$5B cost of living alleviation stems from community engagement – Min. Singh clarifies

The $5 billion outlined in the 2023 National Budget as alleviation for the high cost of living is part of the government’s efforts to reduce financial strain on Guyanese.

Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh said the approach was taken based on ongoing community engagements nationwide.

Dr Singh made the clarification while responding to Opposition Member of Parliament, Annette Ferguson, who queried the origin of the amount during the 65th Sitting of the National Assembly on Thursday.

He noted that this was made abundantly clear at the time the budget was presented.

“Given, in particular, our recognition that the impact of global developments on the domestic economy as it relates to the cost of items is an ongoing and evolving situation. At the time of the budget, we have an anticipation of what the global outlook on the economy looks like, and what the outlook of the domestic economy is at that time,” the senior minister outlined.

The minister outlined that the price of the country’s imports and its potential to impact Guyana’s domestic economy was considered and included provisions for fuel, food, fertilisers, among others.

He reaffirmed the government’s commitment to a people-centred governance approach.

“We said very clearly at the time of the budget that the application of these resources will emerge from ongoing community engagements and from our assessment of the evolving global and domestic economic situation. I believe that was made abundantly and pellucidly clear in the budget speech of 2023,” Dr. Singh expressed.