National Assembly approves $84.5 billion in Supplementary Funding

–as Senior Minister successfully pilots Financial Papers 3 and 4 to advance key Government initiatives including the $100,000 cash grant initiative, Gas to Energy project         

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh  successfully piloted Financial Papers Numbers 3 and 4 for 2024 through the National Assembly when the House this morning approved $84.5 billion in Supplementary Funding which will allow for the advancement of key Government initiatives. The approval in the wee hours of today followed meticulous debate in the House as Government and Opposition members traded queries and responses in relation to each provision. Among the key initiatives provided for were Government’s $100,000 cash grant to persons 18 years and older and the transformational Gas to Energy project.

In Financial Paper Number 3, Government sought approval for Supplementary Estimates (Current) totalling $456.9 million in advances made from the Contingency Fund, for the period 2024-11-07 to 2024-11-22 which were primarily related to security services for the Ministry of Education and Regions 1 and 6.

Additionally, in Financial Paper Number 4, the Government sought the House’s support for Current and Capital Estimates totalling $84.1 billion for the period ending 2024-12-31.

To begin the rollout of the highly anticipated $100,000 cash grant initiative, which was announced by President Irfaan Ali in October last, the National Assembly approved $30.5 billion so that resources would be provided for the initiative. Dr. Singh, during a recent interview with the media said that the Government is focused on ensuring that this economic prosperity reaches all Guyanese citizens. While providing details on the distribution process, he outlined that it will be done in two steps. Step 1 involves a registration process where a registration schedule for each area will be provided to guide persons to their registration centre along with the dates for registration. Persons are advised to visit their respective registration centre with a valid National Identification Card or Passport. Step 2 will involve verification of the registration to ensure there are no duplications along the way. This initiative, when completed, will place $60 billion in the hands of citizens across the country.

Meanwhile, an amount of $25.3 billion was approved under the Office of the Prime Minister to advance Government’s transformational Gas to Energy project which, when it comes on stream, is expected to result in a reduction of electricity costs by 50 percent countrywide. This project not only promises to significantly reduce energy costs but also to meet the growing demand for electricity in Guyana.

In line with Government’s 2020 Manifesto promise of delivering 50,000 house lots over the term, approval was also granted for $8.4 billion under the Ministry of Housing and Water to continue the administration’s transformational and expansive housing schemes initiative, as well as its coastal water supply programme. Government is already well on its way to achieving this promise, with over 40,000 house lots expected to be distributed by the end of 2024.

Further, under the agriculture sector, $5.5 billion was approved for the National Drainage and Irrigation Authority to support the advancement of D&I works throughout the country and $4.5 billion was approved under the Ministry of Health to advance construction of  the six regional hospitals at Lima, De Kendren, Diamond, Enmore, Bath and No. 75 Village, as well as to initiate works on regional hospitals at Lethem, Moruca and Kato. This was in addition to the approval by the House of $3.6 billion for the provision of drugs and medical supplies.

The National Assembly today also approved $1.2 billion under the Ministry of Education to support the operations of the University of Guyana for which tuition fees will be abolished in January 2025 as announced by His Excellency President Irfaan Ali in October last.