GCCI pleased with budgetary measures

Jan 24, 2024 Letters

Dear Editor,

The Georgetown Chamber of Commerce and Industry (GCCI) wishes to congratulate the Honourable Dr. Ashni Singh and his team at the Ministry of Finance on the presentation of the National Budget 2024. This National Budget of G$1.1 trillion, being the largest budget prepared by the Government of Guyana, represents an increase in support for the citizenry, social services, infrastructure, and opportunities for the private sector.

The GCCI is pleased to see the budgetary measures being centered around 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 continued importance to the private sector, are the measures to contain the cost of fuel, reduce the freight charges. These policy measures are timely as they ensure that there is a mitigation in the global inflationary pressures which can have damaging pass-through effects to Guyanese enterprises and citizens at large.

The policy measure to collaborate with financial institutions in Guyana to lower the interest rate on loans up to G$5M represents a critical lifeline for the support for micro and small enterprises. This 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.

On the point of building the capacity of Guyanese, the measure which commences support to University of Guyana graduates, is a welcomed move; one which is a step in the right direction to build the skillset of the Guyanese people. The GCCI anticipates full programmatic execution of the National Budget 2024 which will see significant opportunity for the private sector of Guyana to participate in Government spending for the fiscal year. The Chamber of Commerce continues to stand as a critical development partner in Guyana’s growth agenda and welcome the National Budget of 2024.

Regards,

The Georgetown Chamber of Commerce and Industry

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budgetary, Dr. Ashni Singh, National Insurance Scheme (NIS), support, The Georgetown Chamber of Commerce and Industry

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