Introduction
Budget 2014 was delivered on Monday March 24, just one week before the constitutional deadline and almost three months into the fiscal year.
Budget 2014
Focus on Guyana’s National Budget 2014 represents the twenty-fourth edition of this Ram & McRae annual publication which highlights, reviews and comments on the major issues surrounding and raised in the National Budget. Each year, Budget Focus is circulated among politicians, the business community and the country representatives of international agencies operating in Guyana. But most importantly for us and the general public, is the wide circulation made possible by the publication, in the Stabroek News, of an abridged but comprehensive version of Focus. We thank the publishers for making this possible.
The contents of this publication are not intended to take the place of the text of the Budget Speech or of a professional advisor. This analysis is prepared and distributed on the understanding that Ram & McRae is not engaged in rendering professional services to the reader. If financial or other expert assistance is required, please contact the Firm.
Highlights
2013 Facts ● Growth in real GDP of 5.2% compared to a target of 5.3% and actual rate of 4.8% in 2012.
Unfinished Business
In this section, we highlight issues and pronouncements from earlier years which remain unresolved.
The Government of Guyana Financial Plan 2014
The current balance projects a surplus of $34,291 million, an increase of $18,359 million or 115% over 2013.
Who Gets What in 2014
Current Non-Interest Expenditure In this section we consider how the budgeted expenditure is allocated among the principal Ministries, Departments, Regions and Programmes.
Budget 2014 Measures
Chapter 6 of the 2014 Budget Speech contains twenty-two paragraphs covering 13 measures and their justification.
Commentary and Analysis
In this section of Budget Focus 2013, we identified and discussed what we considered eight pressing issues not only with budgetary implications but also having wider social, economic and constitutional relevance.
What MURI taught us
During 2013 the country learnt that the Minister of Natural Resources and the Environment Mr.
Clico Life & General Insurance (SA) Limited: Serial Violations
History will remember the rise and fall in Guyana and the Caribbean of Clico, the insurance giant, as the US equivalent of Enron in the United States of America.
Budget Cuts Decision
The decision of the Chief Justice in the Constitutional case AG of Guyana v Raphael Trotman and David Granger No.
In defence of the Exchange Rate
One of the remarkable features of the Guyana Dollar over the past ten years has been its stability.
The Insurance Threat
The Insurance Association of Guyana (IAG), a group representing insurance companies and brokers, has decided to increase premiums for flood insurance both on businesses and households in the country.
International Rankings
“Doing Business 2014”, an annual World Bank Publication, shows that out of 189 countries surveyed, Guyana ranks 115th..
Pro-poor Policies
There were two recent occasions when the cost of living, or rather the cost of maintaining a family, came to the fore.
Conclusion
Budget 2014 is a huge disappointment; it seems to contain only a shopping list for Expenditure, while offering to do nothing on employment creation and addressing the critical issues of corruption and better public sector financial management.
Appendix A
Appendix B
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