total Pages : 40 pages
Book Rating : 4.7/5 (83 download)

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Book Synopsis The Oil & Gas Year Guyana 2019 by : The Energy Year

Download or read book The Oil & Gas Year Guyana 2019 written by The Energy Year and published by The Oil & Gas Year Limited. This book was released on 2019-07-08 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: TOGY is pleased to present The Oil & Gas Year Guyana 2019, our first edition on the country. This booklet covers Guyana’s fast-moving developments, including recent hydrocarbons discoveries, increasing interest from international investors and preparations the government is making to ensure proper oversight and sustainable development of the local oil and gas industry, as well as opportunities for local and regional businesses. With 10 oil and gas discoveries in the Stabroek block and new exploration and development plans being set by a number of players, Guyana is a rising star in the global oil and gas arena. As of December 2018, 5 billion boe of recoverable resources have already been identified and there is excitement about the country’s further hydrocarbons potential. Government institutions and local companies have much work to do before first production is reached in 2020 and Guyana’s economy is forever transformed. So far, several significant milestones have been achieved, including the establishment of the Department of Energy in August 2018 to oversee and facilitate the industry’s development. Additionally, the World Bank and IMF have both contributed to the review and drafting of key oil and gas legislation. In-depth analysis is supported by comprehensive maps, illustrations and graphs to create a market guide essential for players seeking to enter the Guyanese market.

The Oil & Gas Year Guyana 2020

Author : The Energy Year
Publisher : The Oil & Gas Year Limited
ISBN 13 : 1783022310
Total Pages : 24 pages
Book Rating : 4.7/5 (83 download)

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Book Synopsis The Oil & Gas Year Guyana 2020 by : The Energy Year

Download or read book The Oil & Gas Year Guyana 2020 written by The Energy Year and published by The Oil & Gas Year Limited. This book was released on 2020-04-03 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: “Guyana is very attractive. The market is straightforward, fiscal terms are very appealing and it is a great place to explore for oil.” Ian Cloke, Executive Vice-President of New Ventures for Tullow Oil Ian Cloke’s words summarise the energy industry’s excitement for the prospects of Guyana as the country transforms thanks to huge offshore discoveries of oil. The Oil & Gas Year Guyana 2020 highlights these discoveries and Guyana’s ambitious aims to ramp up production in such a way as to avoid becoming a “resource curse” country. TOGY’s second publication on Guyana’s energy industry includes unparalleled analysis of ExxonMobil’s discoveries and production, as well as comments from Guyanese companies and institutions such as Guyana Shore Base and GO-Invest and international names including EY and Century Tamara Energy Services. In the coming years, regardless of the effects of the Covid-19 pandemic, Guyana will be unrecognisable from the country it was just recently. Interviewing actors across the value chain such as Tullow Oil, Guyana Logistics & Support Services, MatPal Marine Institute and many others, TOGY covers these changes and provides many more resources for the numerous investors who are looking at this small corner of South America set for wholesale advancement.

Oil and Climate Change in the Guyana-Suriname Petro Power Basin

Author : Ivelaw L. Griffith
Publisher :
ISBN 13 : 9781032601397
Total Pages : 0 pages
Book Rating : 4.6/5 (13 download)

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Book Synopsis Oil and Climate Change in the Guyana-Suriname Petro Power Basin by : Ivelaw L. Griffith

Download or read book Oil and Climate Change in the Guyana-Suriname Petro Power Basin written by Ivelaw L. Griffith and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is about oil and gas dynamics in the world's newest petro-powers-in-the-making, and the attempts to balance this against the impact of climate change. The known oil reserves in the Guyana-Suriname Basin total some 30 billion barrels equivalent, and the gas reserves exceed 30 trillion cubic feet. This massive offshore discovery amounts to 10 percent of the world's conventional oil, but Guyana and Suriname are also in a wet neighbourhood, where the impact of climate change stands to wreak havoc on the area and undermine some of the oil gains. Examining the political economy of petroleum production and some of the myriad challenges and opportunities involved, the expert contributors discuss the global and regional geopolitical and national security ramifications of the petroleum pursuits and explore global climate change dynamics and their effects on the region. This title will be of interest to students, scholars of international political economy, environmental politics, and the Caribbean. It will also be invaluable to policymakers in countries with business investments in Guyana and Suriname, especially in the energy sector and policy and operational staffs in regional and international organizations and companies"--

From Rags to Riches: Is Guyana Ready for the Oil Bonanza?

