Monthly Archives: February 2010

Guyana Jamboree 2010

GUYANA JAMBOREE 2010

Featuring : Dave Martin & The Tradewinds, Bing Serrao & The Ramblers and Roy Geddes Steel Band. Venue: Splashmins Resort. Date: Nov.2nd to 9th, 2010. Main Event: Entertainment Evening Sat. Nov. 6th, 2010.

Eco Tours: During the period Nov.2-9,2010.  Splashmins Resort, Arrowpoint Resort, Timberhead Resort. Accommodations; Splashmins Resort; Arrowpoint Resort; Timberhead Resort; Roraima Duke Lodge; Roraima Residence Inn; Princess Hotel; Pegasus Hotel.

Inland Transportation: A series of shuttle buses will be running between all lodging points listed above at scheduled intervals, specifically attending guests pre-booked for this event in Guyana. Pick up and drop off at the airport included. Other eco-tours such as Kaieteur Falls can be arranged separately. Cost approx. US$200.

Contacts:

  • Cletus Faria -Empress Cleaners Tel: 416-283-1311/416-286-4181
  • Raymond Seecharran -First Class Printing Inc. Tel: 416-699-1555
  • Colin Stephenson-Tel:416-284-0434 E-Mail; colinstephenson@rogers.com
  • Michael Fung-Coordinator in Guyana, Tel: 011-(592) 623-6721

SPONSORS:

  • Norman Sue Bakery Tel:416-754-4181
  • Ken’s Jewellery        Tel:416-293-7181

See advertising and article on Bing Serrao and the Ramblers at this link:> Guyana Jamboree 2010

Buxton – Friendship Express

Buxton – Friendship Express

The villages of Buxton and Friendship, located about 12 miles from Georgetown, on the East Coast of Demerara in Guyana, celebrate their 170 the Anniversary this year.
A number of events have been planned and they are outlined in the first issue of the Buxton Friendship Express Newsletter which can be viewed here:-

Buxton-Friendship Express Newsletter

Also view this FLYER for a Grand Variety Show and Reception that will be held in Brooklyn, New York on Sunday May 2, 2010 at Catherine McCauley High School, 710 Brooklyn Avenue at Foster Avenue.

For  FLYER with full details  click here: >Buxton Flyer Variety Show

Gold exports earned more than sugar, rice combined

Gold exports earned more than sugar, rice combined

Stabroek staff – February 10, 2010

Finance Minister Dr Ashni Singh on Monday disclosed that export earnings for the country during last year contracted by 4.2 percent to US$768.2 million due to external price factors but gold brought in more than double what the traditional champion, sugar earned.

Gold generated export receipts totalling US$281.7 million, which represents more than the combined receipts earned for rice and sugar during 2009.  According to Singh, “the export earnings from gold benefitted from an 11.2 percent increase in average export prices, which induced higher production levels, drove export volumes up by 24.4 percent to 311,884 ounces, and generated a 38.3 percent increase in export receipts”. In the 2009 budget, Singh had projected export receipts of US$165.5 million.

Singh noted that for last year, while the volume of sugar exported increased by 3.4 percent to 212,131 tonnes, the country recorded a 10.2 percent decline in export receipts to US$119.8 million. The average export price declined by 13.1percent, Singh said. He noted that this was attributable to the third and final step of the European Union price cuts taking effect on 1st October, 2009  – in total a 36% cut. For 2009, Singh had projected earnings of US$153.2 million, while for this year the Finance Minister has predicted export earnings of US$123.6 million.

Rice exports, on the other hand, also increased by 32.9 percent to 260, 815 tonnes but the average price declined by 27.3 percent. “Consequently, rice exports receipts declined by 3.3 percent from the previous year to US$114.1 million.”  The country had recorded US$118 million in rice export receipts in 2008. Rice exports are expected to earn US$99.5 million for the year, Singh estimates.

For this year, exports receipts are budgeted at US$776.5M based on the strength of increased output in the sugar and bauxite sectors, Singh said on Monday during the budget presentation.

The Finance Minister, meanwhile, said that “the balance of payments reflected significant improvement to end 2009 with an overall surplus of US$ 234.4 million, compared with a surplus of US$5.6 million in 2008.  He noted too that the current account deficit had been reduced by 31.6 percent to US$219.7 million, largely due to significant contraction in the total value of imports.

The Finance Minister added that the overall balance of payments for this year is expected to return to a deficit of US$11.3 million. The current account deficit is projected at US$263.8 million, which is attributed to higher levels of imports mainly due to higher world market prices for oil, which outweigh the projected improvement in export earnings.

Further Singh said that “merchandise imports declined by 11.7 percent to US$1,169.2 million. This was driven primarily by a 32.5 percent decrease in the value of imported fuel and lubricants on account of price.

