Pros and cons of the 2020 National Budget

Sep 26, 2020 Letters

DEAR EDITOR,

The 2020 National Budget as presented and debated does have its pros and cons.
The economic outlook is positive as presented by the unprecedented level of spending, however some consideration should be given to a zero sum game where expenditures do not surpass revenue. This is especially important given the current economic climate and the ongoing negotiations with Exxon.
Some concerns that came to the surface during the debate are primarily around the level of corruption on land deals and the awarding of contracts. Both major parties are pointing fingers at each other and from a neutral perspective it does highlight the importance of the Procurement Commission. Having increased transparency into the workings of this Commission and ongoing audits should aid in ensuring these important concerns are addressed. The Auditor General’s report will also continue to be important going forward. One additional concern was the evident extremes taken by the two parties as it relates to taxes. Investing ahead of the curve is important to pull through difficult economic times in order to ensure better positioning and increased competitiveness when the global economy resumes growth. It would be helpful to have a discussion on the budget which highlights the return on investment (ROI) and the payback period on the major revenue generating project expenditures. A two year outlook on eliminating the deficit is very acceptable. Three years may be a good consideration given the state of the economy and the current burden on the healthcare system.
Our condolences go out to those affected by the lack of medication. It was very heartwarming to see the overall passion and love that each Member of Parliament showed for our young Country.
Overall the House does want what is best for our citizens and the incentives being put in place to boost economic growth and invest in future generations do improve the national psyche. Congratulations to all parliamentarians on accelerating the timeline to develop and review what many have been patiently awaiting for the fiscal year.

Best regards,
Mr. Jamil Changlee
Chairman
The Cooperative Republicans of Guyana

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