Author : Terence Yhip
Publisher :
ISBN 13 :
Total Pages : 214 pages
Book Rating : 4.6/5 (76 download)

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Book Synopsis From Rags to Riches: Is Guyana Ready for the Oil Bonanza? by : Terence Yhip

Download or read book From Rags to Riches: Is Guyana Ready for the Oil Bonanza? written by Terence Yhip and published by . This book was released on 2021-01-05 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Guyana's initial discovery of approximately 9 billion barrels of recoverable oil offshore now puts the country squarely on the precipice of economic prosperity for decades to come. But will that happen? Guyanese are asking themselves if their country is ready to manage the oil money, wisely and productively. They look at many hydrocarbon-rich rich countries in the region and elsewhere and they don't like what they see. Far from befitting from the oil wealth, the countries are mired in political chaos, corruption and economic stagnation. Many countries, such as Trinidad and Tobago (sister CARICOM state), face depletion of oil and gas reserves by the end of this decade or so, but their economies are more dependent than ever on the energy sector, hammered by low energy prices. With the persistent ethnic divisiveness in the country, Guyanese have reason to fear the resource curse. The book examines the current Guyana-ExxonMobil oil contract and argues rigorously that Guyana gave up substantial cash flow. In nontechnical language, "From Rags to Riches" not only tackles many difficult issues and challenges of managing natural resource wealth, but also explores solutions. The book is for the general public, policy makers, students, researchers and anyone interested in the economic growth and development of Guyana and similar oil-rich countries. The book challenges thinking about "what's really at stake" in the development of Guyana's energy sector.

A Mouth Is Always Muzzled

Author : Natalie Hopkinson
Publisher : The New Press
ISBN 13 : 1620971259
Total Pages : 208 pages
Book Rating : 4.6/5 (29 download)

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Book Synopsis A Mouth Is Always Muzzled by : Natalie Hopkinson

Download or read book A Mouth Is Always Muzzled written by Natalie Hopkinson and published by The New Press. This book was released on 2018-02-06 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: Longlisted for the PEN/Diamonstein-Spielvogel Award “A deeply felt and passionately expressed manifesto.” —Kirkus Reviews (starred) A meditation in the spirit of John Berger and bell hooks on art as protest, contemplation, and beauty in politically perilous times As people consider how to respond to a resurgence of racist, xenophobic populism, A Mouth Is Always Muzzled tells an extraordinary story of the ways art brings hope in perilous times. Weaving disparate topics from sugar and British colonialism to attacks on free speech and Facebook activism and traveling a jagged path across the Americas, Africa, India, and Europe, Natalie Hopkinson, former culture writer for the Washington Post and The Root, argues that art is where the future is negotiated. Part post-colonial manifesto, part history of British Caribbean, part exploration of art in the modern world, A Mouth Is Always Muzzled is a dazzling analysis of the insistent role of art in contemporary politics and life. In crafted, well-honed prose, Hopkinson knits narratives of culture warriors: painter Bernadette Persaud, poet Ruel Johnson, historian Walter Rodney, novelist John Berger, and provocative African American artist Kara Walker, whose homage to the sugar trade Sugar Sphinx electrified American audiences. A Mouth Is Always Muzzled is a moving meditation documenting the artistic legacy generated in response to white supremacy, brutality, domination, and oppression. In the tradition of Paul Gilroy, it is a cri de coeur for the significance of politically bold—even dangerous—art to all people and nations.

Oil to Cash

Author : Todd Moss
Publisher : CGD Books
ISBN 13 : 1933286695
Total Pages : 190 pages
Book Rating : 4.9/5 (332 download)

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Book Synopsis Oil to Cash by : Todd Moss

Download or read book Oil to Cash written by Todd Moss and published by CGD Books. This book was released on 2015-06-10 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: Oil to Cash explores one option to help countries with new oil revenue avoid the so-called resource curse: just give the money directly to citizens. A universal, transparent, and regular cash transfer would not only provide a concrete benefit to regular people, but would also create powerful incentives for citizens to hold their government accountable. Oil to Cash details how and where this idea could work and how policymakers can learn from the experiences with cash transfers in places like Mexico, Mongolia, and Alaska.

