The National Assembly on Thursday approved the increase of the Debt Ceiling. According to the government the increase will enable the country to access more funds from international markets, bolstering investments in infrastructure, social programmes and economic development.
The motion to increase the loan limits was moved by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh during the 66th sitting of the National Assembly on Thursday.
The confirmed Orders, titled the External Loans (Increasing of Limit) Order 2023 – No. 48 of 2023 and the Public Loan (Increasing of Limit) Order 2023 – No. 49 of 2023, sought to move the limit of external loans from $650 billion to $900 billion, and the limit of public loans from $500 billion to $750 billion.
Defending the motion in the National Assembly, Singh noted that the discussion surrounding the necessity of the motion is central to the country’s development and growth over the next few years.
However, other sources, including the Opposition, have flayed the government for its “reckless spending” and borrowing on further expectation of revenue earning and placing the country’s financial well-being at risk.
The A Partnership of National Unity and Alliance for Change, at its press conference on Thursday accused the government of diverting big spending on infrastructure whilst leaving unattended better wages and salaries for workers in the public and private sector, denying free university education and excluding small business for Guyana’s economic windfall.
This year Guyana is expected to earn at least US$1.63 billion from the sale of its oil and gas.
