Guyana’s $1.146 trillion budget enables prosperity for all Guyanese

GEORGETOWN, Guyana – Region Three Private Sector Inc. (R3PSInc) commends the visionary budget of $1.146 trillion presented by senior minister Dr Ashni Singh for the Financial Year 2024 under the theme “Staying the Course: Building Prosperity for All.”

The budget, reflecting the People’s Progressive Party/Civic government’s commitment to national development, outlines a comprehensive strategy to overcome challenges and propel Guyana towards prosperity.

The steadfast leadership demonstrated by the government under the guidance and leadership of president, Dr Irfaan Ali in the face of overlapping crises has not gone unnoticed. Further, the R3PSInc acknowledges the transformative budget agenda which boosts disposable income, stimulate spending, and also addresses cost-of-living concerns.

The measures below are some of the direct and indirect benefit Guyanese will experience:

Individuals with a monthly income of GY$100,000 or below will be eligible for an income tax exemption, resulting in approximately 13,000 individuals enjoying a combined disposable income of GY$4.8 billion which is returned to the working class.

It has been stated by the finance minister that the 2024 budget encompasses allocations of GY$121.4 billion for central government employees’ wages and salaries, with an announcement regarding a salary increase to follow later this year.

An increase in the National Insurance Scheme (NIS) minimum pension has raised it from GY$35,000 to GY$43,075, resulting in an allocation of GY$2.6 billion to benefit 27,000 individuals.

A revised minimum invalidity pension amount of $43,075 has been determined, while persons with NIS contributions ranging from 700 to 749 will be asked to consider a full and final settlement that could benefit over 3,800 persons at a cost of $550 million.

The 76,000 old-age pensioners will experience a rise in their monthly income from GY$33,000 to GY$36,000 compared with the previous year.

The estimated number of public assistance recipients receiving an increase will exceed 35,000. The monthly amount will be raised to GY$19,000, up from GY$16,000.

Each child will receive a GY$3,000 voucher to cover the expenses of an eye test. This initiative aims to benefit over 205,000 schoolchildren, with a total expenditure exceeding GY$100 million dollars. To help offset the expenses related to spectacles, a voucher worth GY$15,000 will be granted.

Additionally, in the context of health, women between the age range of 21 to 65 will benefit from enhance cervical cancer screening and will receive a voucher worth $8,000.

To realize president Ali’s vision of having a world-class education system here $135.2 billion has been allocated.

To make this a reality several primary schools in various areas across the country will see $3.1 billion being injected into constructing schools while some $16 billion has been allocated for the construction and works on secondary schools across the country and some $3 billion has been allocated for nursery school buildings.

Further, one of the many benefits include the cash grant offered through the ‘Because We Care’ programme which has been raised from GY$35,000 to GY$40,000 per child, benefiting a total of 205,000 students enrolled in both public and private schools. This is an additional amount to the uniform voucher allowance of GY$5,000.

Added to this, the sum of $4.9 billion has been set aside for the continued rollout and expansion of the school feeding programme set to benefit some 126,000 children across the country.

In addition to significant investments in the education sector, a budget of $4.1 billion has been allocated to support the operations of the University of Guyana, along with an additional $4 billion reserved for the Guyana Online Academy of Learning (GOAL) programme.

There has been a decrease in the interest rates for small and medium-sized businesses that are looking to secure loans of up to GY$5 million.

Moreover, an earmarked amount of $97.6 billion will be utilized to expedite the transformation of the agriculture sector under President Ali’s food security initiatives.

In accordance with the government’s objective of elevating Guyana’s healthcare system to a global standard, substantial funding is earmarked totaling approximately $129.8 billion.

Also, in order to modernize the nation’s public safety and security $90.6 billion was allocated.

Further, GY$7 billion has been allocated to address cost-of-living issues, furthermore, Guyana’s real economy is projected to experience a growth rate of 34.3 percent, with an anticipated inflation rate of 2.5 percent for the current year.

The Region Three Private Sector Inc., looks forward to actively participating in the realization of President Ali’s vision for a prosperous Guyana.

The organization commends the government’s leadership, competence, integrity, discipline, focus, and candor, characteristics that resonate with the values upheld by the Guyanese people.