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Guyana gearing to contribute $298M to Caricom Fund

Oct 29, 2008 News

…close to $700M identified for emergency repairs to Harbour Bridge

Finance Minister Dr Ashni Singh will, on Monday, table in the National Assembly Financial Paper No. 3/2008 – Supplementary Estimates (Current and Capital)
totalling $1,848,047,997, and Financial Paper No. 4/2008 – Supplementary Estimates (Current and Capital) totalling $984,061,416.
This will represent some $2,832,109,413 to be extracted from the Contingencies Fund for spending in addition to the largest budget that was ever read in this country.
The National Assembly will meet again tomorrow to consider the requests.
Among the figures identified in the financial papers for debate is a figure of $298,208,232 that, if approved, will represent Guyana’s initial contribution to the CARICOM Development Fund (CDF).
There are also identified figures totalling close to $700M for the emergency repairs to the deteriorating Demerara Harbour Bridge, which President Bharrat Jagdeo recently condemned as almost criminal.
The Ministry of Agriculture is also expected to benefit from a $600M allocation which is aimed at bulk purchase and resale of fertilizers to assist with the increased cost of food. If the financial papers are approved, The Guyana Defence Force will be provided with in excess of $650M to meet expenditure related to special operations throughout Guyana.
On July 31 last, the National Assembly approved the first Supplementary Appropriations Bill, amounting to some $4.8B in current and capital estimates.
According to Prime Minister Samuel Hinds, the bulk of that money in the supplementary provisions sought, some $3.7B, is heading towards the Guyana Power and Light to avert an increase in tariffs, which was touted to be some 18.5 per cent and would have been passed down to consumers.
Among some of the other requests at that time was that of the Ministry of Agriculture, Crops and Livestock Services, which is requesting some $31.5M to meet costs associated with the purchase and resale of small packets of flour.
Increased flour prices earlier in the year forced Government to sell flour at a subsidised cost from May.
According to Agriculture Minister Robert Persaud, the flour was purchased from the National Milling Company and resold at a lower rate.
The Ministry of Tourism, Industry and Commerce also requested money to meet costs associated with cash transfers for bakers/biscuit flour, which was also an initiative earlier in the year to address the rising prices of flour.
The Ministry of Culture, Youth and Sport was successful in its request for some $11.7M to compensate for the fire at the National Cultural Centre, which was identified as a site for Carifesta events, hence emergency repairs had to be undertaken and some items had to be replaced.
Among some of the other sectors to put in requests are the Education Ministry and The Guyana Defence Force.
The monies requested will be in addition to the voted provisions in the $119B budget announced earlier this year.
Last year, The National Assembly approved some $17B in supplementary provisions to the country’s $100B budget.
On several occasions over the years, the PNCR had been arguing that the Government has a tendency of raiding the Contingency Fund each time it requests money.

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