Guyana gets G$220B – app US$1Billion Budget

Finance Minister Dr Ashni Singh today presented a G$220 billion budget which will see an attempt to spend down what ails Guyana’s sugar industry, with $6 billion earmarked for that subsector.  Last year’s budget was G$208.8B.

Meanwhile, G$500 million is to be set aside to boost the competitiveness of the rice industry. Among other measures announced in the budget which was read this afternoon, is a 5% increase in old age pension taking it to G$13,125 from its current G$12,500, from May 1. In addition, pensioners electricity assistance is set to increase from$20,000 – G$30,000 per annum.

While there are no new taxes, there is also no new tax relief. Despite numerous calls over the years for a reduction in the 16% value-added tax, this remains the same. Income tax stays at 30% and the tax threshold at G$50,000.

Singh also said Guyana’s economy is projected to grow by 5.6% this year. Singh also projected that the inflation rate this year will be 5% compared to 0.9% last year, the lowest rate in decades. Real Gross Domestic Product (GDP) grew by 5.2% last year while the non-sugar GDP rose by 6.3%.

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KAIETEUR NEWS REPORT

Guyana gets $220B budget…… US$4M to build Hospitality Institute…US$30M bail out for GuySuCo… $18.5M bail out for GPL…old age pensioners get US$3 increase

MARCH 25, 2014 | FILED UNDER NEWS

A $6B bailout for the ailing Guyana Sugar Corporation (GuySuCo), a $3.7B bailout for the Guyana Power and Light (GPL) and a $625 increase for Old Age Pensioners are among the features of the $220B Budget announced yesterday by Finance Minister, Dr Ashni Singh. Under the theme, ‘A better Guyana for all Guyanese’ the Finance […]

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GUYANA CHRONICLE REPORT

$220B Budget 2014: Continuing building a modern, prosperous Guyana
Finance Minister, Dr. Ashni Singh, presenting the 2014 National Budget in the House yesterday during the 2014 Budget presentation (Adrian Narine)

$220B Budget 2014: Continuing building a modern, prosperous Guyana

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