International News: Guyana unveils historic trillion-dollar budget for growth and transformation

By Horace Palacio: On Monday, the Guyana government presented its colossal GUY$1.146 trillion national budget for the upcoming year, marking a significant 46% increase over the previous fiscal plan. Spearheaded by Finance Minister Dr. Ashni Singh, this fifth fiscal package emphasizes comprehensive development across key sectors including energy, agriculture, health, and infrastructure.

Under the banner “Staying the course: Building prosperity for all,” Dr. Singh’s budget reflects the Irfaan Ali administration’s commitment to building upon the socio-economic advancements made since their controversial election win in 2020. The minister underscored the government’s dedication to ensuring every Guyanese family has access to essential services and opportunities, which he views as vital not only for immediate comfort but for long-term economic empowerment.

The budget presentation highlighted Guyana’s impressive 33% real GDP growth last year, attributing much of this success to the booming oil and gas sector. Additionally, the nation’s Natural Resource Fund (NRF) recorded significant savings, reaching an estimated GUY$1.9 billion last year.

Dr. Singh reported over US$1.3 billion in revenues from oil production in the Stabroek Block, with no new taxes introduced in the budget. The NRF, which saw US$1.617 billion in petroleum revenue deposits in 2023, ended the year with an overall balance of US$1.973 billion, inclusive of interest income. Notably, more than a billion US dollars were withdrawn from the NRF to finance national development priorities.

In terms of sector-specific allocations, the government has earmarked GUY$95.7 billion for the energy sector. This funding aims to meet short-term energy needs, double generating capacity in the medium term, and advance the transition to cleaner, renewable energy sources. The budget also includes significant investments for the 300 MW gas to energy project and ongoing evaluations for the Amaila Falls Hydropower Project (AFHP).

Agriculture, a critical sector for the country, has been allocated nearly GUY$97.6 billion. This investment will bolster drainage and irrigation systems, enhance flood management, and support various sub-sectors including sugar, rice, coconut, and high-value crops. The government is also investing in the agro-processing industry, poultry sector, and aquaculture and fisheries.

Infrastructure development continues to be a priority, with GUY$204.1 billion allocated for upgrading and expanding roads and bridges. An additional GUY$73.2 billion is budgeted for community road construction, rehabilitation, and maintenance.

The health sector is set to receive GUY$129.8 billion, reflecting the government’s commitment to building a resilient health sector amid global challenges in healthcare staffing. The housing programme will see an increase in funding to GUY$78 billion, aimed at constructing affordable homes for various income groups.

Education is another key focus, with GUY$135.2 billion allocated, including GUY$4.1 billion for the University of Guyana (UG). Additionally, GUY$4.6 billion is dedicated to sports, highlighting the government’s investment in world-class sporting facilities for citizens, especially the youth.

This ambitious budget sets a new trajectory for Guyana’s development, aiming to create a prosperous future for all its citizens through strategic investments across diverse sectors.

 

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