PRIVATE sector organisations across the various administrative regions in Guyana have said that in the upcoming 2023 National Budget, they expect continued support from the government and the economy’s continued transformation.

Senior Minister within the Office of the President with responsibility for Finance, Dr Ashni Singh, announced that Monday, January 16, 2023, will be Budget Day.
This comes after months of meetings and consultations with various stakeholders, which include the private sector, civil society, government and other agencies.

Head of Region Three Private Sector Inc. (R3PSInc), Halim Khan, spoke with the Guyana Chronicle on Tuesday following the announcement by the Ministry of Finance and stated that there are quite a few measures that he would hope to see in the new budget.

Khan told this newspaper, “Region Three is slated for massive development, and the economic transformation of this region is going to be on parallel as Region Four, and so, the potential of this region is enormous, and we expect the budget to represent such.”

The Government, he said, continues to focus on people-centred programmes and initiatives to enhance the quality of life for all, as he noted that significant investments in 2022 saw improvements in the living standards for citizens in the education, health and agriculture sectors.

Khan added that the growing oil and gas sector plays a major role in the country’s growth and would like to see more funding injected into the agriculture sector, which he stated will help the Region grow more food and further develop the export market.

Further, the R3PSInc Head said that more technical support in the agriculture sector would enable Guyana to be a more outstanding exporter of food.

Additionally, as it relates to specific changes and investment in the Region he said, “We would also like to see money being allocated for a building especially dedicated to foreign investors for immigration services removing it from the upstairs of the General Post Office building.”

He said the region is aware of government’s impact on providing infrastructure in housing areas as sustainable housing remains a priority.

Khan added that currently, approximately $3.4 billion in infrastructural works are underway in five new housing developments within the region to cater for serviced house lots for about 2,800 allottees.

Notably, he said that Region Three anticipates the development of the Wales Development Zone (WDZ), which will create one of the largest industrial zones in the Caribbean.

At the same time, he said the Tristar Shore Base in Versailles will facilitate a shore base facility along with the development of the Port of Vreed-en-Hoop that will see the creation of a commercial port and an industrial area along with the Vreed-en-Hoop Shore Base Incorporated (VEHSI) that is a special purpose vehicle for ExxonMobil’s use of a 20-acre shore base.

Khan said these investments would contribute to Region Three’s rapid evolution in the overall development of Guyana’s trajectory.

Meanwhile, President of the Rupununi Chamber of Commerce and Industry (RCCI), Daniel Gajie told the Guyana Chronicle that their expectations for budget 2023 in Region Nine are high based on the government’s support in 2022.

He added that the support received in 2022 from the government has helped the Region to get back on its feet following the COVID-19 pandemic, which saw a slowdown of activities, especially at the Guyana-Brazil border.

“Our expectation is high based on the support the government gave us in 2022, the budgetary support as well as the social support in terms of the grants, that helped the Rupunini region in a big way,” Gajie said.

He, too, mentioned that they expect the government to continue with the infrastructure development and expansion across the country, which he said allows the private sector to continue to grow in the region.

Additionally, Gajie indicated that they expect continued investment in the health and education sectors even with the expected construction of new schools.

With that, he went on to say, “One thing we want to mention and we are happy that the government is focusing on it is the reduced time of establishing a business and of course the challenges we’re having with the banking sector of course with establishing accounts and reducing the lending rate.”

He reiterated that this continued support would see the growth of the regional economy and further the country’s economy at large.

As part of the massive consultations held over time, President Dr Irfaan Ali led a meeting last week with representatives from several private sector and other agencies to discuss concerns and identify possible measures to be included in the 2023 budget.

In past budgets, several programmes were implemented in partnership with private sector entities and other stakeholders in tourism, hospitality and the agricultural sector.
The budget, which is expected to be presented on Monday, will be the fourth budget presented by the current administration as part of the government’s agenda to take Guyana forward.