Some $14.4B to be drawn from Guyana’s forest agreement with Norway has been included in this year’s budget.
This encompasses the first and second payments, US$30M and an expected US$40M, respectively. “2011 will see a continued thrust in moving the Low Carbon Development Strategy (LCDS) forward with the implementation of the first wave of projects under the strategy,” Finance Minister, Dr. Ashni Singh told the National Assembly on Monday.
This year’s $161.4 billion budget is 13.1% higher than last year’s and the largest in the country’s history, he said.
The central government’s revenue collection is projected to increase by 3.9% to $112 billion, with the Guyana Revenue Authority contributing $104.4 billion.
Meantime, Singh said that the management of the forestry sector continues to occupy some prominence, especially in view of Guyana’s policy initiatives under the LCDS.
The sector recorded modest growth of 1.4% for the year, reflecting increased production of logs, lumber, sawn wood and plywood, even though plywood production ceased towards the end of the year due to boiler damage at the plywood plant, he said.
