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Wholesale Authentic Jerseys officials say.Last year

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发表于 2017-10-9 09:44:59 | 显示全部楼层 |阅读模式
With the country’s biggest earners being threatened with low prices and in one case poor production, Government on Friday admitted that it is worried about the situation and has been examining a number of measures to ease the possible impacts on the economy.President Donald RamotarAccording to President Donald Ramotar,Cheap NFL Jerseys China, prices for gold on the world market have indeed impacted on buying by the state-owned Guyana Gold Board. The Head of State was responding to questions on the low rice and gold prices and on sugar production.Gold production has been a major prop for the country’s economy in recent years raking in hundreds of millions of dollars in foreign revenues as price climbed to over US$1,800 per ounce at one time. It was an area that attracted more than US$100M in local and foreign investments last year, officials say.Last year, gold production reached a record breaking high of 438,645 ounces, in the absence of large scale producer Omai Gold. The commodity earned US$737M. Investors, who have been banking on the prices to remain high, became worried after price fell below US$1,400 per ounce as news surfaced that Cyprus, one of several European countries seeking bailout for their failing economies, would be selling off its gold.Yesterday,Wholesale Authentic Jerseys, there were indications that gold prices have started to edge upwards again staying at around US$1,460 per ounce.At this time also, rice and sugar are going through a crisis. Sugar fell to a 20-year production low last year with Guyana Sugar Corporation (GuySuCo) unable to meet salary payments on Friday because of its cash problems.The matter has been compounded by a number of factors, including an unstable work force and the fact that international banks financing crops have pulled out of the Caribbean, leaving Guyana in a lurch and GuySuCo to feel the squeeze to find additional monies.GuySuCo was only able to meet its $250M salary bill after a $1B cash injection, in the form of assistance from Government.Rice also has been taking a beating. Last year’s production broke records and this year there has been report of significant increases in production. Yet a paddy bug in Essequibo and delays to ink a new rice agreement with neighbouring Venezuela have seen in some cases rice farmers reportedly being offered as little as $500 per bag of paddy.Recent elections in Venezuela have delayed the signing but Government is hopeful this will be resolved in the coming days.Prices have been hovering over the years between $2,500 to over $5,holesale NFL Jerseys,000 per bag of paddy.There have been long lines at the rice factories throughout the Essequibo Coast as nervous farmers waited to sell their harvest.Questioned about the situation, President Ramotar on Friday, admitted that it is indeed a worrying one. He noted that in the case of gold and rice, the situation is not entirely in the control of Government’s hands.This year, Government is projecting real growth of 5.3 per cent, higher than last year and would be depending on the big earners to maintain its seven-year run of positive growth. Regarding gold,Cheap NFL Jerseys China Wholesale, the President admitted that the Guyana Gold Board would have been left with some losses after gold prices fell on the world market.? “We don’t determine prices….we are more of price takers.”The administration through the Guyana Gold Board and other technical officers are now examining the situation to determine whether to sell and cut the losses or hold on to its gold.The President assured that the situation is being closely monitored, disclosing that similar situation had occurred shortly after he entered office.The Gold Board,Wholesale NFL Jerseys, however, decided to hold its gold as the price climbed on the world market, allowing the country to even make a profit. He also said that “gold don’t spoil.”A significant portion of the country’s workforce has migrated to the goldfields, much to the misfortune of forestry and other industries. The banks have been lending millions of dollars to buy excavators and finance mining operations.The President also discussed the sore issue of sugar, the future of which has been questioned. The issue is being tackled in a comprehensive way. The measures include converting more cane fields to use mechanized harvesters,Wholesale Jerseys Cheap, thus reducing the dependence on labour.
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