— Finance Minister Dr. Ashni Singh says improved classification reflects sound fiscal management, strong economic growth and greater creditworthiness
Guyana has secured another major international economic milestone, with the Organisation for Economic Co-operation and Development (OECD) upgrading the country’s risk classification from Category 5 to Category 4, signalling growing global confidence in its economic performance, fiscal management and creditworthiness.
The upgrade, which took effect Friday, Oct. 16, represents Guyana’s second improvement in four years and places the country alongside economies such as Brazil, Panama, the Bahamas, the Dominican Republic, Paraguay and South Africa.
Finance Minister Dr. Ashni Singh welcomed the development, describing it as a major endorsement of the government’s economic policies and Guyana’s continued transformation.
Singh said the improved classification reflects increasing international recognition of Guyana’s sound fiscal management, strong economic fundamentals and growing creditworthiness.
The finance minister noted that Guyana was one of only two countries to receive an upgrade in the OECD’s latest classification review, underscoring the significance of the achievement.
The OECD uses a classification scale ranging from 0 to 7 to assess country credit risk for officially supported export credits, with 0 representing negligible risk and 7 the highest.
Guyana previously moved from Category 6 to Category 5 in 2022, making the latest upgrade another significant step in strengthening the country’s international financial standing.
Lower borrowing costs, greater financing opportunities
The improved classification is expected to deliver tangible financial benefits by reducing the minimum risk premiums charged by export credit agencies on officially supported financing.
This could lower the cost of financing capital goods and equipment imported for major public investment projects, while strengthening Guyana’s attractiveness to international lenders and development partners.
The upgrade also provides a positive signal to financial institutions assessing the country’s creditworthiness, potentially improving access to more affordable external financing.
According to the Finance Ministry, the government will maintain its disciplined borrowing strategy, prioritising financing at the lowest available cost and directing resources toward investments capable of generating sustainable economic returns.
Strong economic performance drives confidence
The upgrade comes against the backdrop of Guyana’s sustained economic expansion, supported by rapid growth in offshore oil production, continued development of the non-oil economy and improved fiscal indicators.
Between 2020 and 2025, Guyana’s real gross domestic product expanded at an average annual rate of 37.3%, while the non-oil economy recorded average annual growth of 8.2%.
Despite global supply chain disruptions and energy price shocks, headline inflation averaged 3.5% over the same period, supported by government interventions aimed at protecting consumers and maintaining price stability.
Guyana has also recorded substantial improvements in its public debt position.
Total public debt declined from 47.4% of GDP at the end of 2020 to 28.6% at the end of 2025, while external debt fell from 24.1% to 10.8% of GDP.
The country’s debt-service-to-revenue ratio also improved, declining from 8% in 2020 to 5% in 2025, while external debt servicing accounted for just 0.8% of exports.
Further strengthening Guyana’s financial position, the Natural Resource Fund (NRF) closed 2025 with US$3.3 billion, exceeding the country’s total external public debt.
By the end of September 2026, the fund had grown to approximately US$5.5 billion, providing an increasingly substantial financial buffer to support long-term development and economic stability.
International recognition of fiscal discipline
The OECD upgrade follows a positive assessment by the International Monetary Fund (IMF) during its 2026 Article IV consultation.
The IMF recognised Guyana’s continued strong economic growth, supported by prudent macroeconomic policies, while highlighting the importance of diversification, resilience, sustainability and continued accumulation of savings in the NRF.
It also acknowledged Guyana’s position among countries with the lowest debt-to-GDP ratios in the Western Hemisphere.
Singh said the latest OECD decision provides further evidence of the international community’s favourable assessment of Guyana’s economic progress and the government’s record of fiscal discipline.
He expressed appreciation to the OECD Secretariat and representatives of member states for their roles in the review process.
The Finance Ministry reaffirmed the government’s commitment to prudent debt management, macroeconomic stability and responsible public investment, emphasising that the improved classification strengthens Guyana’s ability to access financing on more favourable terms.
The ministry said the government would continue working with international and domestic partners to sustain economic growth, expand development opportunities and ensure that Guyana’s transformation delivers lasting benefits to its people.