THE curtains finally came down in what could be considered one of the most transformative budgets in the country’s history.

This is first budget to be financed partially from the country’s oil revenues. It is also the largest from a financing perspective, with heavy emphasis on infrastructural development and social spending.

Such is the extent to which monies are allocated to the capital works component of the budget that there are concerns by opposition elements regarding the absorptive capacity of the government to spend the money and in having the projects completed within the projected fiscal year.

These concerns were, however, laid to rest by Senior Finance Minister in the Office of the President who not only presented the budget but, along with his parliamentary colleagues, ably defended the budget against criticisms by opposition members.

The PPP/C administration has to its credit a good record of project implementation with a nearly 100 per cent implementation rate in 2021. This year’s capital programme, even though significantly bigger, will no doubt be augmented, as in the past years, by outside capacity. The two major capital works including the Ogle to Eccles Road link and the New Bridge over the Demerara River have already been awarded to Indian and Chinese contracting firms respectively, not to mention the several other private sector investments which are built with both local and overseas building capacity.

The fact is that we live in an increasingly interdependent world in which no country has enough capacity to propel its development solely from its own efforts. This is true for the United States as it is for India and China despite their advanced and superior building technologies.

In any event, building capacity does not fall from the sky. It has to be built incrementally over time and this new budget with a heavy emphasis on capital works will further challenge local building capacity. There is however, always the opportunity for smaller contractors to combine resources to undertake bigger works beyond their individual capacities or to even partner with bigger companies locally and foreign. The local content legislation favours local contractors and suppliers but such opportunities cannot be taken for granted in an environment of competitive bidding and value for money considerations.

As pointed out by the Finance Minister during his presentation to the National Assembly, the PPP/C administration’s track record of competency and credibility will allow for the much-needed execution of Guyana’s development plans and projects listed in the landmark development $552 billion National Budget. This contrasts sharply with the failed policies and plans of the previous APNU+AFC administration, despite having a significantly smaller budget to manage. Among the failed promises, as pointed out by Dr. Singh, is the failure to provide the ‘good life’ it promised the Guyanese people. Whatever good life was provided was limited only to the ruling elite who made use of political power to line their individual pockets at the expense of the ordinary people.

Dr. Singh did not mince words in his condemnation of the previous administration which he accused of having had a fundamental problem of credibility. And in further explaining the issue of credibility, the Finance Minister had this to say: “At this point in Guyana’s history, and in the modern age of information, in this era when Guyana is going through a rapid and dramatic transformation, what we need more than ever is serious, credible, capable and competent government.”

The previous government, he lamented, ‘missed the opportunity to actually contribute to a serious debate on the 2022 Budget. If they had any semblance of credibility, competence and integrity they would have arrived at the unavoidable conclusion that Budget 2022 includes many initiatives that are worthy of unanimous support.’

Budget 2022 is crafted under the theme “Steadfast against all challenges, resolute in building our One Guyana.”

The budget proposals, apart from its transformative agenda make allowance for the further consolidation of our democracy through reforms to the electoral system and the holding of local government elections which was due last year but had to be put back as a result of extraneous factors such as the failure to have a Chief Elections Officer in place on time for the elections.

At a more fundamental level, the budget is aimed at a strategic repositioning of the country to align itself with mega-trends in the region and the world at large within a framework of low carbon development trajectory. Guyana is now a key player on the international stage and developments in the country could have economic repercussions wider afield.

Indeed, as noted by the Finance Minister, the country is on the cusp of an ‘industrial revolution’ especially with the coming into being of the transformational gas-to-shore project in Region Three and the construction of several mega-projects both in the petroleum and non-petroleum sectors.

And with all of this, the ‘human’ side of development is by no means placed on the backburner on the government’s social agenda. Significant sums have been allocated for those areas that impact directly on quality of life issues such as housing, water, energy generation, farm to access roads, health, education, and by no means least, putting more disposable incomes in the pockets of the Guyanese people.

President Dr. Mohamed Irfaan Ali, his entire Cabinet and the team of advisers and technical officers must be commended for putting together a budget that is fully responsive to the needs and aspirations of the Guyanese people for a better standard of living.

The provisions of the budget for the various ministries and agencies will be subjected to further interrogation by the Committee of Supply which is expected to commence shortly. That will then pave the way for the business of government to proceed with its work aimed at a further enhancement of the lives and well-being of the Guyanese people, within the framework of the PPP/C’s administration developmental plan as catered for in this year’s budget.