IN what can be described as one of the most comprehensive, people-centred national budgets, Senior Minister with Responsibility for Finance in the Office of the President, Dr Ashni Singh unveiled a package of measures aimed at enhanced disposable income for Guyanese, while at the same time addressing the macro-economic fundamentals which will see accelerated economic growth and social progress.

Under the theme, ‘ A Secure, Prosperous and Sustainable Guyana’, a staggering sum of $1.382 Trillion dollars is expected to be approved in the National Assembly to propel the economy along a people-centred and sustainable developmental trajectory. Of significance to note is that this budget will be financed with no new taxes despite being 20 per cent bigger than that of the previous year.

The 2025 national budget is in essence a work plan for the year which will build on the momentum generated by previous budgets. There are, however, a number of significant innovations which will no doubt result in a new economic dynamism to further stimulate entrepreneurial initiatives and private-sector development. In addition, it will reward labour beyond normal hours by way of significant income-tax exemptions. This is a necessary development in the context of an expanding labour market.

Apart from the macro-economic fundamentals, the budget addresses important issues in relation to longer term sustainable development, such as huge allocations to the education sector, especially in the context of free university and tertiary education effective this year. The budget also makes provision for the conduct of national and regional elections later this year.

Another innovative measure is a direct cash grant for every new-born baby of a Guyanese mother. This along with a slew of other measures to cushion the effects of school-age children by way of increased allocations to ‘Because We Care’ Programme and uniform allowances for schoolchildren.

The economy recorded phenomenal levels of growth, both in the oil and the non-oil sectors. Spectacular growth was recorded in the export of oil and also in mining, especially bauxite production. The overall economy grew by 43.6 per cent last year, which has impacted on growth rates in the region as a whole. This expansion of the economy has to be seen against the background of sluggish growth rates in a number of advanced countries, the continuing global turbulence caused by wars and conflicts in Ukraine and the Middle East and by no means least, by the vindictive and destructive policies of the former APNU+AFC regime during its tenure in government.

The budget, the largest by far in the country’s history, will no doubt see several transformational changes in all facets of our national life. And even though the projected growth this year will be significantly lower than 2024, it will still remain among the fastest growing in the world.

The 2025 Budgetary Estimates are indeed visionary and forward looking and will benefit all Guyanese, especially youths and the more vulnerable. Old Age pension has been increased to $41000, which is a doubling of the amount paid under the previous APNU+AFC administration.

Senior Finance Minister Dr. Ashni Singh and his technical staff must be commended for putting together a budget that accords with the aspirations of the Guyanese people for an enhanced standard of living. It also speaks to the visionary and pro-people orientation of President, Dr Mohamed Irfaan Ali and the PPP/C administration.

The budget debate will commence shortly. It is interesting to see how the political opposition will relate to the Budgetary Estimates, given the comprehensive and people-centred nature of the presentation.