Senior Finance Minister Dr. Ashni Singh presented Financial Papers Numbers 3 and 4 for 2024 to the National Assembly on Monday, seeking approval for supplementary funding totaling $84.5 billion. The funds aim to support major government initiatives, including the Gas-to-Energy project and a nationwide $100,000 cash grant programme.
Financial Paper Number 3 seeks $456.9 million to cover advances from the Contingency Fund between November 7 and November 22, 2024. These funds were used primarily for security services for the Ministry of Education and Regions 1 and 6.
Financial Paper Number 4 requests $84.1 billion in supplementary funding (current and capital) for key projects up to December 31, 2024.
A total of $30.5 billion is earmarked to launch the $100,000 cash grant initiative announced by President Irfaan Ali in October. The programme, benefiting all Guyanese aged 18 and older, is expected to inject $60 billion into the economy upon completion.
The government is also seeking $25.3 billion under the Office of the Prime Minister to advance the transformational Gas-to-Energy project. The initiative is projected to cut electricity costs by 50% nationwide, enhance industrial competitiveness, and reduce dependence on fossil fuels.
An allocation of $8.4 billion is requested to further the development of housing schemes and coastal water supply programs. The government is on track to distribute 50,000 house lots by 2025, with over 40,000 expected to be allocated by the end of 2024.
The National Drainage and Irrigation Authority is poised to receive $5.5 billion to enhance the country’s drainage and irrigation infrastructure, supporting agriculture and improving citizens’ quality of life.
The Ministry of Health will also receive $4.5 billion to advance the construction of six regional hospitals at Lima, De Kendren, Diamond, Enmore, Bath, and No. 75 Village. Additionally, funding will support preliminary works on hospitals in Lethem, Moruca, and Kato. Another $3.6 billion is requested for the provision of drugs and medical supplies.
With respect to the Ministry of Education seeks $1.2 billion to bolster operations at the University of Guyana. This follows President Ali’s recent announcement that tuition fees at the university will be fully abolished starting January 2025.
