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Finance Minister Dr Ashni Singh, prior to the presentation of this year’s national budget , had promised “an all embracing budget” and he has not disappointed the Guyanese people as he delivered on his promise.
The budget, indeed, touches on every facet of our national economy and the welfare of our people and provides great optimism for the further socio-economic advancement of our country, as economic growth is projected at 5.3%.
But the budget is not just about economic growth; it also addresses the plight of the vulnerable and seeks to provide more disposable income in the hands of the people through several relief measures, some of which are unprecedented in this country.
One of the unprecedented measures is with respect to the mortgage interest relief for first time home owners who have loans up to $30M. Under the proposed arrangement, first time home owners who have mortgage loans of up to $30M will be permitted to deduct the interest they pay from their taxable income.
This is a most progressive move as the thousands of people who are first time home owners and have mortgaged loans, under this system, they will have an ease on their financial obligations.
Old Age Pensions have not only been increased but pensioners will also benefit from electricity assistance for payments to GPL in the sum of $20,000 per annum.
This is a clear indication that the government is not only focused on economic growth but is also concerned about the plight of the vulnerable and poorer sections of the population.
The commitment of the government to the improvement of the lives of all Guyanese was reiterated by the Finance Minister in his budget presentation yesterday to the National Assembly.
Dr. Singh stated: “…the People’s Progressive Party/Civic government remains firmly focused on building a better Guyana for all Guyanese and firmly committed to working as closely as possible with like-minded stakeholders both within and beyond the hallowed walls of the Honourable House in pursuit of that objective.”
Any objective analyst or observer would describe the budget as a progressive one which focuses on the economic well-being and future of the country and its people.
But, as anticipated, the political opposition has already begun casting negative aspersions on the budget, describing it as “an electioneering budget” even though we are not in an election year, which begs the question of whether they are planning to make it an election year by rejecting the budget through the use of their combined one-seat majority.
However, if that is their intention and they actually carry it out they will be sending a clear message to the Guyanese people that they are not on the side of progress for the country and the people will be the judge. And in any democracy, it is the people who determine the future and destiny of their country.
Their recent voting down, and rationale for doing so, with the Firearms (Amendment) Bill is a clear indication of whether they stand on the side of progress or destruction.
The ball is now in the Opposition’s court.
The budget, indeed, touches on every facet of our national economy and the welfare of our people and provides great optimism for the further socio-economic advancement of our country, as economic growth is projected at 5.3%.
But the budget is not just about economic growth; it also addresses the plight of the vulnerable and seeks to provide more disposable income in the hands of the people through several relief measures, some of which are unprecedented in this country.
One of the unprecedented measures is with respect to the mortgage interest relief for first time home owners who have loans up to $30M. Under the proposed arrangement, first time home owners who have mortgage loans of up to $30M will be permitted to deduct the interest they pay from their taxable income.
This is a most progressive move as the thousands of people who are first time home owners and have mortgaged loans, under this system, they will have an ease on their financial obligations.
Old Age Pensions have not only been increased but pensioners will also benefit from electricity assistance for payments to GPL in the sum of $20,000 per annum.
This is a clear indication that the government is not only focused on economic growth but is also concerned about the plight of the vulnerable and poorer sections of the population.
The commitment of the government to the improvement of the lives of all Guyanese was reiterated by the Finance Minister in his budget presentation yesterday to the National Assembly.
Dr. Singh stated: “…the People’s Progressive Party/Civic government remains firmly focused on building a better Guyana for all Guyanese and firmly committed to working as closely as possible with like-minded stakeholders both within and beyond the hallowed walls of the Honourable House in pursuit of that objective.”
Any objective analyst or observer would describe the budget as a progressive one which focuses on the economic well-being and future of the country and its people.
But, as anticipated, the political opposition has already begun casting negative aspersions on the budget, describing it as “an electioneering budget” even though we are not in an election year, which begs the question of whether they are planning to make it an election year by rejecting the budget through the use of their combined one-seat majority.
However, if that is their intention and they actually carry it out they will be sending a clear message to the Guyanese people that they are not on the side of progress for the country and the people will be the judge. And in any democracy, it is the people who determine the future and destiny of their country.
Their recent voting down, and rationale for doing so, with the Firearms (Amendment) Bill is a clear indication of whether they stand on the side of progress or destruction.
The ball is now in the Opposition’s court.