He noted that other imports declined by 1.8 percent, with non-fuel intermediate goods declining by 10.3 percent, while consumption and capital goods increased  by 2.9 percent and 1.7 percent respectively”, he said.

Meanwhile, the Minister stated that the “net current transfers  contracted by 8.9 percent to US$299.6 million, with receipts from worker remittances declining by 4.3 percent to US$262.1 million, in line with regional trends.”

The country’s Capital Account ended the year with a surplus of US$454 million aided by an allocation of US$108.6 million of Special Drawing Rights by the International Monetary Fund, Singh said, while also noting the benefit of a “13 percent increase in net private investment” to US$208 million. This was driven by a net repatriation of portfolio investments, the Finance Minister explained.

Significantly, the overall balance of payments surplus enabled the Bank of Guyana to increase its external reserves position by US$272 million from US$356 million at the end of 2008 to US$628M. This figure is the highest ever recorded, Singh stated.

GUYANA’S 2010 Budget Tabled

GUYANA’S 2010 Budget Tabled

Full document download – Guyana Budget 2010

FINANCE Minister Dr. Ashni Singh, on February 8, 2010, tabled a $142.8 billion budget for this year — 10.8 percent higher than last year’s — making it Guyana ’s largest budget ever with no new taxes required for its financing

The minister reported a fourth year of consecutive growth despite recessionary conditions near and far and uncertain prices in the commodity markets. In a 64-page presentation in the National Assembly, he said: “Our rice sector returned its highest production in 10 years and its second highest production of all time. Our gold mining sector returned its highest production ever, if the large scale operations of Omai are excluded

“We achieved a strong balance of payments surplus, in the process accumulating our highest level of external reserves ever. Our currency appreciated in value for the first time in 15 years. Inflation was at its lowest in 8 years. And, we reduced our fiscal deficit to its lowest in 10 years.”
Recapping other significant achievements last year that have laid the foundations for continuing economic growth he noted the commissioning of Guyana’s first international bridge at Takutu which has opened new conversations and vistas of opportunity with Brazil, the certification of the second international airport at Ogle, and inaugurated scheduled international flights to Suriname and the switching on a new 20.7 megawatt power plant in Kingston, Georgetown, the first major expansion in generating capacity installed in 12 years

“We opened new hospitals in Lethem, Linden, Mabaruma and Port Mourant; new schools in Hope and No. 8 Village; and a new well in Grove/Diamond. We graduated 491 new teachers, added 66 recently returned young Guyanese doctors to the public healthcare system, and trained over 1,700 vulnerable youths.

“We enriched the body of our laws with major new enactments, on subjects ranging from strengthening the financial sector such as by fighting money laundering on the one hand, to safeguarding the most vulnerable in society such as by providing for the status adoption, and protection of children on the other”, he said

Singh added: “These are but some examples of developments which, taken individually or in totality, would lead one to the inescapable conclusion that there has been progress in our country.”
But he called for vigilance arguing that while the evidence of progress is plenty, the risk of reversal is never distant, and the remainder of the work is certainly not complete.   Full Report continued…. Link: Guyana Budget 2010. PDF File       also check the following links

Guyana’s Finance Minister Singh unveils $142.8B budget

Finance Minister Singh unveils $142.8B budget – GRA collections pegged at $94.1B

Posted By Stabroek News – February 9, 2010

During a three-hour presentation to the National Assembly, Finance Minister Dr. Ashni Singh yesterday unveiled a $142.8B budget, which is expected to be significantly funded by collections from the Guyana Revenue Authority (GRA).

Finance Minister Dr Ashni Singh making his budget presentation in the National Assembly on February 8, 2010.

The budget, titled “Consolidate, transform, sustain,” represents a 10.8 % increase over last year’s announced expenditure. Like last year, Singh did not announce an increase in the income tax threshold but noted that there would be no new taxes.

Addressing the Assembly, Singh said that the “current revenue (not including receipts from the Guyana REDD+ Investment Fund (GRIF) is budgeted to increase by 3.5% to $98.2B, of which the GRA is projected to collect $94.1B.”According to him, “Custom trade taxes are projected to collect $8.3 billion, representing an 8.1% increase primarily attributed to higher import duties, on account of both higher levels of imports along with improved surveillance activities by GRA.”  He said too that “internal revenue collections are targeted to increase by 5.1% to $38.6B, reflecting improved private sector performance in the areas of corporation taxes and income from the self employed.”

“Value-added and excise taxes are targeted to increase by 5.6% to $47.2B, due to higher VAT collections on both imports and domestic supplies consistent with projected increases in  business activities,” Singh announced.  He added that non-tax revenue is projected at $4.1B or 29.2% below the 2009 collections, mainly on account of lower Bank of Guyana net income transfers and dividends from equity holdings.

