–includes more measures tailored to improve the lives of every Guyanese, President Ali says

PRESIDENT, Dr. Irfaan Ali has said that the direct relationship between the policy measures announced in the 2023 National Budget and the improvement in the lives of Guyanese will be seen.

The 2023 national budget was presented to the National Assembly under the theme, “Improving Lives today, Building Prosperity for Tomorrow.”

The $781.9 billion budget, Guyana’s largest ever, is one with a difference that points to the future aspirations of the country, laying the bedrock and framework for an economy that must be built to be sustainable in a world 2023 and beyond, Dr. Ali said in a broadcast on Monday evening.

This budget, he said, is one that seeks to stabilise all the productive sectors of Guyana’s economy and continues to give incentives and balance to the productive capacity of the country, to further enhance growth.

This year’s budget is approximately 41.4 per cent larger than Budget 2022 and brings in revenues from Guyana’s first carbon sale which amounts to some $1.3 billion. The use of these funds, Dr. Ali said, serves as part of the transformative agenda of the government.

Further, the budget also sees the addition of some $208.9 billion to be transferred from the country’s Natural Resource Fund (NRF).

“So, Budget 2023 is that transitional budget as we start to work on a framework that utilises new forms of income, that utilise the new revenue stream that our country will be pursuing,” he said,

In addition to this, President Ali said that this budget is about achieving a middle ground in stabilising the economy, strengthening systems and focusing on people’s priorities.

As promised in the People’s Progressive Party Civic (PPP/C) manifesto, the first five years in office would be focused on ensuring that citizens get the best access to healthcare, education, water, social services, infrastructure and more, and budget 2023 brings all of those things together.

IMPROVING LIVES
Since entering office, the Head of State remarked that his government has been continuously addressing issues like salaries to increase the disposable income in homes across the country.

Against this backdrop, he spoke of the announcement of the adjustments in salary scales for nurses, healthcare workers and members of the Joint Services. These adjustments, Dr. Ali said, will see $3 billion back into the pockets of these categories of workers.

However, as it relates to the general population, he noted that the government has come up with certain incentives such as the increase in the income-tax threshold to ensure that more disposable income is in the pockets of the people.

In budget 2023, Dr. Ali said the income-tax threshold has been increased from $75,000 to $85,000, which will release an additional $3.3 billion of disposable income for workers.

This adjustment, he said, will remove some 12,000 persons from the taxpayer’s basket as these are the persons who will now fall below that threshold.

Meanwhile, he happily announced that the reinstituted ‘Because we Care’ cash grant for school children which stood at $25,000 in 2022 will see an increase to $35,000 thus releasing an additional $2.1 billion into the hands of parents for their children.

While he noted that this budget has been cast in very difficult circumstances, Dr. Ali noted that the budget takes into consideration several specific cost-of-living measures to address the needs of the people of the country.

He highlighted that as was done in 2022, this budget will see zero excise taxes on fuel maintained to absorb the impact of the volatile fuel prices.

President Ali said: “This will cost the government $17 billion of revenue that you would have otherwise had to pay in the taxes in that fuel that the government is removing from you.”

Additionally, during the course of the year, he said that based on what is happening globally, the government has planned to further cushion the cost-of-living situation and has accordingly, budgeted an additional $5 billion to cushion any foreseen issues surrounding cost-of-living.

However, in keeping with the government’s philosophy of reaching vulnerable groups, he said that government has announced the increase in the old age pension from $28,000 to $33,000, thus placing an additional $4.4 billion into the hands of over 73,000 persons.

Further, as part of the government’s drive to advance and promote homeownership, the Head of State remarked that the 2023 budget continues to give more to prospective homeowners making it easier for them to own homes.

Against this backdrop, he stated: “Budget 2023 will see the low-income ceiling for loans for the housing sector, increasing from $15 million to $20 million, so a young professional now would have that ability to borrow within that low-income ceiling moving from $15 million to $20 million at low-interest costs.”

These are among many measures addressed in this year’s budget to further improve on various sectors that have seen a tremendous transformation over the past two years.

President Ali said during his live address that throughout the week, he will continue to highlight areas in which Budget 2023 will deliver a higher quality, more productive and sustainable life for all Guyanese.