Describing it as people-centred, President Dr Irfaan Ali this morning highlighted the many provisions contained in his administration’s $552.9 billion Budget 2022 that will lay the foundation for the massive transformation of Guyana and enhance the lives of citizens.
Budget 2022 was presented on Wednesday and makes provisions for, among other things, reduction of fuel prices, support for dialysis patients, the bulk allocation for specific cost of living initiatives such as increases in old age pension, public assistance, cash grants for school children, incentivising savings in the banking sector, reducing the cost of medical and life insurance, increasing the mortgage loan ceilings, raising threshold to $75,000 and freight cost adjustments that negates the passing on of over $6 billion to consumers.
According to the Head of State, his government’s fiscal plan for this year comprehensively addresses the day-to-day lives of Guyanese while also simultaneously detailing plans for national prosperity, job creation, expanding the economy and enhancing productive capacity.
He said Budget 2022, “… is laying the foundation, establishing the framework through which the development and expansion of our country will take place.”
“Budget 2022 is not only people-centred but it is geared at addressing our productive capacity of our country and every single sector… investment in the human resources that would give us the capability and the potential to develop these sector. Unless we enhance our productive sector and productive capacity, we cannot build a strong economy.We cannot talk about local content, we cannot talk about the economy, we cannot talk about making sectors more competitive if we do not enhance the productive capacity.”
Zeroing in on the agriculture sector, the Head of State explained that his government’s investments are aimed at moving traditional food production and agriculture towards agri-business development and more diversified. This includes building infrastructure to make agriculture more resilient to shocks of climate change as well as attract more young people into the sector.
He noted that in order to encourage young people to view agriculture as a viable future, his government is prepared to make the necessary investments to support them especially in the new business areas.
These, according to President Ali, includes expanding in non-traditional crops such as corn, soya bean, coconut, fresh flower and broccoli, which he noted are high-value products that will bring tremendous returns and enhance Guyana’s agri-portfolio.
“The investment that we are making now in these sectors, you will see the full benefits and returns in 2 to 3 years… It’s putting things in place to get us in that direction,” he stated.
According to him, the aim is to integrate “agriculture as a main component” of the country’s diversified economy.
President Ali also spoke about the specific interventions to support traditional agriculture industries such as sugar, rice and fishery which he says will support farmers and bring more disposal income to households.
In the area of tourism, the Head of State pointed out that the continued growth that is being seen is an offshoot from the oil and gas sector. To this end, he underscored the need to capitalise on building a sustainable tourism product.
He noted that investments particularly in the training of workers for the hospitality sector is critical in order to make the sector competitive. As such, he said allocations made to enhance and promote “Brand Guyana” are aimed at bringing more traffic here thus resulting in foreign spending in the country and will see many small businesses benefiting.
The Head of State also spoke of ICT development in the country, particularly in hinterland communities so that they can be up to speed with the rest of the country.
Turning his attention to energy, the president posited that energy security will create opportunities for a diversified economy, job creation and enhanced living for citizens.
“Imagine what a reduction of 50% in our energy cost will do for you. Imagine how it will enhance your life, more disposal income. Imagine how many jobs will be created during and after construction of our hydro and natural gas energy facilities. Imagine what our new shorelines will look like… Budget 2022 brings that imagination to life as the seeds are now [being] planted to realise all of this,” he stated.
President Ali further outlined that the impact other significant investments such as improving infrastructure across the country and reducing traffic congesting will have on businesses and families.
“This is now the budget impacts ordinary people, not by false pens inking negative propaganda to achieve self-serving goals. But by hardcore, structural-targeted policies and programmes that enhance the lives of Guyanese. The hundreds of thousands of persons who will benefit from new highway roads and bridges that will reduce travel time, and wear and tear of vehicles are the ones who will understand how this budget touches their lives, and they are the ones Budget 2022 is designed to help.”
“No doubt, this is the greatest opportunity for the transformation of our country,” President Ali asserted.
