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Caribbean & Central America - August 2018 (ISSN 1741-4458)

GUYANA: IMF urges restraint as Exxon increases estimates

On 15 June, the International Monetary Fund (IMF) concluded its latest Article IV consultation with Guyana. It is positive about Guyana’s future as a major oil producer, but it continues to urge restraint. For the moment, the A Partnership for National Unity-Alliance for Change (Apnu-AFC) coalition government led by President David Granger is heeding the IMF’s urgings, but the pressure to ease the purse string will inevitably grow as the country gets closer to the 2020 general election. In the meantime, US oil giant ExxonMobil has issued another bullish statement, increasing its estimate of ‘discovered recoverable resources’ to more than 4bn oil-equivalent barrels, up from its previous estimate of 3.2bn oil-equivalent barrels.

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