THE continuous efforts of the government to improve the welfare of all Guyanese will be further extended and strengthened by the 2023 national budget, which was presented under the theme, “Improving Lives Today, Building Prosperity for Tomorrow.”

The programmes and strategies being described are intended to provide citizens with a number of advantages and advancements. And it is obvious that the lives of citizens were the main consideration in the formulation of policy. Budget 2023 is welcomed in this regard and has many positive things in store for the country. Additionally, the government must be commended for its pro-development agenda, which foresees a bright and prosperous future for all.

Every aspect of national life has received support from the largest budget in history, which shows that careful consideration and effort have been put into making sure that every Guyanese man, woman, and child benefits from and enjoys the economic development that is taking place. The emphasis has also been placed on ensuring equitable and sustainable development, greater access to resources to improve citizens’ well-being, and improved attention to promoting safety and security.

Furthermore, the establishment of a solid, resilient, and diverse foundation makes it obvious that the future will be exciting, and employees and regular citizens have taken note of the various initiatives introduced by Budget 2023 to increase discretionary income, make Guyanese goals more attainable, and guarantee the safety of everyone.

This does not regard the tax threshold in isolation but instead takes into account a number of other efforts made and sustained by Budget 2023. The improvement in the income-tax threshold in light of the adverse macroeconomic environment is a noteworthy development.

Notably, the freight rate calculation for imported goods has been expanded, and the benefits of this alleviation will be distributed to regular citizens. The extension of the exemptions from excise duty on fuel works in a similar manner to lessen the full impact of rising fuel prices. Together with the income-tax adjustment, the two measures total several billion dollars.

There is no doubt that Guyanese have achieved significant gains when taking into account improvements to the education grant, old-age pension, public assistance, reduction in duties on vehicles, and other factors. In addition, support for the electricity and water sectors to maintain tariffs despite rising operating costs is a serious measure aimed at reducing the cost of living.

In addition to those steps, investments in social services, housing, water, and healthcare improve overall well-being. Similar to this, the sizeable infrastructure reserves we keep will significantly help to reduce infrastructure deficits. When taken as a whole, Budget 2023 offers a wide range of advantages and significant profits. It offers unlocked resources that will enhance our quality of life and fortify Guyana.

The budget for 2023 aims to enrich the lives of Guyanese citizens and concretely realise the government’s objective of a “One Guyana” by enhancing today’s quality of life and fostering future prosperity.

According to Senior Finance Minister Dr. Ashni Singh, oil will continue to support Guyana’s economic expansion. This year, the real gross domestic product (GDP) is expected to grow by 25.1 per cent, and Guyana would have one of the top five economies with the highest growth in 2023. However, he pointed out that Guyana’s non-oil economy is also anticipated to grow admirably at a rate of 7.9 per cent.

136 lifts of crude are anticipated, with 17 being reserved for the government of Guyana, according to Dr. Singh. In 2023, it is anticipated that this will result in deposits of US$1.406 million in profit oil and US$225.2 million in royalties to the Natural Resource Fund.

In 2023, the Payara project is anticipated to arrive from Singapore soon, and the Prosperity floating production, storage, and offloading (FPSO) vessel will depart for Guyana. And when it does, the second half of the year will see an increase in crude output capacity from 360,000 bpd to 580,000 bpd. ExxonMobil operates every project.