President Irfaan Ali of Guyana is planning to diversify the country's economy beyond oil wealth to avoid the pitfalls faced by other nations with hydrocarbon riches. Venezuela's President Maduro has expressed 'great respect' for President Ali, signaling a decrease in tensions between the two countries. There are concerns about potential threats from Venezuela and the need for Guyana to avoid the 'resource curse' by implementing solutions to prevent inflation and social turmoil.
There is an early-ish debate on how to ensure #Guyana doesn't follow the curse of other oil countries that initially boomed but then failed to diversify and experienced the costs of the boom (inflation and social turmoil). Still few proposed solutions tho. https://t.co/bkHgswJqUC
Venezuela’s threats to invade Guyana are obviously unwelcome. But it has helpfully offered its neighbor a cautionary tale about how patronage, corruption, resource nationalism, and general mismanagement can destroy an oil industry. https://t.co/UWgSdlwKJs
⚠️ VENEZUELA’S MADURO CONVEYS 'GREAT RESPECT' FOR GUYANA PRESIDENT (Reuters) Venezuela President Nicolas Maduro has conveyed his "great respect" to the Guyana President Mohamed Irfaan Ali, Guyana’s Ministry of Foreign Affairs said on Wednesday, signaling a decrease in tensions… https://t.co/OI43Ruuoxy
Oil-Rich #Guyana Is in a Hurry to Move Beyond Crude President Irfaan Ali is determined to avoid the pitfalls that bedevil poor nations with hydrocarbon riches. #oott https://t.co/bWWknmJkWk
Guyana's coffers are set for an influx of oil wealth, but President Irfaan Ali is looking beyond crude to spend it, writes @CrowleyKev https://t.co/vgJAug5AtL