–to springboard development across all sectors

IT is often said that a solid foundation is a necessity in the construction of any sturdy structure, as it provides a solid base for ascension and expansion, results which Guyana is anticipating to derive from Budget 2021 which will be presented in the National Assembly today.
With unprecedented investor interest in the local economy and potential for continuous growth across all sectors, the government will be looking to utilise this budget as a ‘springboard’ which will catapult Guyana into a future which is prosperous for all.
The budget, which will be presented today, will be the new People’s Progressive Party/Civic (PPP/C) Government’s first full budget, and will outline, in broader terms, the party’s medium and long term plans for the country.

While not divulging specific details of the budget, President, Dr. Irfaan Ali, said it will set out, in great detail, the government’s development plan.
“We plan to expand our road system across the country, including community roads and hinterland roads. We will also build a bypass road with connections to Mocha, Eccles and the Demerara Harbour Bridge. We will initiate work on several transformative infrastructural projects, that will take years to complete, but we will start them,” President Ali said during his inaugural speech to the Twelfth Parliament, on Thursday.
Among some of the transformative projects to be initiated by the budget are a deep water harbour at the Berbice estuary, support to shore-based facilities, support to private investment that will see new branded hotels, support to agriculture that will see mega investments in large scale agriculture, opening up of new lands through the construction of farm-to-market access roads, and the commencement of the Linden to Lethem road.

It also includes plans for a four lane highway from Georgetown to Timehri, the commencement of the Parika to Goshen Road, upgrade and development of new all-terrain road links from Timehri to Bartica, the upgrade of regional airports and the building of new ferries.
President Ali said too that there are also plans for the construction of a four-lane link between Mandela and Diamond with an interconnection to the existing highway to reduce travel time, completion of the new Demerara River Bridge, and the construction of a new super-highway from Schoonard to Parika.
“We are also working with our neighbour Suriname to establish a Corentyne River Bridge which would have great benefits for the private sector in enlarging markets, expanding the scale of business and increasing employment,” President Ali related.

HUMAN CAPITAL DEVELOPMENT
Even with those opportunities abound, the Head-of-State said there is great need for human capital development, as this is crucial for inclusive economic growth and transformation.
It is for this reason, the government, through Budget 2021, will be introducing more programmes which will equip Guyanese for the potential transformation of the local economy.
“My government will ensure that all Guyanese are equipped for transformation in the economy by identifying employment intensive sectors and ensuring that our people are trained to enable them to meet the demand in these sectors,” President Ali affirmed.
Investing in Guyanese is not only good for the economy but has broader equity and welfare implications, he reasoned, adding that with rapid change in technology, the government recognises that investing in its people is pivotal.

“Our move towards knowledge-intensive industries will also enable greater participation from female Guyanese and help to reduce the gender gap in our society,” President Ali said.
Access to the knowledge-intensive industries, according to the President, will be supported by the 20,000 scholarship programmes, expansion and improvement in educational facilities, expansion and use of ICT in education, enhancement of opportunities in technical vocational education, curricula reform, establishment of an online university to promote e-learning, and provision of textbooks to school children, among other things.

But, the drive towards diversification and sustainable employment requires a vibrant private sector to absorb labour and labour market that allows flexibility, skills building and reasonable compensation.
“My government will continue to work with the private sector, recogniaing that they are the backbone of any economy. Our local companies must be given a level platform to compete; training and capacity building initiatives along with the transfer of skills and technology are important to this process,” President Ali said.
The government, he said, is cognisant of the impediments to businesses, especially in the area of finance and cost optimisation in the oil-and-gas-sector.

LOCAL COMPANIES
To this end, the government will ensure that regulatory frameworks are conducive for local companies that work in this sector, so that they can garner the necessary resources needed to take advantage of new opportunities.
“In supporting the new economy, the government understands the necessity of developing skills in emerging areas such as oil and gas, agro-processing, industrialisation, manufacturing, climate services, environmental services, bio diversity, sustainable tourism management and aquaculture, while at the same time strengthening our capacity in the traditional sectors with the aim of making them more productive and competitive,” President Ali reasoned.
Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, confirmed that Budget 2021 is aligned with the President’s policy statement.

“The budget has been prepared in a way that is in line with the President’s policy,” Dr. Singh said during an exclusive interview with the Guyana Chronicle on the eve of the presentation of the budget.
The minister, who, along with his team was conducting a final review of the budget, said that the government’s aim is to accelerate development across all sectors in Guyana.
This, he said, will be achieved through a “heavy agenda,” comprised of features which will advance rapid growth – something which Budget 2021 is also designed to achieve.
The budget has a comprehensive agenda and outline, in great detail, the government’s position on every major sector.
The country, prior to the passage of the Emergency 2020 Budget, went more than eight months without a national budget because of a protracted electoral process, which ended on August 2, 2020. A $329.5 billion Emergency Budget was cleared by the National Assembly on September 25, 2020.