Private Sector hails Budget 2025

A massive $1.3 trillion budget was presented in the national Assembly on Friday, January 17, 2025. This year’s budget caters to various sectors, some of which will impact the Public and Private Sectors, as the government has a duty to both.

The Department of Public Information on Tuesday spoke with citizens who either work or are engaged in entrepreneurial ventures within the private sector.

An Inclusive Budget

Chairman of the Private Sector Commission (PSC), Komal Singh, suggested that this year’s budget builds on the progress made with last year’s budget.

“When we reflect [on] 2024, [the] 2025 budget is pretty much a continuity of that growth trajectory that we have, for our 2030 vision,” he said.

Chairman Singh sought to describe the budget as one that caters to all Guyanese.

He did not shy away from the economic advantages also, pointing out that, “It’s a very inclusive budget. Budget 2025 creates a whole host of economic opportunities for businesses. The private sector will benefit significantly from this 2025 budget. It will allow the private sector and our economy to see continuous growth.”

The Chairman also noted that the budget will most impact the broader cross-section of the population, highlighting that it will have a significant impact on ordinary working-class people.

Singh also lauded the government’s inclusive move of lowering the required National Insurance Scheme contributions, which he stated would now guarantee that more Guyanese would be eligible to receive pensions after they have reached 60 years.

As head of the commission, Chairman Singh registered that, “This budget shows continued investor confidence in our economy. When you look at 2024, performance in all the other sectors, you will see significant growth rates in those sectors of the private sector by themselves.”

He further pointed out that, “The private sector by themselves over the last four years has invested over USD 2.5 billion into this economy in various infrastructure projects, developments and projects that will support the oil and gas sector…the fact that government now puts in a lot of resources in almost each one of those sectors will allow the private sector to continue to grow in the sector.”

Budget 2025: Collaborative and Comprehensive

Head of the Georgetown Chamber of Commerce (GCCI), Kester Hutson expressed that this budget is detailed, yet comprehensive. He suggested that it is now up to the private sector to perform an in-depth analysis to ascertain the next steps that business leaders should take.

“It was very comprehensive, very detailed. What is now being done from a private sector standpoint is our analysis of it. It requires much focus on where the private sector benefits. It is ambitious. It is one that we expect growth in, nationally,” he stated.

Aimed at improving the standard of living

Positive sentiments were expressed by Executive Director of the PSC, Nayteram Ramnarine, who hailed this year’s budget as progressive, citing that it is directly aimed at further improving the standard of living for every Guyanese.

He also pointed out that the Government is consistent in being inclusive specifically to promote growth in the various sectors.

“Over the past 4 or 5 years, what we’ve seen from this current administration is a continued commitment to inclusivity, sector-focused growth, and policies, essentially, that are aimed at improving the standard of living of every single Guyanese. So, budget 2025 is a prime demonstration of that continued commitment from the government,” Ramnarine expressed.

The Executive Director further praised the government’s further investment into small businesses, saying, “What that is going to do for young entrepreneurs, is to facilitate them in getting to start up, to reach that level in which they aspire to be.”

‘Budget 2025 is Ambitious’

Teanika Huntley, who is employed in the private sector believes in this year’s budget ability to foster more growth. She also noted that it will continue to promote the infrastructural drive of development in the country, along with the increase of the tax threshold.

“I feel like the budget does a lot to address national growth. It caters for those young and old, I like that it focuses a lot on infrastructure. I like particularly that they increased the tax threshold because that of course means more money in my pocket. I also appreciated the Free Tertiary Education initiative. I think that helps too. [It shows that the government] invests in our human resource capital,” Huntley noted.

‘A Worker’s Budget’

Chief Executive Officer of the Kayman Sankar Group of Companies, Beni Sankar has lauded the government’s whopping $1.38 trillion budget as one that gives great attention to the working class.

“I was very impressed by the budget. The area which says that the threshold is now $130,000. Additionally, you have 50,000 tax-free overtime plus 50,000 if you’re going to do another job. Plus, you have 10,000 per child… that there I would say the world workers budget,” Sankar highlighted.

A Transformational Budget

Another member of the private sector, Natasha Gaskin-Peters, recognised that the private sector is growing and thus, she pointed out, opportunities for employment are ripe. She highlighted that Guyanese are now, more than ever, poised for growth and development in various sectors.

“I would say, budget 2025 is going to continue to be transformational, to our economy…. Here in Guyana, we are already experiencing a lot of growth. As I said, the private sector is growing and it means job opportunities are growing. Our fellow Guyanese people are now able to have opportunities that they have never seen before. And I see budget 2025 as a continuation of that economic growth and prosperity for the people of Guyana,” Gaskin-Peters reiterated.

Peters mentioned that the budget caters for the ordinary Guyanese, stating, “that the ordinary worker has more disposable income. With more disposable income, it means that you’re better able to purchase more goods and services. The budget not only provides opportunities for the private sector in terms of projects. But as I said before, job opportunities for people coming off of those projects, but also opportunities in terms of higher wages, for the workforce.

A Budget for Parents

Aretha Forde, a mother who works in the private sector has commended the government for presenting a budget that caters for her family.

“I’m particularly impressed with this year’s budget and measures put in place especially for parents because as a parent myself, you always want to ensure that provision is made for your children,” she said.

Forde also praised the government’s drive to provide affordable housing for all Guyanese, while expressing satisfaction with the fact the Guyanese will now have more money in their pockets at the end of each month.

“There are two things in particular that I was impressed by in this year’s budget. At the top of everyone’s mind.; It’s more money in your pocket. And the other thing that I really appreciate is the advanced work on the housing schemes because every citizen would like to own their own home. As someone who is on the pathway to owning their own home, I look forward to the work being done on new housing schemes,” Forde expressed.

The 2025 budget was presented under the theme: A secure, prosperous and sustainable Guyana.