- Social investments, more disposable income
- Pursuing defence cooperation opportunities with international allies
GEORGETOWN, Guyana (DPI) – The government is preparing for the national fiscal plan for the upcoming year, with People’s Progressive Party (PPP) general secretary Dr Bharrat Jagdeo revealing that the budget will be presented early in 2024.
During a press conference at Freedom House, Georgetown on Thursday, Dr Jagdeo reiterated two primary pillars which will shape the nation’s fiscal plan.
These are the implementation of mechanisms aimed at injecting additional disposable income into the economy and the development of Guyana’s economic and social infrastructure, which will foster future growth and bring great comfort to Guyanese.
The general secretary highlighted that initiatives that enhance disposable income can come in several ways, such as increased salaries, tax reduction, and increased employment opportunities.
“All of these measures would be catered for in the 2024 budget … you can expand employment and get more disposable income at the gross level, that is the national level because more people are working,” he informed media operatives.
The general secretary also noted that the programmes and policies outlined in next year’s budget align with the PPP/C Administration’s manifesto commitments.
“There are macro elements, goal elements and they are consistent with our manifesto. But they would find themselves reflected through a series of projects and policies and programmes that will be enshrined in the budget,” Dr Jagdeo underscored.
In 2023, initiatives to enhance disposable income were announced by the senior minister in the office of the president with responsibility for finance, Dr Ashni Singh.
These initiatives included the increase of the Because We Care cash grant from $25,000 to $35,000 along with the $5000 voucher for school uniforms and other supplies. This ensured that the grant was increased to $40,000 per child, benefiting 214,000 children nationwide. Some $8.6 billion in disposable income was injected towards this cause.
Persons benefitting from the government’s public assistance also received an increase from $14,000 to $16,000. Meanwhile, 73,000 pensioners benefited from a $33,000 increase, demonstrating the injection of $4.4 billion in disposable income into the hands of the elderly.
Increase investments to boost military capacity
The government plans to increase its investment in the military and continue pursuing defence cooperation opportunities with international allies.
“These investments are of a purely defensive nature since Guyana remains committed to maintaining a zone of peace,” Dr Jagdeo said, addressing questions regarding the recent tensions amidst the ongoing border controversy. The recent meeting between President Dr Mohamed Irfaan Ali and Venezuelan President Nicolas Maduro in St Vincent and the Grenadines has been instrumental in reducing tensions.
“We have to spend more now on defence of ensuring that we grow our capability to protect this country. We made it clear in Saint Vincent and the Grenadines that our engagement with our international partners to build capacity of a defensive nature. So, we made it clear we are not planning to attack Venezuela or any other country for that matter,” he said.
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