AS Guyana’s economy continues its rapid expansion, with visible transformation across the nation, the National Assembly on Friday approved over $40 billion in supplementary funding. The approval came after thorough debates by both sides of the House, signaling a strong commitment to furthering development in key sectors such as agriculture, tourism, and infrastructure.

The supplementary funding, detailed in Financial Papers Numbers 1 and 2 of 2024, was presented to the National Assembly on July 31 during the 84th Sitting of the Twelfth Parliament. Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, introduced the papers. The funds include $8.6 billion in supplementary estimates (current) for advances made from the Contingency Fund covering the period from April 1, 2024, to July 30, 2024, and $32.2 billion in supplementary estimates (current and capital) for the period ending December 31, 2024.

A significant portion of the funding, totaling $16 billion, is earmarked for the electricity sector—a critical area for ensuring the reliability and sustainability of Guyana’s expanding economy. The Guyana Power and Light (GPL) will receive additional resources, along with $1.1 billion allocated to support electricity companies in Linden, Lethem, Mabaruma, and Matthew’s Ridge. This funding aims to mitigate the impact of rising fuel prices, ensuring that increased fuel costs do not result in higher electricity prices for citizens.

The government has implemented several measures in recent years to shield consumers from the rising fuel prices, including the removal of the excise tax on fuel in March 2022, which has saved citizens over $80 billion annually. Additionally, in May 2024, 36 megawatts of power were added to the national grid through an agreement with Turkish company Karpowership, enhancing GPL’s reliability.

President Irfaan Ali recently highlighted the government’s ongoing efforts to combat global price inflation and its impact on the cost of living. He emphasised that these efforts are helping to cushion families and communities from economic hardships, leading to increased household income and asset accumulation.

Agriculture, one of Guyana’s traditional non-oil sectors, remains a focal point of the government’s economic diversification strategy. The National Assembly approved a $10.8 billion supplementary sum for this sector, including $9.5 billion for the revitalisation of the Guyana Sugar Corporation (GUYSUCO). The sugar industry, nearly decimated by the previous APNU+AFC Coalition government between 2015 and 2020, is now seeing renewed investment and attention under the current administration.

Moreover, the government secured approval for $2.3 billion to settle outstanding payments to suppliers of goods and services for various government agencies.

Under the Ministry of Public Works, the Assembly approved $1.6 billion in supplementary funding for sea and river defence works, $297.4 million to support operations of the Transport and Harbours Department, $159.2 million towards the completion of the Bartica Stelling, and $680.5 million for upgrades to ferry vessels. Additionally, $904.8 million was approved for the construction and rehabilitation of hinterland roads, and $600 million for the completion of water supply infrastructure in hinterland communities—efforts that align with the government’s ongoing commitment to improving connectivity throughout Guyana.

As Guyana continues to witness significant economic growth and transformation, the approved supplementary funding underscores the government’s focus on ensuring long-term development and prosperity for all its citizens, well beyond the current oil era.