Finance Minister Dr Ashni Singh today announced a $208.8 billion budget that, among other things, will see more help for GuySuCo and the Guyana Power and Light as well as a $2,500 increase for pensioners.
Under the theme ‘Overcoming Challenges Together, Accelerating Gains for Guyana’, Dr Singh also announced that there will be a 1 per cent increase on payments to the National Insurance Scheme but said the government will meet the cost of the increase for persons whose monthly income is $50,000 and less.
Importantly, he announced an income tax decrease from 33.3 per cent to 30 per cent.
Singh, whose budget speech began with a lecture to the opposition for using its slender majority to effect cuts to last year’s budget, said government will give GPL $5.8 billion, while and another $5.4 billion will be invested to support “key projects” that is expected to benefit the company’s 166,000 customers. Loud desk-thumping from his colleagues greeted his announcement that $1 billion will be interjected in GuySuCo as he said no effort must be spared to ensure the company’s long-term viability.
“Another bail out!” members of the opposition interjected, but Singh said that the injection will assist over 120,000 people.
In the three hours, eight minutes budget speech, which Singh said has something for every Guyanese, he also announced a $2.9 billion injection for the Linden Electricity Company expected to benefit over 10,000 customers.
In an initial reaction, Opposition Leader David Granger called the budget “vacant” and “electioneering”.
