first_imgPresident SirleafPresident Ellen Johnson Sirleaf has sent a congratulatory message to her colleague, the President of the Republic of Madagascar, Mr. Hery Rajaonarimampiania, on that country’s 57th Independence anniversary on June 26.The Republic of Madagascar proclaimed its independence from France as the Malagasy Republic 1960.According to a Foreign Affairs Ministry release, President Sirleaf said, “It brings me delight to assure you of my government’s determination to continue to strengthen the cordial relations subsisting between our two countries, in our endeavors to improve the well-being of our peoples and to lead our countries to a brighter future.”President Sirleaf has also sent a congratulatory message to her colleague, the President of the Republic of Mozambique, Mr. Armando Guebuza, on that country’s 42nd Independence Anniversary on June 25.In 1974, the revolution in Portugal restored democracy to the country and led to a change in attitude to overseas territories such as Mozambique. FRELIMO took control of Maputo, the capital, in April 1974 in a coup. Independence for Mozambique was officially declared just over a year later on June 25, 1975.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img

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first_imgSUNSHINE Girl Jhaniele Fowler ,Reid warmed up for the England friendly series later this month with a brilliant performance at the University of West Indies, Mona, as defending senior intercollegiate netball champions Mico ‘A’ swept UWI 46-28 in their top-of-the-table clash on SaturdayWith both teams coming into the game unbeaten after three wins each, the repeat of last year’s final was expected to be a close and fiery affair.However, the Mico team, which boasts five national senior players in their line-up including Fowler-Reid at the goal-shooting position, Shantel Slater (goal defence), Nicole Dixon (goal attack), Trishana Hanson (centre) and Kadien Dehaney (goal defence), proved too strong for their opponents.With Fowler-Reid finding her range from the early exchanges, Mico raced to a quick 11-6 lead after the first quarter.UWI showed some more fight in the second quarter, particularly through goal shooter Shamara Nelson, goal attack Rebekkah Robinson and Thristina Harwood, who was played at wing attack.Mico, however, continued to dominate, with Dixon providing good support to Fowler-Reid inside the circle as Mico held their grip with a 20-12 half-time advantage.For the remainder of the game, it was all Mico, especially in the third quarter, where they outscored their opponent 17-1 to push their lead 37-13.With Mico resting most of their starters for the final quarter, UWI had their best showing in the game, outscoring the defending champions 15-9.Fowler-Reid top-scored for Mico with 30 goals from 34 attempts, while Dixon (12 from 14) and Slater, who changed position, later scoring 4 from 5 attempts. For UWI, Nelson top-scored with 22 from 28 attempts.The semi-finals are slated for this Saturday at the G.C. Foster College.Earlier in the day, playing at home, Mico ‘B’, which is also the defending intermediate champions scored a big 47-24 win over G.C. Foster College ‘B’. However G.C. Foster College ‘C’ turned the tables on the defending champions Mico ‘C’ in their junior encounter as the Spanish Town- based team won 29-22.last_img

