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Guyana’s 2024 National Budget is $1.146 Trillion. This budget is the largest in the nation’s history and larger than all previous budgets combined. Last month Government returned to the National Assembly seeking more than $40 Billion as supplemental spending. Government ramp up spending is primarily going towards infrastructure.
Meanwhile there is no relief being provided for the high cost of living which is making life difficult for ordinary Guyanese. Guyana is the world’s fastest growing economy and the richest per capita but half the population live in poverty and survive on less than US$5.50 (GY$1200) per day.
Wednesday Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh presented Financial Papers Numbers 1 and 2 of 2024 to the National Assembly totalling over $40 Billion during the 84th Sitting of the Twelfth Parliament.
Financial Paper Number 1 for which the Minister is seeking approval caters for Supplementary Estimates (Current) in relation to advances made from the Contingency Fund totalling $8.6 Billion for the period 2024-04-01 to 2024-07-30 while Financial Paper Number 2 caters for Supplementary Estimates (Current and Capital) totalling $32.2 Billion for the period ending 2024-12-31.
Among the major sectors is electricity where a total of $16 Billion is being sought for the Guyana Power and Light (GPL) of which $4 Billion is under Financial Paper 1 and a $12 Billion Supplementary request in Financial Paper 2.
Additionally, Government is seeking a supplementary approval of $1.1 Billion for additional resources to support electricity companies in Linden, Lethem, Mabaruma and Matthew’s Ridge.
May this year, 36-megawatts of power was added to the national grid through an agreement with the Turkish Company Karpowership.
Government is also seeking approval for a supplementary sum is the agriculture sector including a sum of $9.5 Billion for the Guyana Sugar Corporation (GuySuCo).
In Financial Paper Number 2, Government is seeking a supplementary sum of $2.3 Billion to settle outstanding payments owed to numerous suppliers of goods and services to a number of Government agencies over the years.
Financial Paper 2 also caters for a sum of $1.6 Billion under the Ministry of Public Works for Sea and River Defence works, $297.4 Million to support the operations of the Transport and Harbours Department, $159.2 Million for the completion of the Bartica Stelling and $680.5 Million to facilitate critical upgrades to Ferry Vessels.
Government is seeking an additional $904 Million for the construction and rehabilitation of hinterland roads and $600 Million for the completion of infrastructure for the supply of water to these far-flung communities.
