–Vice-President Jagdeo says

THE government is focused on making long-term investments that are aimed at bettering the life of every Guyanese, according to Vice-President Bharrat Jagdeo.
During a press conference at the Office of the President on Thursday, he said that the hallmark of every government should be how sustainably they could manage the financial resources of a country.

He related: “We’ve made it clear that sustained management and careful management of the financial resources of Guyana must be a hallmark of every government, particularly in this era, especially when we started to receive the windfall revenue from the oil and gas sector.”

Notably, there has been significant growth in capital expenditure as opposed to the tamer growth in recurrent spending.

In explaining why this is the case, the Vice-President said: “The capital expenditure is focused on building productive capacity for future growth in the non-oil sector and to also bring greater comfort to people, and so then you’d see significant investments in roads, bridges and other economic infrastructure like the power plant.”

This path that the government is taking, according to him, will have a huge impact on the citizens. Using the gas-to-energy project as an example, he said the government has budgeted $80 billion to advance this critical project.

The conversion of natural gas from ExxonMobil’s offshore operations to electricity is a key component of the People’s Progressive Party/Civic (PPP/C) government’s objective to lower energy costs by at least 50 per cent through an energy mix, which incorporates gas, solar, wind, and ‘hydro’ power.

Additionally, targeted policies and careful planning have resulted in citizens being able to access and explore a plethora of new entrepreneurial opportunities that exist, according to Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh.

Creating new avenues for Guyanese to have the ability to build and accumulate household income has been a focus of the PPP/C since being elected to office in 2020.

The high demand for goods and services is a result of the fusion of the rapid expansion of both private and public investments, job creation and the increases in disposable income.

Dr Singh explained: “Increased demand for goods and services means more business opportunities for both current and potential producers and suppliers.”

Despite the narrow understanding in some circles, of how the massive infrastructural projects being undertaken could significantly create a better life for Guyanese, the senior minister said the enhancement of one’s asset value and household wealth will increase because of this.

“…All of these investments translate immediately to increased asset value and balance-sheet enhancement for all householders in the communities concerned. Put simply, these public investments enhance private wealth

“…We are building a Guyana where every single Guyanese family will be in a position to meet their most basic needs relative to a minimum threshold required to enjoy a decent life,” Dr Singh remarked.

He related, however, that one cannot function properly in the business world without adhering to and adopting the international manner in which businesses operate.

“If we wish to be part of that system, we must adhere to those norms and practices too. This takes on even greater significance, if we wish to enter joint ventures and strategic partnerships with international counterparts to take advantage of local-content opportunities or, indeed, to do business with anybody else in the world,” Dr Singh said.