-as $35.9B cleared for Finance Ministry

GOVERNMENT as part of its continued efforts to make Guyana a “green” state has budgeted some $1.4 billion for the low-carbon development programme in 2019.
The sum for the programme formed part of the $35.9 billion budget which was approved for the Ministry of Finance by the Committee of Supply on Thursday.

Minister of Finance Winston Jordan said government remains committed to making Guyana a “green” state. He was at the time responding to a question from opposition Member of Parliament Irfaan Ali who enquired about the low-carbon development programme.

The minister in response to Ali said the programme provides for the Amerindian Land- Titling Project; adaptation projects, including the rehabilitation of the Cunha Canal;
institutional strengthening of the Department of Environment, Office of Climate Change and the project management office; providing information and communication technology access and e-services to hinterland, poor and remote communities such as Kaikan, Jawalla, Kurukubaru, Aranaputa Shulinab, Toka and Surama; and promoting sustainable land management and development.

These projects are expected to provide socio-economic development and employment opportunities, promote small-scale village economies and boost environmental resilience.
The ministry of finance has also made provisions of $200 million for the Special Purposes Unit (SPU) of the National Industrial and Commercial Investments Limited (NICIL).

Opposition Member of Parliament Juan Edghill enquired as to why the SPU was receiving a separate allocation, when NICIL generates its own income. In response, Jordan said NICIL would not have been able to fund the operations of the SPU because of its cash flow.
He went on to note that the SPU is a temporary body which was established under NICIL to manage and prepare for sale retained assets from the Guyana Sugar Corporation (GuySuCo) for sale.

Minister Jordan said Cabinet is also reviewing the mechanism which will trigger sale and looking to create spatial land, so that it would not be sold to one or two persons.
As part of its development work, government is also expected to conduct a poverty assessment, establish a national payment system infrastructure, including software and hardware for real-time gross settlement and central securities depository systems at the Bank of Guyana, Guyana Revenue Authority, National Insurance Scheme and Accountant General’s Department.

Government also took a $20Million loan for the Guyana Power and Light Incorporated (GPL) from the Islamic Development Bank. The minister explained that $820M is available in the bank’s first cycle until 2021, but accessing these funds depends on qualifying projects.