The 2015 National Budget was approved at 03:16 hours yesterday morning, GINA said.
On August 10, Finance Minister, Winston Jordan presented a budget for $221 Billion. It is the first for the A Partnership for National Unity + Alliance For Change (APNU+AFC) Government.
Yesterday morning, GINA said that the Finance Minister moved the Appropriation Bill 2015 reflecting an amendment to what was presented in the budget. Both sides of the House had agreed to the amendment so that the budget would conform to Constitutional amendments that allow for the financial independence of Constitutional bodies and agencies, such as the Rights Commission and Service Commissions.
The government had set a maximum of three days for the consideration of the estimates but the opposition PPP/C which had vehemently objected to this seemed intent on ensuring that three days would not do. Deliberations on the estimates continued past midnight yesterday.
The opening of the debate on the budget speech saw the re-entry of the PPP/C to Parliament and former President Bharrat Jagdeo being declared Leader of the Opposition.
Key measures in the budget included the zero rating of VAT for “Yogurt, cereals, fresh carrots, milo and ovaltine, nestum, mustard and mayonnaise, locally-produced fruit, locally-made chow-mein, vinegar, locally-made uncooked pasta, ketchup, chicken sausages in packets, locally produced Chinese sauce, baking powder, liquid detergent, household cleaning agents, and omputer printers for non-commercial use.”
Eligible gold miners will now be exempted from the payment of custom duties on fuel, matting, ATVs, jack hammer drills, flex hoses, expanding metals, pumps, pump housing, impellers, shaft and engines. The Berbice Bridge Toll will be cut from $2,200 to $1,900, a 13.6% decline for passenger cars and by 10% on all other vehicles. The reduction takes effect from September 1, 2015.
Jordan also announced a $3,875 per month increase in Old Age Pensions, moving the amount from $13,125 to $17,000. At the same time, the monthly subsidy of $2,500 and $990 for GPL and GWI payments respectively available to all pensioners is being withdrawn. Public assistance increased by $600 compared to 2014 from $5,900 to $6,500.The increases will be effective from September 1, 2015.
Jordan also announced that the basic salary of public servants would be $50,000 from July 1, 2015. In addition, effective July 1, 2015 all other public servants will receive a 5 percent salary increase plus an additional $5,000 monthly.