Global Guyana

Author : Oneka LaBennett
Publisher : NYU Press
ISBN 13 : 1479827029
Total Pages : 216 pages
Book Rating : 4.4/5 (798 download)

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Book Synopsis Global Guyana by : Oneka LaBennett

Download or read book Global Guyana written by Oneka LaBennett and published by NYU Press. This book was released on 2024-04-16 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Exposes the global threat of environmental catastrophe and the forms of erasure that structure Caribbean women’s lives in the overlooked nation of Guyana Previously ranked among the hemisphere’s poorest countries, Guyana is becoming a global leader in per capita oil production, a shift which promises to profoundly transform the nation. This sea change presents a unique opportunity to dissect both the environmental impacts of modern- world resource extraction and the obscured yet damaging ways in which intersectional race and gender formations circumscribe Caribbean women’s lives. Drawing from archival research and oral history, and examining mass-mediated flashpoints across the African and Indian diasporas—including Rihanna’s sonic routes, ethnic conflict reportage, HBO’s Lovecraft Country, and Netflix’s Indian Matchmaking—Global Guyana repositions this marginalized nation as a nexus of social and economic activity which drives popular culture and ideas about sexuality while reshaping the geopolitical and literal topography of the Caribbean region. Oneka LaBennett employs the powerful analytic of the pointer broom to disentangle the symbiotic relationship between Guyanese women’s gendered labor and global racial capitalism. She illuminates how both oil extraction and sand export are implicated in a well-established practice of pillaging the Caribbean’s natural resources while masking the ecological consequences that disproportionately affect women and children. Global Guyana uncovers how ecological erosion and gendered violence are entrenched in extractive industries emanating from this often-effaced but pivotal country. Sounding the alarm on the portentous repercussions that ambitious development spells out for the nation’s people and its geographical terrain, LaBennett issues a warning for all of us about the looming threat of global environmental calamity.

Building for Oil

Author : Li Hou
Publisher : BRILL
ISBN 13 : 168417094X
Total Pages : 271 pages
Book Rating : 4.6/5 (841 download)

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Book Synopsis Building for Oil by : Li Hou

Download or read book Building for Oil written by Li Hou and published by BRILL. This book was released on 2020-10-26 with total page 271 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Building for Oil is a historical account of the development of the oil town of Daqing in northeastern China during the formative years of the People’s Republic, describing Daqing’s rise and fall as a national model city. Daqing oil field was the most profitable state-owned enterprise and the single largest source of state revenue for almost three decades, from the 1950s through the early 1980s. The book traces the roots and maturation of the Chinese socialist state and its early industrialization and modernization policies during a time of unprecedented economic growth.The metamorphosis of Daqing’s physical landscape in many ways exemplified the major challenges and changes taking place in Chinese state and society. Through detailed, often personal descriptions of the process of planning and building Daqing, the book illuminates the politics between party leaders and elite ministerial cadres and examines the diverse interests, conflicts, tensions, functions, and dysfunctions of state institutions and individuals. Building for Oil records the rise of the “Petroleum Group” in the central government while simultaneously revealing the everyday stories and struggles of the working men and women who inhabited China’s industrializing landscape—their beliefs, frustrations, and pursuit of a decent life."

The Oil Curse

Author : Michael L. Ross
Publisher : Princeton University Press
ISBN 13 : 0691159637
Total Pages : 314 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Oil Curse by : Michael L. Ross

Download or read book The Oil Curse written by Michael L. Ross and published by Princeton University Press. This book was released on 2013-09-08 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries that are rich in petroleum have less democracy, less economic stability, and more frequent civil wars than countries without oil. What explains this oil curse? And can it be fixed? In this groundbreaking analysis, Michael L. Ross looks at how developing nations are shaped by their mineral wealth--and how they can turn oil from a curse into a blessing. Ross traces the oil curse to the upheaval of the 1970s, when oil prices soared and governments across the developing world seized control of their countries' oil industries. Before nationalization, the oil-rich countries looked much like the rest of the world; today, they are 50 percent more likely to be ruled by autocrats--and twice as likely to descend into civil war--than countries without oil. The Oil Curse shows why oil wealth typically creates less economic growth than it should; why it produces jobs for men but not women; and why it creates more problems in poor states than in rich ones. It also warns that the global thirst for petroleum is causing companies to drill in increasingly poor nations, which could further spread the oil curse. This landmark book explains why good geology often leads to bad governance, and how this can be changed.

