a heavily indebted poor country (HIPC) with a population of 750,000
people. A former British Colony, Guyana achieved independence
in 1966. Four years later, it became a Cooperative Republic within
the British Commonwealth following strong socialist politics.
In 1980 a new Constitution was enacted, declaring Guyana an indivisible,
secular, democratic, sovereign state. The policies pursued by
the Government of Guyana in the 1970s and 80s were characterized
as Cooperative Socialism. The productive sectors were predominantly
controlled by the state. Since 1988, however, the Economic Recovery
program (ERP) reversed most of those financial and industrial
policies pursued since 1970.