Latest update February 8th, 2026 12:40 AM
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$5K more for pensioners, public assistance up by $3k in Budget 2026
(Kaieteur News) – This year’s Budget, themed ‘Putting People First’ includes a $5000 increase to Old Age Pension and $3000 more for those in need of public assistance.
These measures were announced on Monday evening by Finance Minister, Dr. Ashni Singh, during his announcement of the $1.558 trillion-dollar budget.
Other measures to benefit the population include the promised $100,000 cash grant for every adult Guyanese, 18 years and over, as well as the rollout of several other new initiatives geared at realizing home and vehicle ownership, encouraging the startup of new businesses and diversify the economy.
He noted that government plans to identify a number of areas as Special Development Zones that will benefit from fiscal incentives. This year, government will remove the corporate taxes on agriculture and agro-processing businesses to increase retained earnings and enable greater investments to boost production and productivity.
The Guyana Development Bank, announced last year will take shape this year through a US$100M allocation in Budget 2026.
This institution will provide Small and Medium Enterprises (SMEs), young entrepreneurs, women, and persons living with disabilities, with access up to $3 million in micro-credit loans at zero interest, with zero collateral requirement for targeted investments in specified sectors.
The finance minister noted that this programme will not only provide financing, but will pair these startups with mentorship and training to support the growth and development.
Additionally, government will roll out a co-investment model, to share financial risks, providing support for SMEs to be able to access up to an additional $7 million at preferential interest rates from participating commercial banks.
Government has also increased the low-income mortgage ceiling from $20 million to $30 million, which will make housing loans at commercial bank more affordable to borrowers. Still on housing the 2026 Budget includes $7.5B to help families upgrade their homes through various initiatives such as the steel and cement subsidy.
Meanwhile, to assist businesses and households, government will roll out a flat tax of$2 million on double-cab pick-ups less than 2,000 cc, irrespective of age and $3 million on double-cab pick-ups between 2,000 cc and 2,500 cc irrespective of age.
Additionally, Dr. Singh announced the removal of Value Added Tax (VAT) on new vehicles below 1500 cc-less than four years old.
Meanwhile, $9B has been set aside in this year’s budget to address cost of living. Measures in this regard include:
-Increase in Because we Care Cash Grant from $50,000 to $60,000
-Introduction of annual $20,000 transportation grant for school children
-First eight CSEC and CAPE subjects to be free
-Introduction of annual $20,000 transportation grant for old age pensioners
-increasing income tax threshold from $130,000 to $140,000
-Increasing stipend for Pathway workers, Community Enhancement workers, Community Service Officers, and Community Policing Groups from $40,000 to $50,000 per month
-Removal of net property tax on individuals.
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