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The Inter-American Development Bank (IDB) will have less money for Guyana in the coming year when compared to the period 2002 to 2006.This is according to IDB representative, Marco Nicola, who was addressing the effect of the global financial crisis on the bank.Nicola said that with the crisis the IDB has an opportunity to become more active. According to him, when there is an economic and financial crisis the IDB, in general,Nike Jerseys Wholesale Store, is where the governments go to seek assistance to overcome the difficult problems.“Our (IDB’s) difficulty is that some of the projects that the government may have wanted to fund with private sector they may want to come to us for funding but because of the system of allocations and the fact that we have less money for Guyana in the coming year when compared to the period 2002 to 2006…We will not necessarily be able to fill the gap for the investment programme of the government.”Nicola gave his assurances that the bank is working assiduously with management to see if there is any opportunity for Guyana to access additional funding.According to him, Guyana is lucky because it has a provincial financial sector. “The financial sector in Guyana is not highly exposed to the financial sector in the US and other countries. It is a financial sector that works by itself.”Nicola pointed out that what is happening in the US and other countries is a complete lack of liquidity.However, he added the Guyana market is still very liquid. “Too liquid,” he opined.He added that access to credit for the local private sector should not be an issue because of the financial crisis.“There are different kinds of issues in the financial sector in terms of access to credit, which is imposed,Wholesale China Jerseys, but certainly I don’t think that the private sector will feel liquidity an issue within the financial sector.”Nicola also said that the financial meltdown will affect Guyana in mainly two ways, one of which is remittances.He added that the flow of remittances is already slowing down but an advantage for Guyana is that a lot of the Guyanese Diaspora live in Canada which has not been affected so much as the US, so far.“I was looking at recent data and we will see a slowdown in the present value of remittances. Up to September the central bank data was about $220M and last year in total it was about $260M but with the slowdown now it may be that even if it gets to $260M with the inflation factor it would  be less,NFL Jerseys China Cheap, so this is something we have to take into account.”The sector factor, Nicola added,Cheap NFL Jerseys, is Foreign Direct Investments (FDI) and President Bharrat Jagdeo has also recognised that some strategic infrastructure investment that the government is looking forward to undertake with the private sector may suffer.“Government has been quite able to maintain a stable exchange rate and a good macroeconomic framework despite the different issues that we have faced this year. It is not only the financial meltdown; it started with the oil prices. We’ve passed the food crisis and now we are at the financial meltdown and the next is the economic slowdown that is already affecting the US and Europe and starting to affect China.”Recently, China joined the bank and is going to contribute a US$125M to the IDB Fund for Special Operations, which provides soft loans to Bolivia, Guyana,Wholesale Jerseys Outlet, Haiti, Honduras, and Nicaragua.“Because of the debt relief there will be another US$125M that we will be able to distribute to the five countries…It is too early for me to say how much,Cheap NFL Jerseys China, what is the time table because this is very recent news.”Nicola stated that the bank would like also to explore the possibility with other donors that are interested in investing in Guyana and try to build a partnership of financing agreement and synergies in order to try and fill the gap.According to him, Guyana will certainly be affected by the economic slow down as some of the main importers of Guyana goods because Guyana has enjoyed a period of high commodity prices spanning from rice, bauxite, gold.However, if the demand for these products decline, the price for the commodities may also decline.