Finance Minister assures that PSC remains a partner in Guyana’s development

Finance Minister, Dr. Ashni Singh has given the Private Sector Commission (PSC) assurance that it remains a partner with government for national development.  Dr. Singh gave the assurance while delivering the feature address on behalf of President, Irfaan Ali at the PSC’s 30^th Annual General Meeting held at the Marriott Hotel.

Held under the theme, ‘Building a sustainable diverse economy,’ Dr. Singh noted that government and the private sector sits on the same side of the table, since their objectives are aligned. He pointed out that for consecutive budgets passed in the National Assembly, the main opposition has accused government of crafting a pro-private sector budget. “This government’s position is that a budget that promotes private sector growth, that promotes the creation of jobs, that promotes the generation of incomes for Guyanese people, can only be a good thing for Guyana. And we will continue to maintain a policy framework that is conducive to growth and expansion in the private sector, the creation of jobs, the generation of incomes and the creation of wealth for all of the Guyanese people,” Dr. Singh argued.

The minister pointed out that the PSC is observing its anniversary at a time when Guyana is experiencing dramatic structural shifts. He reassured that government is committed to building a resilient economy with emphasis on non-oil sectors. It was revealed that several companies are at various stages in developing large scale gold mining activities in the country that will fuel job creation for Guyanese. However, he stressed, government is committed to developing the country’s tourism industry, noting that there are several branded hotels under construction to complement government’s drive.

It was noted that similar interest is also being placed on both the agriculture and telecommunications sectors so that Guyana does not depend solely on the revenues from the oil and gas sector. Dr. Singh stressed that it is no accident that Guyana’s non-oil economy is expected to grow in excess of seven per cent for 2022, adding that government will continue to make the investments needed to facilitate the rapid expansion in the non-oil economy. The finance minister reminded the PSC that government is actively pursuing its target of reducing the cost of energy by 50 per cent through an energy mix that includes wind, solar, hydro and natural gas.

“My assurance to you today, on behalf of His Excellency the President, is that you have in this government, a government that believes very strongly, unshakably, unflinchingly and indeed unapologetically a government that believes very strongly in the role of the private sector in the future of Guyana. And you have in this government a partner committed to ensuring a rapidly growing and a highly competitive, world class, highly diversified economy in Guyana,” Dr. Singh said. Meanwhile, PSCs Chairman Paul Cheong noted that members of the PSC are optimistic about the future of Guyana, which is reflected in the passage of the $552.9B national budget earlier this year.

“Budget 2022 proposes measures at improving business competitiveness, promoting local content and ensuring tax parity,” Cheong said. Members of the diplomatic corps, senior members of government and the judiciary were among those present at the Annual General Meeting.