–President Ali says; defends gov’t initiatives to support small business owners, provide more disposable income

HEATED debates got underway at the National Assembly to analyse the $1.146 trillion 2024 budget on Monday, but President Dr. Irfaan Ali on Sunday evening got the ball rolling in defense of the country’s largest fiscal package.

The Head of State, in a live broadcast statement on his official Facebook page, said this year’s budget outlines comprehensive programmes to improve the living conditions and the quality of life of every citizen.

One such programme, he said, is the increased support being given to small businesses.

“[We are] building out policies and programmes to support our small businesses. Working with the banking sector to reduce the interest rate on loans for small businesses, making loans more accessible, looking at the issue of collateral, these are the real issues that affect small businesses. And those are the issues that Budget 2024 targets,” the President said.

In 2024, a sum of $450 million has been budgetted for the replenishment of the Small Business Development Fund, and $331 million is budgetted for the Small Business Bureau for initiatives that will contribute to small and micro business development, and the promotion of entrepreneurship.

In his presentation of Budget 2024 to the National Assembly last Monday, Senior Finance Minister Dr. Ashni Singh disclosed that these programmes are aimed at supporting the availability of easy credit and grant support, the provision of start-up grants, and the operationalization of the collateral guarantee programme to stimulate the growth of small businesses.

The government anticipates that some 100 loans will be targetted for disbursement, and 1,362 grants will be issued.

Aside from this, business incubators will be established, and extensive training, coaching and mentorship programmes will be provided throughout the business value chain.

In 2023, over 3,500 small business owners benefitted from training in areas such as Small Business Management, Financial Management and Record Keeping, Business Plan Writing, WhatsApp for Business, and Guyanese Business Toolkit among others in an effort to increase capacity and improve business competitiveness
This year, the government is targetting an additional 2,800 business owners who will be engaged for training in specialised business development programmes in five key sectors namely, apiculture, farming, livestock, poultry rearing, and microenterprise, which will serve as a catalyst to entrepreneurial activity in these areas and help and improve village economies.

Speaking further on the initiatives outlined to support small business owners, President Ali stressed: “These are the things that Budget 2024 targets.”

He added: “Empowering people; bolstering income for the vulnerable; creating more disposable income in the pockets of people; building wealth at the household level; building wealth at a community level; building wealth at a regional level, these are the things that we’re investing in.”

The governing People’s Progressive Party/Civic (PPP/C) policy matrix, he said, is based on the needs of the country, and every segment of the population.

Responding directly to recent comments made by members of the country’s opposition, A Partnership for National Unity (APNU), President Ali said their aim is to push an agenda of division.

He maintained that the government is pursuing the unification of its citizens and the expansion of the country’s economy “rigorously and aggressively”.