“PREPARATIONS for the 2012 National Budget are on track, and the government is working assiduously to ensure that it is presented to the National Assembly within the stipulated time-frame”. This assurance was given by President Donald Ramotar in an invited comment from this newspaper.
According to the Head of State, “Finance Minister Dr. Ashni Singh and team are hard at work on the critical document”.
The budget is constitutionally due to be presented in the National Assembly by March month end, and is expected to be passed no later than April 29. While the president did not want to anticipate the budget, he said it will be reflective of the promises made in the People’s Progressive Party’s manifesto at recent general elections.
Consultations will also be held with the opposition political parties.
Chief among the concerns of the opposition parties for the 2012 Budget is the revision of the Tax system including VAT.
President Ramotar has since set up a Tax Advisory committee which is expected to conclude its work within two months. This is in keeping with a promise made from the onset of his presidency.
Given last year’s estimates and the performance of the economy in 2011, there is a general sense of optimism that the figures in this year’s budget will exceed those of the previous year.
The PPP/C Government entered the Ninth Parliament of Guyana, which commenced in 2006, with clarity of purpose that was defined in the manifesto as a promise to deliver ‘A Brighter Future for all Guyanese’.
Finance Minister Dr. Singh told the National Assembly that the Administration has since been guided by the vision outlined therein, fortified with the steadfastness of commitment that distinguished the preceding terms in office, with focus sharply aimed at implementing the policies, programmes and projects required to realise a modern and prosperous Guyana. He boasted that promises have been delivered, and the future is bright for Guyana.
The economy today is larger than ever before, with gross domestic product (GDP) now measured at approximately $453B, and more resilient than ever before, having recorded annual real growth of 5% on the average over the past five years.
In achieving these results, the Administration has weathered the most perilous global and regional economic crisis, with many countries around the world still in recovery mode.