–VP Jagdeo says Budget 2023 to further advance Guyana’s social, economic development

AS Guyanese continue to anticipate what will be unveiled in Budget 2023, which is scheduled to be presented before the National Assembly on Monday, Vice-President, Bharrat Jagdeo, affirmed that citizens could expect measures consistent with the framework and goals that the People’s Progressive Party/Civic (PPP/C) Government administration established very early on.

In an interview hosted by Travis Bruce, Dr. Jagdeo, on Friday, speaking broadly on what Guyanese can expect from Budget 2023, related that the PPP/C Government has a predictable and clear strategy that has been about consistency over newness.

“There’s consistency in every budget and that is needed in economic policy making. This budget is not a PR document, it is a policy document with resources to support the goals that we have outlined through our national development strategy or our manifesto.

“So, some people look for newness all the time, but it’s more a solid, sturdy, foundation type budget that moves us forward, that pays particular attention to all resources and how we utilise them to create the conditions of future growth,” the Vice-President said.

According to Jagdeo, given Guyana’s promising economic future due to its oil and gas industry, now more than ever, the country needs predictable policy making in economics, to set the conditions for the resumption of dynamic economic activities.

“This country has a great economic future, but that economic future is not a given. It could easily be eroded by a fickle government, a government that is not clear on what it wants to achieve and that is why we said we are not going to be anecdotal and convenient. This is what differentiates us in the PPP from the other parties, being stable, and predictable. That’s important for investors. But being stable and predictable does not mean me being a pushover,” Jagdeo said.

He was firm that this year’s budget will not be one that is big on rhetoric, but more so one that has a core set of ideas that build on the achievements of strategic goals that cover several areas including economic development, social development, support for infrastructure, housing development, security and state-of-the-art services in healthcare and education.
“These are all supported through various initiatives in the budget,” the Vice-President said.

Jagdeo related that even without getting into specifics, there will be several predictable items in the budget that aligns with moving towards promises that the government has made.
Notable examples include welfare programmes such as the “Because We Care” cash grant which the government has pledged to incrementally increase to $50,000 and the old age pension which is to be incrementally increased until it is doubled what it was in 2020.

“So, we have to continue all of these things. They’re not many new things in the budget but there are important things to achieving the goals of the future. That is how we have approached it,” Jagdeo said.

A BALANCE
This year’s budget will see a balance between addressing the immediate needs of people, helping them now, but also planning for the future with a focus on improving the lives of all Guyana socially, economically, and culturally.

“The budget, every year, just brings us closer to achieving those goals. If you trace the evolution of budget and our economic history, you will see how far we have come and how much closer to achievement of those goals we are today. Every single budget of a PPP/C administration, there’s one thing that underlines all of the budgets, it’s that people can rest assured that it is not going to be hardship budget,” Jagdeo said.

Through the government’s policies, the business environment has changed radically.

“That’s why you have seen in almost every sector, greater levels of investment. If you look at the credit to the private sector and the borrowing of the bank for economic activities, it has increased tremendously. That signifies greater confidence in the economy and confidence in the direction in which we’re going. We’ve created the right environment to allow people to create jobs and to create greater income for themselves, and employment opportunities,” he said.

Dr. Jagdeo also pointed to the work that the government has done to reduce job loss, and increase disposable income ensuring that citizens, particularly vulnerable groups, receive more support.

Other areas where persons can predictably expect to see massive spending includes the housing sector, and in agriculture.
“In this year’s budget, we have another massive allocation to develop maybe another 20,000 house lots. Because we promised some 50,000 house lots, and we will have to overshoot to meet the demand that we have,” Jagdeo said.

He added: “There’s also lots of support in the budget for agriculture, because we take this seriously, with the involvement of young people in agriculture and the technology. But this is not anything spectacularly new.”

On the climate side, the budget will also see measures that focus heavily on adaptation to climate change, particularly through the utilisation of funds garnered from Guyana’s sale of its first carbon credits last year.

“Our biggest vulnerability is flooding from unusual rainfall. So, greater attention will be spent on putting in the structure and the policies and the capacity in place. Especially in the farmlands and so on. We suffer huge losses every year because of climate change and the heavy amount of rainfall we’ve had. So, this year’s budget will also support that area strongly,” Vice-President Jagdeo said.