Vice President, Dr. Bharrat Jagdeo addressed concerns on Thursday regarding the $7 billion allocated in the 2024 National Budget for cost of living measures. During a press engagement, he confirmed that the funds have not yet been utilized and are projected to be disbursed towards the end of the year, following consultations and strategic planning.
In response to a reporter’s question about the allocation, Jagdeo emphasized, “Those have not been utilized as yet. So, like in the past, this is more towards the end of the year. You’ll probably see more benefits flowing from the cost of living measures.” He noted that while the funds remain unspent, they are earmarked to provide significant relief to the population once deployed.
Jagdeo also acknowledged feedback from various regions about the implementation of other budgetary measures. He cited a report from Region Five, where residents expressed frustration over delays in receiving benefits such as the spectacle grant for children. “We had one report from Region Five that people said they can’t get their spectacles as yet. The ministry promised to do it at a regional level now. It was all done in the centre, you had to come to Georgetown,” Jagdeo explained, highlighting the government’s efforts to expedite the rollout of these measures.
The $7 billion allocation is part of a broader strategy by the Guyanese government to mitigate the effects of rising prices on its citizens. In January, Finance Minister Dr. Ashni Singh outlined that these funds would be disbursed after thorough consultations with stakeholders to ensure they address the most pressing needs. This follows similar initiatives in previous years, where the government allocated $5 billion annually in 2022 and 2023 to combat the increasing cost of living.
The measures are not limited to direct financial support. The government has also invested significantly in infrastructure improvements, such as drainage and irrigation systems, and the distribution of fertilizers to farmers. These initiatives are aimed at sustaining agricultural production and curbing price hikes for consumers.
Dr. Singh had attributed the rising cost of living to global economic developments but has assured the public that the government is proactive in seeking solutions. “The government is keen on engaging stakeholders to implement interventions that will alleviate the impact of rising prices,” Singh stated earlier this year.
In addition to direct cost of living measures, the 2024 budget included provisions to support small businesses. The government also announced plans to collaborate with commercial banks to lower interest rates on loans up to $5 million, thereby reducing financing costs for small enterprises. This initiative is part of a comprehensive approach to support economic stability and growth amid challenging global conditions.
Jagdeo said as the year progresses, the government’s commitment to these measures will be critical in ensuring that the allocated funds are effectively utilized to provide relief to those most affected by the rising cost of living and Guyanese feel less of a pinch from economic pressures.
