Finance Minister – Budget 2023 to further enhance livelihoods, spur investment

The nation will again witness the People’s Progressive Party/ Civic (PPP/C) Government unveiling a host of well thought out measures to aggressively transform the country, with continued focus on improving lives and creating opportunities for all Guyanese,

Finance Minister, Dr Ashni Singh is expected to present the 2023 fiscal package to the National Assembly on Monday. In a media related interview on Friday, the minister said the budget will be implemented through a variety of direct and indirect initiatives, with key emphasis on promoting private investment, job creation, and skills training.

Minister Singh stressed that the budget is in line with President, Irfaan Ali’s philosophy of ‘One Guyana’, which emphasises the need for unity and for citizens to benefit equitably from Guyana’s ongoing transformation.

“As has always been the case with budgets presented by the People’s Progressive Party/ Civic Government, budget 2023 will continue to do the things and to deliver the things that are necessary to improve the lives of all Guyanese people.”

Further, measures were strategically inserted which will see significant investments in infrastructure, education, and healthcare, among other areas.

The minister noted that the budget is part of a broader plan to create a more prosperous and inclusive society, where all citizens have the opportunity to succeed and thrive.

“The fact that we are all united around the common cause of advancing and developing our country, and the fact that we must all participate in and benefit from the exciting and incredibly exciting transformation that is taking place, and that even more so will continue to take place in the future in this beautiful country of ours,” he added.

Additionally, Dr Singh disclosed that the 2023 budget will also ensure that non-oil growth remains strong, while laying the foundation for a robust oil sector.

Upon assuming office in August 2020, President Ali had set out to restore Guyana’s reputation as a favourable destination for private investment and business.

Minister Singh reminded that Guyana’s private sector faced significant challenges during the 2015 to 2020 period.

And despite the country preparing for the start of oil production then, the economy grew at a sluggish rate, and the non-oil sectors, such as agriculture, were neglected and negatively impacted by political decisions.

The minister stressed that the PPP/C Administration made major efforts to restart several projects and attract private investment, leading to a recovery of private sector-led growth in the non-oil economy.

The government also made it clear that it values the role of the private sector in creating jobs and generating income for households.

It was revealed that the strong growth seen in the economy since the government’s return to office is a reflection of this, as private companies are investing, expanding, and creating jobs.

Additionally, the minister disclosed that the administration is committed to working with the private sector to create more opportunities for Guyanese and improve the overall economic well-being of the country.