THE $220B National Budget of 2014 is indeed targeted towards a better Guyana for all Guyanese. Without any new taxes, it contains a number of measures which ensure that the investments needed to entrench accelerated economic growth and social development are made now, but also making certain that they are done in a manner and at a pace closely aligned with the avoidance of poverty, and instead with the achievement of prosperity.

Sugar Industry gets $6B to turn around its fortunes
With the commitment towards it amidst the challenges, the long- term viability and profitability of the industry is a major goal. This has manifested itself in tangible support with the provision made for a further $6 billion to Guyana Sugar Corporation (GuySuCo) help the industry achieve the reversal of fortunes that it so badly needs. The provision of this very tangible support will benefit 18,000 workers directly, including by helping to preserve their jobs and a total of 120,000 people directly and indirectly.

Rice Industry’s $500M is to boost competitiveness
This sector has served Guyana well thanks to favourable market conditions, along with supportive and facilitative initiatives by Government. The industry has grown to a historic high, and to ensure that it retains its competitive advantage, even in harsher market conditions, Budget 2014 provides for $500M to be injected into the industry to support its efforts to increase competitiveness and resilience.

$200M for Agriculture diversification
The sum of $200M has been allocated to offer brighter prospects for diversification of productive activities. With the potential existing for Guyana to meet considerably more of the domestic food requirements from local production, similarly, the potential exists for a much larger share of the Caribbean’s food import bill to be met from domestic production.
To this end, an expanded effort will be launched by Government to promote increased and more diversified food production, including by the acquisition of planting material and breeding stock for distribution to farmers along with expanded extension services.

Every public school student to get $10,000 cash grant
In an effort to provide additional support to parents with school age children, a cash grant will be provided to the parents of every child attending a nursery, primary, or secondary school in the public education system in the amount of $10,000 per child for the year 2014. This initiative will benefit the 188,406 families and will cost a total of $2B.

$1B for Rural Enterprise Development
Government’s investment in rural development, in particular in infrastructure, has seen increased business opportunities and raised quality of life throughout villages. Government intends to encourage and promote more aggressively the emergence of entrepreneurial ventures in rural communities with an emphasis on small businesses and labour intensive activities, the principal aim being job creation for young people, hence $1 B has been provided to support this initiative.

$800M to develop Tourism & Hospitality Institute
An $800M investment in the establishment of a hospitality institute is aimed at ensuring that Guyana produces world class personnel for moving forward of this industry. Tourist arrivals have also increased in Guyana and international media coverage has been strongly favourable, while important niche markets are emerging for Guyana’s tourism product.

$100M for dredging Port Georgetown
The urgent need for dredging of the mouth of the Demerara River has been the subject of considerable attention from Government, and from the private sector affected by its implications for shipping access to the river channel. To support the preparatory work, Budget 2014 makes an allocation of $100M to advance the required technical and other assessments.

GPL gets $3.7B capital expenditure support
An allocation of $3.7B will support critical capital expenditure by the company without which steeper tariffs would be unavoidable. This support will ultimately redound to the benefit of all 170,000 of GPL’s customers and their families.

Linden electricity subsidised by $3.2B
Budget 2014 allocated $3.2 B to meet the cost of maintaining the electricity subsidy in Linden and Kwakwani so that 10,500 electricity customers in Region 10 can continue to benefit from rates that are highly subsidised. This translates to a monthly benefit of over $23,000 for each electricity customer in the beneficiary communities.

Pensioners get 50% increase for electricity tariff assistance
The value of the electricity assistance programme for pensioners will be increased by 50 percent to $30,000 per annum for each eligible beneficiary. This will result in an additional $300M of disposable income being placed in the hands of most senior citizens.

Government pension increased by 5 %
Over 42,500 pensioners will benefit from a 5 % increase bringing their monthly grant to $13, 125. Pensioners are also exempted from paying water rates.
$1B for Hinterland Road development
An allocation of $1B is to be spent on rehabilitating critical interior arteries including the Linden to Lethem road.

Clean Up Campaign gets $1B
Citizens, businesses and institutions will be tasked with ensuring that their garbage is properly discarded in appropriate receptacles. Efforts will be made to enlist the support of the private sector and other institutions to assume greater involvement in helping to maintain the environment in which they operate. Government allocated $1B to this ‘Clean Up My Country’ initiative, of which, $500M will be dedicated to immediate efforts to clean the capital city.

(GINA)