Chambers of Commerce Congratulates Government on 2024 Budget

Dear Editor,

The Georgetown Chamber of Commerce and Industry (GCCI) wishes to congratulate the  Honourable Dr. Ashni Singh and his team at the Ministry of Finance on the presentation of the  National Budget 2024. This National Budget of G$1.1 trillion, being the largest budget prepared by  the Government of Guyana, represents an increase in support for the citizenry, social services,  infrastructure, and opportunities for the private sector.  

The GCCI is pleased to see the budgetary measures being centered around the thematic areas of an ease in the cost of living, support for the vulnerable, increase in disposable income and addressing  National Insurance Scheme (NIS) issues. Of continued importance to the private sector, are the  measures to contain the cost of fuel, reduce the freight charges. These policy measures are timely as  they ensure that there is a mitigation in the global inflationary pressures which can have damaging  pass-through effects to Guyanese enterprises and citizens at large. 

The policy measure to collaborate with financial institutions in Guyana to lower the interest rate on  loans up to G$5M represents a critical lifeline for the support for micro and small enterprises. This an  important measure to assist in access to finance for micro and small enterprises and the Chamber of  Commerce looks forward to its implementation. Notably, the G$7B buffer which is allocated to  contain the impact of price increases is a measure which offers support that can be tailored to emerging  inflationary issues in the economy.  

On the point of building the capacity of Guyanese, the measure which commences support to  University of Guyana graduates, is a welcomed move; one which is a step in the right direction to  build the skillset of the Guyanese people. The GCCI anticipates full programmatic execution of the  National Budget 2024 which will see significant opportunity for the private sector of Guyana to  participate in Government spending for the fiscal year. The Chamber of Commerce continues to stand as a critical development partner in Guyana’s growth agenda and welcome the National Budget of  2024.  

Yours truly,

Georgetown Chamber of Commerce and Industry