Review of Financial Development and Inclusion for Guyana: Assessment and Options for Reform
Peer Reviewed
Date issued
Jun 2020
Subject
Financial Policy;
Financial Inclusion;
Financial Institution;
Credit Market;
Financial Service;
Credit;
Financial Sector
JEL code
G21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages;
H6 - National Budget, Deficit, and Debt;
O1 - Economic Development;
G1 - General Financial Markets;
E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit;
E6 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
Country
Guyana
Category
Policy Briefs
Guyana's economy is on the verge of a historic transformation owing to recent oil discoveries. In this context, maximizing the benefits of faster growth and increased revenues will depend crucially on the financial sector. This paper presents an assessment of financial development, access, and inclusion for Guyana. Policy recommendations that flow from this analysis include the importance of durably addressing macroeconomic imbalances, reinforcing the regulatory and institutional frameworks, supporting the availability of information regarding credit and related counter party risks, and developing a coordinated approach to institutional and policy reform aimed at promoting financial inclusion (e.g., via development of a national financial inclusion strategy).
