He declared that many of the difficulties were engendered by the PNC/R and renewed a call for that party to "exercise proper judgement" and "to truly put Guyana first."

Speaking at his weekly news conference, Luncheon said, notwithstanding the negative impact of political instability, crime and terror, the Government was able to maintain the economic momentum through fiscal prudence and by fulfilling the requirements of structural adjustments that led to the approval of Guyana's Poverty Reduction Growth Facility (PRGF).

Cabinet noted the IMF endorsement and approval of the Government's fiscal performance, the HPS reported.

The IMF Board has completed the first review of Guyana's economic performance under its three-year US$75M PRGF arrangement, resulting in the release of a further US$8.2M.

The IMF also granted Guyana's request for waivers on the non-observance of December 2002 quantitative criteria on the net foreign and domestic assets of the Bank of Guyana, as well as that for the structural performance at the end of December 2002.

IMF Deputy Managing Director and Acting Chairman, Mr Augustin Carstens, acknowledging the problems said:" Guyana has faced significant challenges since the start of its reform programme in September of 2002, including a more difficult political and security situation.