Last year, the GRA contributed $89.1B, which represented 93.9% of the country’s total current revenue. Internal revenue collections increased by 6.3% to $36.7B.

Meanwhile, the Minister announced that the country’s National Accounts have been rebased to 2006 prices from January of this year. Additionally, the basket of goods and services underlying computation of the Consumer Price Index (CPI) has also been updated from January of this year. The rebasing of the National Accounts would be for greater accuracy in calculating the country’s GDP, while the updated CPI would lead to a more accurate determination of the country’s inflation rate.

According to the Finance Minister, the overall real growth in Gross Domestic Product (GDP) is projected to be 4.4%. Last year, the country recorded a Growth Rate of Real GDP of 2.3%.  In the 2009 Budget, this figure had been pegged at 4.7%.  The non-sugar economy is projected to grow by 3.4%. Last year, the non-sugar gross domestic product grew by 2.2%.

In relation to inflation, Singh projected a rate of 4%.  In 2009, Guyana recorded an inflation rate of 3.6%.  The Finance Minister said that “this occurred against the background of the depressed global conditions…which resulted in price pressures imported into the domestic economy being minimal.”

Meanwhile, Singh announced that the sugar production for this year is anticipated to 280,000 tonnes, 19.8% above the 233,736 tonnes recorded last year. In the 2009 Budget, Singh had projected a production rate of 290,000 tonnes for the year and had identified this as key to the economic stability of the country for the year.

Although recording production of 359,789 for the rice sector during last year, Singh said that during 2010, the rice industry is projected to contract by 4.6 percent to 343,373 tonnes. The bauxite industry, Singh said, is expected to recover with a 9.1% growth to 1,620,000 tonnes, as the operations of both bauxite companies are expected to be scaled up in response to some expected renewal in demand on the world market for aluminum. Last year, this sector performed poorly, contracting by 29% from the previous years and recorded a production level of 1,484,935 tonnes.

Gold declarations, the Finance Minister said, “are expected to grow by 4% to 311, 816 ounces.” He noted that this was less than the industry’s own projection of 500,000 ounces. Diamond production is expected to grow by 4.2%.

Source: http://www.stabroeknews.com/2010/stories/02/09/singh-unveils-142-8b-budget-%E2%80%93-gra-collections-pegged-at-94-1b/

Hello Visitors to Guyanese Online

The Newsletter and Blog for Guyanese Associations and Groups Worldwide

Welcome to the Guyanese Online Blog.

It is estimated that over one million Guyanese and their dependents live outside of Guyana.  This exceeds the population of Guyana, which is about 750,000.   Many left early in the 50’s and 60’s while others went with the next wave in the 70’s and 80’s.  The latest wave left over the last 20 years. This outflow of Guyanese, therefore, covers some three generations.

Guyanese, like most others, try to keep their culture and pass it on to their children and grandchildren.  The problem has been that many Guyanese have not looked back, or if they did it was only fleetingly.  This means that the younger generations and those who left at an early age,  know very little about Guyana since many have not visited the country.   Also, if they do get information about Guyana, it is usually negative and thus the cycle of non-interest is cultivated.

This Guyanese Online Web Blog, along with its monthly newsletter,  aims at bringing Guyanese together to support positive news, increase travel  and tourism in  Guyana and, in general,  foster the birth of a new Guyana, which has already begun notwithstanding the negative news that grabs the headlines.   As the editor and manager of the publications,  I am committed to delivering  Newsletters and Blog entries that are  non-political,  and  focused on the positive ideas we wish to share and foster among Guyanese.

Remember, almost every country has negative politics and negative news, and making that just the focus prevents the rebirth of the Nation that was once our home, or the home of our parents.  When the really big changes in developments occur in a few years, would you not like to be aware of what they are and how you may be part of that new Guyana?

This Blog will, therefore, feature information from Guyana, especially economic, historical and cultural facts and information that younger Guyanese may not be aware of.  It will reach Guyanese worldwide who would like to communicate using tools of the information age – electronic newsletters, blogs and Facebook.  We expect our readers to read the contents of our Newsletters and Blogs and correspond between themselves,  as well as offer their own content and comments.

The focus will especially be on Guyanese Groups and Associations who would like to let others know what they are doing to keep the Guyanese culture alive.  Everyone,  especially Associations and Groups, are asked to submit articles, announcements and contact information for inclusion in the Newsletter and Weblog.  Our e-mail address is: guyananeseonline@gmail.com.

Please pass on this Weblog address and Newsletter as well as our Facebook address (more on this later), to your friends so that  the readership is expanded with every issue, and e-mail us or fill in your name on this Weblog for inclusion in our main e-mail database.

THANK YOU FOR VISITING.  HOPE YOU ENJOY OUR ENTRIES.

Cyril Bryan, Publisher and Editor. E-Mail:guyaneseonline@gmail.com

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