Budget 2024: let the numbers have the final say

Feb 15, 2024 Features / Columnists, News, The GHK Lall Column

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Kaieteur News – Amid the continuing swirl of clashing positions on the priorities and provisions of the 2024 budget, I put something different before the public.  My views on the 2024 budget have been shared, and should be well known, so there is no need to have another go.  In addition, it serves the objective(s) of this contribution better, if I take myself out of the budget conversation, and let the reality of facts and numbers speak for themselves.  In so doing, Guyanese from all sides of the divide would be in a better position to be for or against what is highlighted here, and how the budget is seen and interpreted. There is the likelihood that Budget 2024 may still be seen in the same way, for reasons good and otherwise, in the foundations of its visions, in the sum of its parts, in the differences that it makes.

In the post budget presentation and debates, in runup to the teachers’ strike, and in the throes of it, frequent were the insistent calls for the budget to be looked at in a holistic manner, and not in its isolated, possibly cherrypicked selections that has introduced so much sourness.  Holistic, as in its panoramic touch, and universal considerations, certainly has a warm, encouraging feel to it.  Thus, I say, why not.  I now proceed to reproduce some of the higher notes and finer points from Budget 2024.  I ask in advance to be excused if some of the numbers are slightly off, or if some components with weight that would have made a difference are absent.

First, the $1.146T budget for 2024 is 46.6% more than that of 2023.  The provision for Capital Expenditure is $666B, or 58% of the budget, up from $387.8B (or 50%) in 2023.  Roads and bridges go to $204.1B in 2024 from $136.1B in 2023, up by 50%.  As an aside, the increases in 2023 over the preceding two years followed close to the trend now extended into 2024.In a tight sentence, expenditure, as evidenced by the numbers, reflects the increases they did.  Recall: just the facts and figures.  No position, no commentary.

Second, there are ten (10) areas with supporting figures that inform citizens of this country what was provided for them as direct relief in this year’s national budget.  They are as follows: 1) $10B for an expansion of part-time jobs; 2) $8.6B for children; 3) $7B to be held as a Reserve Fund, for the purpose of providing cost-of-living aid at the proper time; 4) $2.8B for cervical cancer assistance; 5) $2.7B to fund the monthly Old Age Pension increase; 6) $2.6B for NIS monthly pension increases; 7)$1.8B for hinterland help (testing, transportation, and so forth); 8) $1.2B for those with disabilities;9) $0.955B for spectacles; 10) $.840B for eye tests; 11) $0.640Bas an NIS death benefit.

In tabular form, the direct budgetary provisions look like this:

 

 

 

 

 

 

 

The total direct relief of $39.135B to the hand and pocket of eligible citizens amounts to 3.4% of the $1.146T budget.

If the $7B in reserve money is removed from the total direct relief funds, then what was identified for assistance falls to 2.8% of the 2024 budget.  As a practical matter, the $7B should not be counted in the total for the simple reason that it does not appear to be earmarked for any distribution in the earlier quarters of this year.  Nonetheless, whether 3.4% or 2.8%, I invite all Guyanese to make the comparison between direct relief provisions and those for either capital expenditure ($666B [58%]) or roads and bridges ($204.1B [17.8%]) from the budget.  As promised, I make no comment.

In fairness, mention must be made of assistance that is provided for dialysis care, computers and sports equipment, through VAT and other eases, for which I am unable to locate specific numbers.  Those play their part in less being spent, and relief extended.  Further, in terms of indirect relief, there is the $40B for fuel subsidy, and $6B for freight charges.  I am aware of some subsidy for electricity and water, but have no numbers.  When the fuel and freight measures are added to the $39.135B direct relief, the total increases to $85.135B, which all in all is 7.4% of the 2024 budget.

Fuel, freight, and other indirect measures are invisible, but they do have a positive impact, for they signify that citizens have to come up with less out of pocket.  So, this is what the facts and figures of this year’s budget are.  In total, $85.135B or 7.4%, of relief provisions.  I readily admit that there may be pockets of numbers not included in my arithmetic.  While they certainly would contribute to raising the total relief package, the belief is that the sum would not be that material.  I take no other liberties.  Last, an invitation is extended to all of my fellow citizens to compare and contrast (and possibly comment) what was thought of, and put into place for the Guyanese people, versus what was allocated to nonhuman sectors. (The views expressed in this article are those of the author and do not necessarily reflect the opinions and beliefs of this newspaper and its affiliates.)

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• hinterland, interpreted, introduced so much sourness, provisions, the foundations, the numbers

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