– new harbour bridge, new hotels and creation of 50,000 homes on the cards

By Navendra Seoraj
THE local economy like many others around the world has taken a ‘hit’ because of the novel coronavirus (COVID-19) pandemic and although the direct and indirect effects of this scourge remain a challenge, the country is expected to see a ‘flurry’ of development projects in 2021, said President Dr. Irfaan Ali.

Guyana, which sits on the edge of South America and has a population of about 750,000 people, is expected to ‘boom’ with its new-found oil wealth, wealth which will drive infrastructural development and other sectoral advancements.
According to reports, the country has already raked in close to US$150 million from its oil-and- gas sector, with lots more to be earned. But the focus, as outlined by the new People’s Progressive Party/Civic (PPP/C) government, will be on maintaining a diversified economy.
Progress is expected on all fronts said President Ali, noting that 2021 will be the year of investments and development.
“What you will see next year is a flurry of development… there will be active work on the new Demerara Harbour Bridge, the new four-lane road, new hotels and the creation of 50,000 homes,” said the President, following an inspection of the site for the new harbour bridge, on Saturday.
He said work will commence on the construction and rehabilitation of roads in hundreds of communities; new infrastructure will be created; and there will be major developments in every sector.

Additionally, private-sector investments are expected to increase, stretching from the construction of new shore bases to service the oil-and-gas sector, to new office complexes and other private development projects.
The President anticipates that with increased construction, there will be an increased demand for quarry and construction materials and labour.

GOOD DAYS

“Once we continue to push this development agenda, we are heading into good days, good winds pushing us forward… the output of these projects will be realised early,” said President Ali.
There is no doubt that businesses have struggled to break even; persons have lost their jobs and even their livelihoods, but President Dr. Irfaan Ali had committed to getting the economy back on track, starting with the implementation of measures and projects included in the $329.5 billion 2020 budget which was passed in the National Assembly last Friday.

Budget 2020 includes a $25,000 cash transfer to every household; a $15,000 cash grant and a $4,000 uniform voucher for schoolchildren; $800 million for the Amerindian Development Fund; $5 billion for the Guyana Sugar Corporation (GuySuCo); a two-week, tax-free bonus for members of the Joint Services; and $150 million for frontline workers, among many other benefits.

President Ali had also said that the government, after re-prioritising and re-programming fiscal measures, has managed to add $20 billion in relief to the “pockets” of Guyanese at a time when the nation is faced with the effects of COVID-19, and the recently concluded protracted electoral process. The conduits of relief include revised tax measures and sweeping incentives.

The broad objectives of those measures which feature in government’s emergency budget are to stimulate economic activity; get persons back to work; increase Guyana’s productive capacity; reduce the cost of doing business; improve efficiency; and facilitate growth and development of businesses.
The private sector is expected to play an integral role in driving economic growth, but the extraordinary circumstances created by COVID-19 has been discouraging in some cases, said stakeholders from the sector.

HOPEFUL
“What we are looking forward to or hoping for in 2021 is a post-COVID-19 environment… this would bring back the tourism and hospitality sector… we have seen the President talk about going out to request EoIs for four international hotels for us, but the first thing is to have a stable environment,” said Chairman of the Private Sector Commission (PSC), Nicholas Boyer during an exclusive interview with the Guyana Chronicle on Monday.
Boyer said while every industry has been affected in some way by COVID-19, there are areas such as construction and mining which remain resilient and have continued to produce positive results.
“For us, as long as we get sectors moving, plus with the construction sector and the mega projects, we are looking forward to a positive 2021,” said the PSC chairman.