Oil Dorado? Guyana's Black Gold

Author : John Mair
Publisher : Bite-Sized Books Limited
ISBN 13 : 9781739726195
Total Pages : 0 pages
Book Rating : 4.7/5 (261 download)

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Book Synopsis Oil Dorado? Guyana's Black Gold by : John Mair

Download or read book Oil Dorado? Guyana's Black Gold written by John Mair and published by Bite-Sized Books Limited. This book was released on 2022-08-17 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a fourth and much expanded edition of the first edition of "Oil Dorado?" published in March 2019. The Guyana Oil story changes by the day. At time of publication (in August 2022), two new oil wells were discovered in the last week alone. These books are always acorns that become oak trees through team enterprise. The original book was John Mair's idea and was published just five weeks after it was first proposed. It derived from an interview session John Mair (and Sally Gibson) conducted with Dr Mark Bynoe, then of the Guyana Department of Energy, in January 2019 by Skype from Georgetown to London. Thanks to him and to the then-Guyana high commissioner, the esteemed Hamley Case, for facilitating that event. The idea became reality through the authors who have written and delivered to a very tight deadline for no fee. Sometimes thrice and more. Each edition some new stars are added to the roster of writing talent - and the book becomes even more relevant. The future of Guyana and oil is important to all of us. This book is a deliberate potpourri of economics, politics, futurology and literature. It aims to reflect the rich cultural and intellectual heritage of Guyana and generate the long overdue debate on just how El Dorado may become Oil Dorado and accommodate "Black Gold" into its economy and psyche.

Oil, Democracy, and Development in Africa

Author : John R. Heilbrunn
Publisher : Cambridge University Press
ISBN 13 : 1107049814
Total Pages : 281 pages
Book Rating : 4.1/5 (7 download)

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Book Synopsis Oil, Democracy, and Development in Africa by : John R. Heilbrunn

Download or read book Oil, Democracy, and Development in Africa written by John R. Heilbrunn and published by Cambridge University Press. This book was released on 2014-04-21 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on the history, key industry and policy actors, and political economic outcomes in oil-producing African states, filling a gap in the literature on resource-abundant countries by providing an optimistic assessment of circumstances in contemporary Africa.

Carbon Democracy

Author : Timothy Mitchell
Publisher : Verso Books
ISBN 13 : 1781681163
Total Pages : 289 pages
Book Rating : 4.7/5 (816 download)

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Book Synopsis Carbon Democracy by : Timothy Mitchell

Download or read book Carbon Democracy written by Timothy Mitchell and published by Verso Books. This book was released on 2013-06-25 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: “A brilliant, revisionist argument that places oil companies at the heart of 20th century history—and of the political and environmental crises we now face.” —Guardian Oil is a curse, it is often said, that condemns the countries producing it to an existence defined by war, corruption and enormous inequality. Carbon Democracy tells a more complex story, arguing that no nation escapes the political consequences of our collective dependence on oil. It shapes the body politic both in regions such as the Middle East, which rely upon revenues from oil production, and in the places that have the greatest demand for energy. Timothy Mitchell begins with the history of coal power to tell a radical new story about the rise of democracy. Coal was a source of energy so open to disruption that oligarchies in the West became vulnerable for the first time to mass demands for democracy. In the mid-twentieth century, however, the development of cheap and abundant energy from oil, most notably from the Middle East, offered a means to reduce this vulnerability to democratic pressures. The abundance of oil made it possible for the first time in history to reorganize political life around the management of something now called “the economy” and the promise of its infinite growth. The politics of the West became dependent on an undemocratic Middle East. In the twenty-first century, the oil-based forms of modern democratic politics have become unsustainable. Foreign intervention and military rule are faltering in the Middle East, while governments everywhere appear incapable of addressing the crises that threaten to end the age of carbon democracy—the disappearance of cheap energy and the carbon-fuelled collapse of the ecological order. In making the production of energy the central force shaping the democratic age, Carbon Democracy rethinks the history of energy, the politics of nature, the theory of democracy, and the place of the Middle East in our common world.

World Agricultural Supply and Demand Estimates

Author :
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (89 download)

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Book Synopsis World Agricultural Supply and Demand Estimates by :

Download or read book World Agricultural Supply and Demand Estimates written by and published by . This book was released on 2008 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Guyana

Author : International Monetary Fund. Western Hemisphere Dept.
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 107 pages
Book Rating : 4.4/5 (2 download)

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Book Synopsis Guyana by : International Monetary Fund. Western Hemisphere Dept.

Download or read book Guyana written by International Monetary Fund. Western Hemisphere Dept. and published by International Monetary Fund. This book was released on 2023-12-04 with total page 107 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Guyanese economy has tripled in size since the start of oil extraction (end- 2019), from one of the lowest GDP per capita in Latin America and the Caribbean in the early nineties. Oil production is ramping up rapidly, supporting the highest real GDP growth in the world in 2022 (62.3 percent). With the help of oil revenues, first transferred to the budget in 2022, the government has started investing heavily to address large development needs. Fundamentals remain strong and there are no signs of inflationary pressures or overheating as of yet—annual CPI inflation rate was 1.2 percent in July 2023— since there remains slack in the economy.