first_img…Investment Agreement with Govt was not terminated—AttorneyHigh-level meetings are being held in China with stakeholders of BaiShanLin International Forest Developers Inc (BIFDI), with a view of determining the fate of the Chinese logging company in Guyana and whether there will be any further investments locally.This information was disclosed by Attorney for the embattled logging company in Guyana—Pratesh Satram.Logs extracted by BaiShanLin awaiting exportationA BaiShanLin truck in the interiorHe told Guyana Times on Sunday that the legal team is awaiting word from China on how to move forward with any representation. The meetings, he said, include members of the China Development Bank (CDB) and the executives of the Company.The CDB’s involvement came after a US$60 million loan the logging company had secured from the bank, was placed in limbo when the Guyana Forestry Commission (GFC) pulled the plug on BaiShanLin’s Joint Venture Agreements here.Guyana Times was also told that while the GFC has terminated the Joint Venture Arrangements BaiShanLin shared with five local companies, in addition to revoking its State Forests Exploratory Permit (SFEP), the investment agreement that had been inked between the company and government remains in force.Should the Investment Agreement be terminated, BaiShanLin will be liable to repaying all of the fiscal concessions it had been granted over the years to the tune of billions—in addition to the $80 million the GFC claims it is owed.The GFC on Tuesday last announced that it was moving to repossess concessions held by BaiShanLin.Guyana Times has since been able to confirm too that the Forestry Commission had also in the previous week, written to five companies affiliated with BaiShanLin, terminating the Joint Ventures that the companies had effected with the Chinese logging company.Each of the companies had held Timber Sales Agreements (TSAs) which BaiShanLin used in order to extract and export logs from Guyana since its SFEP disallowed extraction from its concession.Based on documentation seen by this publication, on September 1, 2016, the GFC wrote to the five companies with whom BaiShanLin had entered into Joint Ventures, informing them that the arrangement had been terminated, since the Commission had not been informed ahead of time of a transfer of shares.Each company was told to remove any equipment it had on the more than 400,000 hectares of forest within 90 days.BaiShanLin has since secured the services of Satram and Satram Law Firm and the attorneys are now questioning the action taken against the five companies since none would have made or reneged on any commitments to the government or the Forestry Commission.Satram had told Guyana Times on Wednesday that the US$60 million loan taken by the Chinese logging company from the CDB was under threat, since the shares BaiShanLin would have acquired in the local companies had been used as security against the loan.The matter has also engaged the attention of the Chinese Embassy in Guyana, since it was approached for assistance by BaiShanLin.According to letters issued to Haimorakabra Logging Co Inc, Kwebanna Wood Products Inc, Sherwood Forests Inc, Wood Association Industries Company and Puruni Woods, they had violated provisions in the Forestry Act when they failed to inform the Commission of a transfer of shares, hence the decision to terminate the arrangement.In making the announcement of repossession, the Commission said: “The decision came after the company failed to deliver on agreed actions to introduce investors to the Commission and having been given time to prove that it had an acceptable plan to clear an approximately GY$80 million debt.“In keeping with Forest Governance Practices, the GFC will be formally repossessing the concessions owned by the company and accelerating efforts to recover the debt owed,” it declared.None of this however, had been communicated to any of the five companies and according to the Attorney this publication spoke with, the GFC has not been formally responded to, but the matter would be vigorously defended in court.BIFDI was incorporated in September 2006 under the Guyana Companies Act 1991 with the main objective of timber harvesting and establishing downstream wood processing operations in Linden.To date however, BIFDI has failed to fulfil many of its commitments to the Government of Guyana, reneging on the obligations it made, which were accepted in good faith, according to GFC.last_img

first_imgEnd-of-year reportThe Guyana Government recorded a fiscal deficit of $31.7 billion for the year 2016, approximately 4.4 per cent of the nation’s Gross Domestic Product (GDP). This is according to the Finance Ministry’s End-of-Year outcome report, which was released on April 13.The report noted that the deficit was smaller than the expected $38.4 billion, or 5.4 per cent of GDP, which had been projected during the presentation of the 2017 Budget. The report put this difference down to lower expenditures.Finance MinisterWinston Jordan“The smaller-than-projected deficit was due to lower expenditures, particularly current expenditures, coupled with higher-than-projected revenues and grants.”The report added that tax and non-tax revenue collections in 2016 were $177.3 billion. According to the report, this amounts to $2.5 billion, or 1.4 per cent, more than the 2017 Budget projects.“Tax revenues rose to $151.7 billion in 2016. Total non-tax revenue increased to $25.5 billion, in line with projections at the time of the presentation of the 2017 Budget.”The Guyana Revenue Authority (GRA) was shown to have remitted $42.3 billion in 2016, which the report admitted was $274 million below projections of the 2017 Budget.Already, the Government has introduced a number of new tax measures which it says would widen its tax base. Some of these measures, such as the imposition of Value Added Tax (VAT) on private tuition and on basic utility services over a stipulated threshold, have prompted street protests.ExpenditureMeanwhile, total Central Government expenditure was shown to amount to $216.8 billion for 2016, $4.2 billion lower than projected at the time of the presentation of the 2017 Budget. There were a number of reasons for this.“Total non-interest recurrent expenditure amounted to $163.4 billion in 2016, marginally less than the $166.7 billion projected at the time of the presentation of the 2017 Budget, due to lower-than-projected spending for Other Goods and Services and Transfer Payments,” the report stated.“Other Goods and Services totalled $46.8 billion for 2016, slightly less than the $48.8 billion projected. Transfer Payments totalled $67.3 billion in 2016, marginally less than the anticipated $68.8 billion.”Constitutional agenciesThe report revealed $686.8 million as the unspent sums from constitutional agencies. One of the reasons the report attributed this to was several projects not being executed owing to “setbacks” in the tender process.This comes after constitutional agencies received more than $7 billion in lump sums for the year 2016. At the time, the National Assembly had approved the allocations following contentions over the estimates, resulting in a number of proposals for funds being cut.Employment costs, according to the Finance Ministry’s report, totalled $49.4 billion in 2016, exceeding the $49 billion that had been anticipated.“Central Government capital expenditure amounted to $46.6 billion, slightly below the projected year-end position of $47.6 billion, due largely to continued slow implementation of our loan portfolio, which declined by 12 per cent.”The data submitted in the End-of-Year outcome report represents an update on the data which had been read by Finance Minister Winston Jordan in the 2017 Budget presentation last year. When that budget was read, the data Jordan had quoted at the time only reflected projections since the budget was an early one.last_img

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