…says $5B still available to cushion cost of living
Some 200 persons on the East Bank of Demerara (EBD) will soon benefit from small business grants, in order for them to expand their current operations.
Vice President Bharrat Jagdeo recently engaged residents of Coverden, EBD, where he announced that a team will be dispatched to select eligible persons. One of the common requests has been small business assistance.
As such, Jagdeo told residents, “[Minister within the Office of the Prime Minister, Kwame Mc Coy] will be working with a team to do about 200 persons on the East Bank, who will get a grant from the Government.”
With all processes completed, Jagdeo informed that the grants could be paid as early as next week. However, he pointed out that due process must be followed in enabling a fair process, reaching those who are in greatest need.
“We have to see the people with the greatest need so Kwame will be working with a team. I want it done fairly. People need assistance but we can’t do all at once. We have a whole country and if we do 200 persons at $200,000 each, that’s a lot of money. And we have to do it right across Guyana from Region One to Region 10.”
This development comes just a few days after the VP had announced that over 700 small business owners from across the 10 administrative regions would soon receive grants from the Small Business Bureau (SBB) to help them grow their enterprises and achieve sustainability.
Leading up to the Local Government Elections (LGEs), it was discovered that many persons who had applied and had met the qualification did not receive the grants.
“We resolved to ensure that every single person who applied to the Small Business Bureau will get some assistance, and that would be given to them shortly. These are legitimate people…every region in the country, from Region One to 10,” Jagdeo was quoted.
Cost of living
Government has also placed key emphasis on cost of living and support to families, evident from the cash grants and relief measures implemented countrywide. In his most recent press conference, the Vice President had revealed that some $5 billion remains in the coffers from Budget 2023 to address cost of living.
“We have made a serious effort. We still have $5 billion in the budget this year to address additional measures on cost of living. So, we will be assisting communities…If you do it in a systemic way, everybody benefits,” he explained.
From reducing the excise tax on fuel importation to zero, the Administration had also reversed the 200-plus taxes which were imposed by the APNU/AFC coalition after taking office. According to the VP, such systematic approaches allow for all categories of citizens to benefit.
“If you look at the taxes we removed from oil and stuff, if we allowed the full pass through in the increase of oil prices, by now electricity and water rates would have gone up. The Government has absorbed those. Almost everyone uses electricity and water, so whether you’re big or small, you get a subsidy now from the Government.”
“All capital costs are carried by the Government already…They normally are only supposed to cover from the revenue, the operating costs but they can’t even in some cases cover the operating expenses. We even have to help to carry it so everyone gets a benefit,” Jagdeo reflected.
