Senior Finance Minister, Dr. Ashni Singh moments ago, concluded the unveiling of the Guyana Government’s 2024 budget which stands at a staggering $1.146 Trillion. This represents a 46.6 percent increase over the previous year’s $781.9 billion budget.
Presented under the theme “Staying the course; building prosperity for all,” Minister Singh outlined the budget’s objectives, emphasizing sustained national development, improved quality of life, and measures to alleviate the impact of rising inflation on citizens.
A notable highlight of budget 2024 is the allocation of $97.6 billion to the Agriculture Sector, reflecting a substantial $64.4 billion increase from the previous year’s budget. Under this allocation the Guyana Sugar Corporation (GuySuCo) secured $6 billion to further its initiatives, meanwhile $1.3 billion was allocated to bolster the rice sub-sector, with an additional $78 million earmarked for the coconut sub-sector.
A substantial $2.6 billion is dedicated to advancing the production of other crops, focusing on high-value produce such as cauliflower, bell peppers, and lettuce. Furthermore, $967.8 million is directed towards the further development of the Tacama facility, specifically enhancing the production of corn and soya.
The focus on infrastructure development was also evident with $204.1 billion earmarked for enhancing roads and bridges nationwide. Within this allocation, $73.2 billion is designated for constructing community roads in coastal regions, while $5.5 billion will fund the rehabilitation and construction of hinterlands roads.
The budget also addresses social security initiatives, allocating $48.3 billion for various programs. Notably, $172 million is set aside for the construction of a new care home in Enmore, East Coast Demerara, catering to senior citizens.
To combat inflationary pressures, Budget 2024 allocates $7 billion for specific initiatives, representing a $2 billion increase from the previous year. Minister Singh also announced a substantial increase in old age pension, raising it from $33,000 to $36,000, benefiting over 70,000 individuals. Public assistance has also been increased to $19,000 monthly.
Furthermore, the Income Tax Threshold has been raised from $85,000 to $100,000, effective January 2024. This adjustment removes 13,000 individuals from the tax net, leaving $4.8 billion in the hands of citizens.
In education, the Because We Care student grant sees an increase to $40,000, benefiting every child attending school, whether private or public. Additionally, a $5,000 uniform voucher allowance results in parents of over 205,000 school children receiving a total of $45,000 per child, culminating in a $9.2 billion transfer to these parents.
According to Singh, these measures collectively reflect the government’s commitment to addressing various sectors and enhancing the well-being of its citizens.
