THE 2023 national budget presented by Senior Minister with Responsibility for Finance, Dr. Ashni Singh, under the theme: “Improving Lives Today; Building Prosperity for Tomorrow,” contains all the elements of sustained economic growth and human development.

When the PPP/C took office on October 1992, then President, Dr Cheddi Jagan, made it clear that the PPP/C will pursue a developmental path with a “human face.” This has become the defining characteristic of all budgets presented by the PPP/C ever since.

Such an approach to development where the main emphasis is on people, has become part of the PPP/C’s DNA and is based on a governance philosophy which takes as its point of departure that development is about people and their material, cultural and spiritual development.

In other words, it is not possible to speak of development unless and until it impacts positively on the quality of life of the broad masses of the Guyanese people.

It is in the above context that the 2023 budget has to be seen and understood. As noted by President, Dr. Mohamed Irfaan Ali, there is a direct relationship between the policy measures announced in the budget and the improvement of the lives of the Guyanese people.

The 2023 budget is by far the largest, both in financial and in real terms. It is 41.4 per cent larger than the previous year’s budget and draws substantially from oil revenues, and, for the first time, carbon sales, which amounted to some $208.9 billion. These are significant sums of money which will be utilised to stabilise the economy, strengthen systems and focus on people’s priorities.

As the President said, it is one with a difference that points to the future aspirations of the country, laying the bedrock and framework for an economy that is sustainable in a world 2023 and beyond. The budget is an instrument used annually to give effect to the country’s longer- term strategic objectives of a low-carbon development trajectory.

The fact is that there is a dynamic and interactive relationship between the budget and the local economy. A bigger national income means that more money will be pumped into the economy which, apart from enhancing disposable incomes, will also have what economists refer to as a “multiplier effect,” which in turn will result in accelerated growth of the community, and by extension, the national economy.

This budget takes into consideration two mutually reinforcing outcomes, namely the sustained acceleration of economic growth and enhancement of the material and cultural well-being of the Guyanese people, especially the more vulnerable segment of the population.

The human face of the budgetary allocations can be seen in the several initiatives contained in the budget, including a significant increase in old-age pension which has now jumped to $33,000 per month.

This is reflective of a commitment by the PPP/C administration to continue to make life easier for our senior citizens. This increase, when seen together with water and electricity subsidies, will certainly make a difference in the quality of life of our pensioners and the more vulnerable in our society.

This budget is indeed a budget for all. There is hardly anyone whose life will not be positively touched by the policy measures and the accompanying financial allocations contained in the budget.

Among the several beneficiaries will be our nurses, members of the disciplined forces, working people as a whole, home and vehicle owners, members of the business community, parents/guardians of schoolchildren.

In short, all Guyanese will benefit, especially young professionals who are in the process of owning their homes and vehicles.

The budget is forward-looking and will build on previous efforts to fast-track the economy as the country advances along the path of modernization and transformation.

These are very exciting times and the President, Vice-President, Prime Minister, Cabinet ministers and the entire PPP/C administration are deserving of commendation for putting together a budget that is aligned to the aspirations of the Guyanese people.

A special commendation to Dr Singh and his team of technical officers for the hard work they have done over the past months to put the pieces together into a meaningful, well-coordinated and coherent whole.

As to be expected, the political opposition will seek to find ways to be critical of the budget, especially during the budget debate. This, however, will not, and cannot in any way diminish the benefits that will accrue to this nation and its people through the operationalization and implementation of this historic budget.