Govt. seeks over $40B more in supplementary spending

Aug 01, 2024 News

Kaieteur News – On the back of its record $1.146 trillion budget, the Irfaan Ali Government has returned to the National Assembly for over $40B more to plug into the failing Guyana Sugar Corporation, boost electricity supply and build roads and improvement water systems in the hinterland.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service Dr. Ashni Singh on Wednesday presented Financial Papers Numbers 1 and 2 of 2024 to the National Assembly. According to a press release from his ministry, Financial Paper Number 1 for which the Minister is seeking approval caters for Supplementary Estimates (Current) in relation to advances made from the Contingency Fund totalling $8.6 billion for the period 2024-04-01 to 2024-07-30 while Financial Paper Number 2 caters for Supplementary Estimates (Current and Capital) totalling $32.2 billion for the period ending 2024-12-31.

Among the major sectors is electricity where a total of $16 billion is being sought for the Guyana Power and Light (GPL) of which $4 billion is under Financial Paper 1 and a $12 billion Supplementary request in Financial Paper 2, the release stated. “It would be recalled that President Irfaan Ali had announced that Government would be absorbing the impact of rising fuel prices on the cost of services provided by electricity companies to ensure that it does not translate to higher electricity prices for Guyanese,” according to the release.

Additionally, the ministry said government is seeking a supplementary approval of $1.1 billion for additional resources to support electricity companies in Linden, Lethem, Mabaruma and Matthews Ridge. Importantly, the Government has implemented several measures to mitigate the rising cost of fuel including the removal of the Excise Tax on this commodity since March 2022 resulting in over $80 billion in savings to citizens annually. Further, to bring greater reliability in terms of the supply of power being provided by GPL, in May this year, 36-megawatts of power was added to the national grid through an agreement with the Turkish Company Karpowership.

Another sector under which Government is seeking approval for a supplementary sum is the agriculture sector including a sum of $9.5 billion for the Guyana Sugar Corporation (GUYSUCO) as part of the Government’s continued efforts to revitalise the industry in line with its commitment to the country and to re-energize local communities devastated by the unconscionable actions of the country’s former Governing party – A Partnership for National Unity/Alliance For Change (APNU/AFC) Coalition. The former administration under its tenure closed several sugar estates during the period 2015-2020. This sector had traditionally been one of the major sectors of the country’s economy upon which many citizens depend for their livelihood.

Additionally, in Financial Paper Number2, Government is seeking a supplementary sum of $2.3 billion to settle outstanding payments owed to numerous suppliers of goods and services to a number of Government agencies over the years. Financial Paper 2 also caters for a sum of $1.6 billion under the Ministry of Public Works for Sea and River Defence works, $297.4 million to support the operations of the Transport and Harbours Department, $159.2 million for the completion of the Bartica Stelling and $680.5 million to facilitate critical upgrades to Ferry Vessels.

Further, as Government continues to improve connectivity across the country especially in the infrastructure sector, Government is seeking an additional $904 million for the construction and rehabilitation of hinterland roads and $600 million for the completion of infrastructure for the critical supply of water to these far-flung communities.

Dr. Ashni Singh, Financial Paper Number, National Assembly, Senior Minister in the Office of the President with responsibility for Finance and the Public Service, Supplementary Estimates (Current)

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Govt. seeks over $40B more in supplementary spending

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