Govt. spending on new projects expands by 170% - BoG

Govt. spending on new projects expands by 170% – BoG

Jul 06, 2022 News

Kaieteur News – The country’s central bank recently released a report outlining the performance of the country during the first quarter of the year. A major highlight of the document is that government spending on capital (new) projects increased by a whopping 170.5 percent.

According to the Bank of Guyana (BoG) report, the country’s total current expenditure, including interest charges, stood at $51.4B which reflected budgetary spending.

The Bank explained that “major disbursements” were made particularly in the housing and construction sectors, which represented 41.9 percent and 32.9 percent of total capital expenditure, respectively for the period under review.

Meanwhile, the agriculture sector came in third for the largest disbursements taking 10.5 percent followed by the education and social welfare sectors accounting for four and two percent of the disbursements respectively.

The remaining disbursements are as follows: public safety – two percent, administration – 1.8 percent, transport and communication – 1.5 percent, manufacturing – 1.5 percent, health – 1.1 percent, national security and defence – 0.3 percent, environment and pure water – 0.3 percent, power generation – 0.2 percent and culture/youth – 0.04 percent.
There was no capital spending on tourist development as well as no capital transfers.

The report explained too that transfer payments amounted to G$22.7B while employment costs, spending on other goods and services and interest charges were G$18B, G$9B and G$2.2B respectively.

Meanwhile, according to the report, the capital account deficit was some $12.1B with capital revenue amounting to $78 million while capital expenditure amounted to $12.3B. Capital revenue comprised proceeds received for projects, amounted to G$76 million, according to the Bank’s statistics.

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