Water issue in Diamond to be regularised by weekend – GWI

first_img… water distribution exercise to commenceAs the water woes in Little Diamond Squatting Area, East Bank Demerara (EBD) continue, the Guyana Water Incorporated (GWI) has indicated that its team would be working to have the water flow regularised by this weekend.In the meantime, the utility company will commence a water distribution exercise via tankers throughout the course of this week in the affected areas.This was according to the acting Public Relations Officer (PRO) of the company, Kirk Clarke, who informed <<>> that they were working to address the water shortage as soon as possible.Commenting on the root of the problem, Clarke explained that it was not water main problems in Little Diamond but rather a breakage in Mocha, EBD, which resulted in the shortage of water.Noting the recent complaints by residents as it relates to acquiring water for domestic purposes, Clarke confirmed that the company’s team would be visiting the area daily to distribute water.In cases where persons are not present at home during the day to receive their supply of water, the team will have another exercise during the evening hours so that every resident could benefit.However, GWI assured that the engineering team would be working around the clock to have the situation fixed so that the situation could return to normal.According to the residents who spoke with this publication recently, the area has been without water for the past month and little has been done by the nation’s water supplier to have the issue addressed.One resident said GWI personnel had visited the area for their regular assessment of water metres, but when the situation was reported, they had responded “there is nothing that we can do”.Another resident said the team had been working on the main and informed the residents that they could not locate the fault and, therefore, could not address it.Meanwhile, the residents had expressed their frustration since it was their belief that the GWI was turning a deaf ear to their complaints.They had stated that their families were being inconvenienced as a result of the shortage.“I have to go to work and I got children to send to school, so we need something to be done immediately,” one resident said.last_img read more

Cabinet green lights new Payment System Bill – Williams

first_imgAs Guyanese law enforcement officials continue to grapple with frequent cases of ‘trailed’ bank robberies, Government is looking to move ahead with legislation that would not only increase the security of citizens, but modernise and boost the efficiency of the banking sector. This is according to Legal Affairs Minister and Attorney General, Basil Williams, who said Cabinet last week approved the new piece of proposed legislation.“At Cabinet on Tuesday, we dealt with, and approved, the Payment Systems Bill, which will really transform the way we deal with financial and cash transactions. So [it will] reduce cash transactions in the first place, and substitute (those) with electronic transactions,” the Legal Affairs Minister said at an event where he underscored the need for local state prosecutors to be educated on the various financial crimes, so as to improve their efficiency.A National Payment System (NPS) is an infrastructure that provides the economy with the channels or circuits for processing the payments resulting from the many different types economic transactions that take place daily.The Bank of Guyana (BoG) was tasked with leading the development and implementation of a strategic approach to advance the development of Guyana’s NPS, by establishing the parameters to guide policy and set priorities.After widespread consultations with stakeholders, Central Bank, with assistance from the World Bank, last year commenced putting together a four-year comprehensive plan that would see the strategic transformation of the local payment system from paper-based mechanisms to electronic payments.The National Payment System Strategy (2017-2021) was handed over to Government last month. This is a developmental plan that envisions a “robust, sound, efficient and inclusive National Payment System (NPS) that meets the current and future needs of the economy, support financial activity and financial sector development, advances the use of electronic payments, contributes to financial risk mitigation, achieves compatibility with international systems, adheres to the relevant international standards, guidelines and codes.”The 59-page strategy and action plan is centred around nine pillars of a conceptual framework developed by the Work Bank on National Payment System. These include: legal framework, large value payments, retail payments, government transactions, securities depository, clearing and settlement, money markets, international remittances, oversight and cooperation.This strategy will aim to establish legal clarity and certainty to cover several areas, such as electronic funds transfer, e-money and cheque truncation.Additionally, steps will be made towards enhancing the efficiency of payment processing and the reduction of settlement times for both retail and large value transactions.The strengthening of risk management and mitigation across the national payments system and the expansion of the accessibility of electronic payment access networks will also be under focus.Central Bank will also seek to attract higher rates of electronic payment acceptance by vendors, merchants and other providers of goods and services, as well as advance the migration of Government to electronic payments for both the collection and disbursement of funds.Further, the BoG will drive remittance costs down and enhance the accessibility of remittance services, and strengthen the oversight framework and capacity.Back in 2016, Governor of the Bank of Guyana, Dr Gobind Ganga, had announced that Guyana could be saving as much as $6 million annually with a modernised payment system that makes optimum use of electronic payments.last_img read more