IN the face of an ever-rising tide of economic challenges brought on by global events, the people of Guyana have found a ray of hope in the steadfast efforts of the PPP/C government.
Since taking office, the administration has been tenaciously striving to address the soaring cost of living in the country through an array of visionary grant initiatives and prudent fiscal management.

At the heart of the PPP/C’s commitment to its citizens is a recognition that the prosperity of any nation lies in the well-being of its people.
Budget 2023 stands as a testament to the PPP/C government’s fiscal prudence and its unwavering commitment to uplifting the lives of citizens. Remarkably, this historic budget was successfully financed without burdening the public with new taxes.

Through careful financial planning and prioritization of expenditure, the administration has shown that responsible governance can drive progress without resorting to knee-jerk tax hikes.
Budget 2023 is 41.4 per cent larger than budget 2022, amounting to $781.9 billion, fully financed with no new taxes.

Prior to the government tapping into the Natural Resource Fund (NRF), central government revenue typically composed of 96 per cent tax revenue and four per cent non-tax revenue.
Naysayers have also failed to acknowledge the major subsidies and implementations put in place by the PPP government, which are aimed at ensuring that Guyanese do not feel the wrath of the surge in the cost of living.

Vice-President, Dr. Bharrat Jagdeo recently said: “We then had direct interventions: we removed the taxes on a whole range of items, on data, on electricity, on water, on food items, a whole range of stuff, all of value-added taxes,” adding that his government has also implemented a number to measures for people who are building low-income houses, in particular, the steel-and- cement subsidies.

Through the steel-and-cement subsidies, Guyanese constructing homes to the tune of $6 million and below benefit from 80 lengths of ½ inch steel rods, 60 lengths of 3/8 inch steel rods, and one sling of cement. In comparison, builders with estimates of above $6 million and $25 million will benefit from two slings of cement.
Through the government’s intervention, interest rates on home loans at the various commercial banks have been significantly reduced to make homeownership more attainable for the average Guyanese citizen.

By facilitating affordable access to credit, the administration is not only fulfilling a fundamental human need but also stimulating economic growth through increased construction and housing development.
Moreover, the PPP/C government has demonstrated a clear commitment to easing the financial burden on its people by strategically removing taxes where feasible.
Noting that other countries have decided to put pressure on their citizens and increase costs for amenities such as electricity, Dr. Jagdeo said: “…Are you aware that throughout increases in prices for fuel, that the government did not increase the price of electricity? Electricity is a huge component of the cost of living, and electricity prices.”
Additionally, he touched on the fact that the two major components of the cost of living — water and electricity prices — have always remained constant.

This commendable move has not only eased the strain on household budgets, but also provided a boost to consumer spending, fuelling economic activity and supporting local businesses.
As the world continues to battle with various economic and social challenges, the PPP/C government’s resolute efforts to tackle the rising cost of living have provided a glimmer of hope to the people of Guyana.

The government’s determination to sustain these initiatives and navigate the evolving economic landscape, however, demands continued support from citizens, cooperation from opposition parties, and adaptability in the face of unforeseen circumstances.
It is time for all stakeholders to unite behind this vision, for the journey to a better tomorrow is one that must be undertaken together.