House to consider 2018 Budget Proposals of Constitutional Agencies in two weeks

Nov 03, 2017 News

The National Assembly is expected to consider on November 17, a motion for the approval of the 2018 current and capital estimates of the nation’s Constitutional Agencies. Below is a table showing the estimates for each agency.

It was in 2015 that a significant piece of legislation geared at allowing key bodies financial independence was passed in the National Assembly. That legislation was the Fiscal Management and Accountability (Amendment) Bill 2015. It allows for lump sum payments to be made to constitutional agencies, thereby making them free from the automatic obligations and the discretionary powers exercised by the Minister of Finance.

Finance Minister Winston Jordan had explained that there are checks and balances in place to ensure that abuse does not take place, as annual reports and audited financial statements will be required to be prepared and presented.

Jordan made it clear that the bodies must enjoy fiscal autonomy so that they can serve the Guyanese people. He said that it will prevent the executive from micro-managing the finances of budgetary agencies. Under previous arrangements, the bodies were at the mercy of the ministries, having to apply for simple things like monies to travel. The new arrangements serve to boost public confidence in the offices.