Tag Archives: Guyana Budget 2022

GUYANA: Oil revenue to more than triple in 2022 to almost US$1 billion

OilNow – January 31, 2022

Authorities in Guyana have projected that the country will receive close to US$1 billion in oil revenue this year, representing more than three times what it has earned per annum to date from the Liza Phase 1 Development.

During his reading of Guyana’s 2022 national budget on Wednesday, Senior Minister in the Office of the President with responsibility for Finance Dr. Ashni  – Singh said, “It is estimated that deposits into the [Natural Resource Fund] NRF for 2022 will total US$957.6 million, comprising some US$857.1 million earned from the government lifts of profit oil, and an additional US$100.5 million from royalties.”

For Guyana, this level of revenue from any sector is a gamechanger. To put that into perspective, when Dr. Singh proposed the 2021 budget about this time last year, he announced that it would cost the equivalent of US$1.8 billion.          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: Government to make first drawdown from oil fund for 2022 budget

  • BUDGET IN PARLIAMENT ON WEDNESDAY JANUARY 26, 2022

OilNOW- 22 January 2022

V.P Bharrat Jagdeo

Guyana’s Vice President Dr. Bharrat Jagdeo said last Friday that the government intends to use some of the proceeds from its US$607 million Natural Resource Fund to finance the government’s budget for the fiscal year 2022.

Guyana has been borrowing to finance its budget for years but plans to lower its fiscal deficit this year.

“The fiscal deficit this year, in this budget, would be lower than the fiscal deficit in last year because from a financing perspective, that means we’d have to borrow less because some of the oil and gas revenue will go to replace the high level of borrowing that we have had.”          Continue reading

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