Private sector – Budget 2023 transformative, well thought out

The 2023 National Budget was commended by the private sector as its measures seek to advance the country’s economic endeavours as ‘transformative’ and ‘well thought out’.

The Georgetown Chamber of Commerce and Industry (GCCI) praised the government for its responsiveness in undertaking several mega projects to keep up with the growth trajectory, while maintaining diverse and competitive sectors.

“Undeniably, the making of modern Guyana is well underway with the nation’s overall GDP projected to grow by 25.1 per cent, while non-oil real GDP is projected to grow by 7.9 per cent in 2023. In light of this projected growth, GCCI supports the key measures taken by the government to increase disposable income, ease the cost of living and support the vulnerable through numerous initiatives which include but are not limited to; salary adjustments, increasing the income tax threshold, containing the cost of fuel, reduction in freight charges and the reduced duty on the importation of new motor vehicles,” the GCCI said in a press statement on Tuesday.

It was noted that the GCCI also commended the government for prioritising support for small businesses, youth employment, agriculture and food security, transformative infrastructure and education.

“GCCI remains supportive of the government of the day and will continue to act as a partner in nation-building as we seek to improve the prosperity of Guyana. We anticipate the nation’s continued advancement for the benefit of all Guyanese” it noted.

As such, the Guyana Manufacturing and Services Association (GMSA) said the budget includes measures aimed at striking a balance between Guyana’s current and future needs and lauded them as progressive and visionary in harnessing Guyana’s true potential to attain unprecedented growth.

“The GMSA is pleased with the government’s strategic measures that forecast diversified economic activities while grappling with concurrent challenges that continue to threaten global economic stability. A government that effectively harnesses the resources of the country to gain adequate revenues for sustainable growth and development must be commended.

“The utilisation of revenues from the first Carbon Credit sale in the amount of $31.3 billion, in conjunction with the transfer of Guyana’s oil profits in the amount of $208.9 billion from the Natural Resource Fund (NRF), without imposing new taxes is evidence that Budget 2023 is people-centred and pro-developmental,” it said.

The GMSA disclosed that it remains open and committed to working with the government in addressing and improving priority areas to aid Guyana’s development while strengthening and diversifying the non-oil industries.

Additionally, the Region Three Private Sector Inc (R3PSInc), in a press release issued on Monday, made mention of a few of the most impactful measures being implemented in the budget, such as the $43.4 billion allocation for continued works on the Wales Gas-to-Energy project which is a much-anticipated venture.

As such, it also drew attention to the $5.2 billion allocation for preparatory works for the construction of the new Demerara River Bridge, which will be the first high-span, four-lane permanent hybrid concrete, and cable-stayed structure.

Further, the R3PSInc said it is appreciative of the allocations for the housing, education and culture, youth and sports sectors, noting that these investments are in keeping with the government’s dedication to ensuring that all Guyanese benefit as part of its development agenda.

“With notably no new taxes, the government passed a historic $781.9 billion budget for 2023 and based on the breakdown from top to bottom will be befitting as Guyana aims at a new paradigm,” it added.