GCCI lauds measures in 2024 budget

Jan 20, 2024 News

Kaieteur News – The Georgetown Chamber of Commerce & Industry (GCCI) has commended the government for this year’s trillion-dollar budget, noting it represents an increase in support for the citizenry, social services, infrastructure, and opportunities for the private sector.

Senior Minister within the Office of the President with Responsibility for Finance, Dr. Ashni Singh presented a $1.146trillion budget to the National Assembly on Monday.

In a press release on Friday, GCCI said it is pleased to see the budgetary measures being centered on the thematic areas of an ease in the cost of living, support for the vulnerable, increase in disposable income and addressing National Insurance Scheme (NIS) issues.

Of importance to the private sector are the measures to contain the cost of fuel, and reduce the freight charges. GCCI noted these policy measures are timely as they ensure that there is mitigation in the global inflationary pressures which can have damaging pass-through effects to Guyanese enterprises and citizens at large.

GCCI highlighted too that the policy measure to collaborate with financial institutions in Guyana to lower the interest rate on loans up to GY$5 million, is a critical lifeline for the support for micro and small enterprises.

“This is an important measure to assist in access to finance for micro and small enterprises and the Chamber of Commerce looks forward to its implementation. Notably, the G$7B buffer which is allocated to contain the impact of price increases is a measure which offers support that can be tailored to emerging inflationary issues in the economy,” the agency outlined.

Speaking of the measures, GCCI mentioned that the measure which commences support to University of Guyana graduates is also a welcomed move. One which is a step in the right direction to build the skill set of the Guyanese people.

GCCI concluded that it anticipates full execution of the National Budget which will see significant opportunity for the private sector of Guyana to participate in Government spending for the fiscal year, and noted that they continue to stand as a critical development partner in Guyana’s growth agenda.

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commended, GCCI, Georgetown Chamber of Commerce & Industry, measures, National Budget 2024

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