Guyana's Leader Celebrates Second Term Amid Oil Boom

Guyana's President Irfaan Ali was inaugurated for a second tenure on Sunday, following a clear victory in last week's elections. This comes as the nation experiences significant gains from its expanding offshore oil and gas industries.

The electoral body confirmed Ali's success, stating he achieved a 'resounding victory.' His People's Progressive Party also maintained a parliamentary majority with 36 out of 65 seats. Guyana, positioned between Brazil, Venezuela, and Suriname, has gained global notice for its huge offshore oil reserves discovered a decade ago, along with its mineral riches.

Since taking office, Ali has garnered commendation for investing some of the new oil revenues into well-received social programs. Emphasizing unity in his inauguration speech, the 45-year-old leader pledged continued economic development while expanding social initiatives to foster prosperity across the nation.

(With inputs from agencies.)