THE availability of opportunities will not be limited, as Budget 2024 will continue to create favourable conditions for the prosperity of Guyanese.

On Tuesday, several private sector players gave their insight into the economic impact of the presentation of the country’s largest fiscal package of $1.146 trillion.

During an interview with the National Broadcasting Network (NCN), Financial Analyst Joel Bhagwandin emphasised that the budget aligns with the level of year-over-year increases observed in the 2023 budget in comparison to the 2022 budget.

He further expressed that the fiscal package will expand the array of measures and reinstate additional funds in citizens’ pockets.

However, implementing measures to cushion the cost of living is not unknown to the People’s Progressive Party/Civic (PPP/C) government, as according to Bhagwandin, from 2020 to 2023, the cost-of-living measures amounted to nearly $200 billion.

He also pointed out that Guyana is the only country in the world that has had consistent double-digit growth above 20 per cent.

The financial analyst further stated that the budget will cater for increased commerce and economic activities and, overall, promote sustainable growth.

Moreover, Chief Executive Officer (CEO) of GAICO, Komal Singh, who is also the Chairman of the Private Sector Commission (PSC), said the private sector is eager for 2024.

Underscoring Guyana’s massive growth spurt, Singh said it is “critical” for emphasis to be placed on the construction sector. With that said, he praised the infrastructural budget allocation.
“The government allocation this year into the construction sector is going to be a significant boost to the economy,” he said.

Furthermore, PSC Treasurer Haimwant Persaud, said the budget highlights the government’s priority areas, which include health, education and infrastructure, to name a few.

In a live broadcast following the presentation of the country’s largest fiscal package of $1.146 trillion to the National Assembly on Monday, President Dr. Irfaan Ali said the governing People’s Progressive Party/Civic (PPP/C) will continue with its transformation agenda as this year’s budget outlines several initiatives to provide disposable income to citizens.

He said: “All of these measures are aimed at increasing disposable income, putting more money in the pockets of people, bolstering income for vulnerable groups, and of course, improving the system of services, governance, and the provision of services for our country.”

The president said that approximately $100 billion will be put back into the pockets of people and into the economy.

“This will stimulate spending, bolster income, and improve living conditions, addressing issues of cost of living,” he added.

Further, Dr. Ali said that the government will continue to keep the taxes on fuel at zero.

“Forty billion dollars of taxes that should have been collected will now be placed back into the pockets of people and into the economy. This measure will save our people, our country, the ordinary man on the streets, and the private sector $40 billion,” the Head of State said.

Meanwhile, $7 billion has been set aside to target specific groups in cost-of-living adjustment measures.

“Whilst we have been able to contain our inflation because of the measures we have implemented in 2023, global and regional inflation is creating havoc and we will be importing a lot of that inflation into our country… So, $7 billion is set aside to directly address and cushion the impact of costs of living as we analyse what is taking place globally,” the Head of State said,
Additionally, efforts will continue to support vulnerable groups.

“Old age pension is an important issue. Since we came into office, we have moved old age pension from $20,500 in 2020 to $33,000 as of last year. In this year’s budget commencing from January 1, 2024, we are now further increasing old age pension to $36,000 per month.

“This reflects a 75% increase in old age pension from the day we came in office, to now. What this will do is that it will put $2.7 billion of disposable income in the hands of our [pensioners],” Dr. Ali said.

Meanwhile, public assistance has been expanded to $1.2 billion of disposable income to persons living with disabilities.

The budget also outlines new initiatives which include: the provision of health vouchers for pensioners and children, improved firefighting facilities at Neighbourhood Democratic Councils (NDCs) and measures with the elimination of outstanding student loans owed by students to the University of Guyana.

Measures have also been outlined to facilitate greater access to universal medical care and coverage, with a reduction in the cost of life insurance and medical insurance.
Further, the 2023 budget will now take the income-tax threshold, which was increased from $65,000 to $85,000 to $100,000 monthly.