Tag Archives: Finance Minister- Dr. Ashni Singh

GUYANA: Gold and Other Mining: ‘Large-scale thievery coming’ – Opinion by Glenn Lall

Glenn Lall

– mega gold firms spell more doom for Guyana
– country has little to show for Omai, Troy Resources, RUSAL investments

Government’s announcement that three large scale gold firms are poised to set up shops here is cold comfort to Guyanese who continue to be short-changed by foreign investors, businessman and Publisher of the Kaieteur News, Glenn Lall has said.

Meanwhile, even as Dr. Singh spoke about the benefits from these possible new gold mining operations he did not disclose the names of the firms and Mr. Lall believes something is sinister in this move. “Three more larger than Omai companies coming soon. He did not name them nor did he tell us where they are coming from or what the deal is. All he said, Guyana will benefit [with slice bread money]. When a leader could tell you consider the food and other supplies, transport services and 1,000 people who gon get jobs, in which a company will fetch out billions in US dollars from we backyard, speaks of the tragedy that they are creating for us.”            Continue reading

GUYANA: Budget 2022: Income tax threshold increases, higher pensions, school children grants, etc.

BUDGET DEBATE 2022 – 26 January 2022

Guyanese who earn G$75,000 (app US$350) per month or less will no longer have to pay income tax.  Note: Guyana’s Exchange rate is now approximately $210 per USA Dollar. Divide Guyana dollars quoted by 210 to get US dollar amount.

Finance Minister Dr Ashni Singh made the announcement in his 2022 National Budget speech. “In this regard, we are proposing to increase the monthly income tax threshold from G$65,000 to G$75,000 monthly, thereby releasing a total of G$1.3 billion into the hands of current taxpayers both in the public and private sectors,” he said.

He says that in 2021 the increased revenue from personal income tax of G$8.2 billion was driven by higher remittances by employers in both the public and private sectors.

TOTAL BUDGET U$ 2.6Billion            Continue reading

GUYANA: OIL Money Legislation Passes Amid Opposition Disruption

Defiant House Speaker proceeds with debate on ‘oil money’ legislation

Under the constant din of whistling and chanting opposition parliamentarians directly in front of his face, Finance Minister Dr Ashni Singh piloted debate on the Natural Resource Fund Bill.

Dr. Singh was flanked by government ministers at the lectern while the opposition lawmakers remain a mere few inches from his face chanting “No thiefing bill will pass,” “No thiefing bill will pass”.

After the Finance Minister completed his presentation, Minister of Governance and Parliamentary Affairs Gail Teixeira put the Bill to the vote and the House Speaker put all 47 clauses and two schedules to the vote. As the vote was taken, there were opposition shouts of ‘shame’, ‘shame’, ‘shame’.          Continue reading

GUYANA: Government to dominate NRF oil fund committees

  • President, Minister to make all appointments
  • No place made for media, transparency groups

Pres. Irfaan Ali

Dec 17, 2021 – Kaieteur News – The amendments to the legislation governing the Natural Resource Fund (NRF) which were tabled on Thursday in the National Assembly by Finance Minister, Dr.Ashni Singh, propose that there be two key committees and a Board of Directors to preside over the management of the nation’s oil money.

Importantly, all of the members on these committees as well as the Board will be appointed by the President or his Minister responsible for natural resources.

As part of the governance structure for the NRF, the government proposes to establish a Board of Directors which shall comprise of not less than three and not more than five persons who shall be appointed by the President, and one of whom shall be appointed Chairperson by the President.        Continue reading

BUSINESS: New call centre – Midas Incorporated – to create jobs for over 1,000 Guyanese

Midas BPO’s New Market Street office (Delano Williams Photo)

WITH talks underway for the expansion of Midas Incorporated, a Business Process Outsourcing (BPO) firm, some 1,000 Guyanese are expected to gain meaningful employment. The company’s Chief Executive Officer (CEO), Malcom Sobers, on Tuesday said that the firm commenced operations in August 2020, starting with only 20 employees. To date, that figure has moved to over 300 employees.

“We now have three locations, one in Grove, Lombard Street and New Market Street and we are looking to grow to 1,000 employees by the end of the year,” Sobers related while in the presence of Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, who toured the company’s New Market Street facility on Tuesday 24 August 2021.        Continue reading

GUYANA: Govt. examining new rules for spending oil money – Finance Minister

Dr. Ashni Singh

– all transfers, spending to be reflected in Budget — Dr. Ashni Singh

Mar 25, 2021 – Kaieteur News – Despite having an enacted Natural Resource Fund (NRF), with in excess of US$267M deposited in the New York Federal Reserve Bank, the Guyana Government does not intend to utilize any expenditure under the current protocols, but is instead currently examining new rules under which the fund would operate.

This is according to Senior Minister within the Office of the President with responsibility for Finance, Dr. Ashni Singh. He, during a live Globespan 24X7 broadcast on Monday last, disclosed that the administration is currently examining the matter and is studying it closely and considering the options.        Continue reading

GUYANA: MPs open Budget 2021 debates with insults and vulgarity

Speaker of the House Manzoor Nadir.

Senior Minister in the  Office of the President with responsibility for Finance, Dr. Ashni Singh, recently presented to the National Assembly and by extension the country, the largest budget it has ever seen.

During that presentation, the Senior Minister had disclosed the whopping $38.1B budget would catapult the country’s economic recovery, and improve the performance of critical sectors that were severely affected by COVID-19 shockwaves.      Continue reading

SOCU prepares to charge Singh, Brassington for selling Sanata Complex below value

SOCU prepares to charge Singh, Brassington for selling Sanata Complex below value

Kaieteur News – 09 June 2018 –

One month after two of the highest ranking officials of the previous People’s Progressive Party/Civic (PPP/C) government were slapped with charges of Misconduct in Public Office, Special Organised Crime Unit (SOCU) Prosecutors are prepared to institute another charge against Former Finance Minister, Dr. Ashni Singh and former head of National Industrial and Commercial Investments Limited (NICIL) Winston Brassington.

Yesterday, SOCU Prosecutor Lawrence Harris appeared in the Georgetown Magistrates’ Courts before Acting Chief Magistrate Sherdel Isaacs Marcus with the new charge. However the men were not in court for the matter to be read to them by the Magistrate.     Continue reading

Charge against Singh, Brassington stems from land sale to Rusal

-Liliendaal property meant for Deripaska house still to be developed after a decade

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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