The Budget of $781.9 billion was yesterday passed in the National Assembly at the conclusion of its 62nd Sitting following approval of Appropriation Bill 2023 (Bill No. 2 of 2023).
A press release from the Ministry of Finance (MoF) said that both sides of the House participated in five days of debate followed by four days of Committee of Supply meetings.
The MoF’s release highlighted the major components of the budget, which are, no new taxes and that it will be partially financed by revenue earned from Guyana’s sale of carbon credits, with a US$75 million payment received from Hess Corporation; two more payments of US$37.5 million each bringing the total amount appropriated in this year’s National Budget to US$150 million; continued financing through projected withdrawals from the Natural Resource Fund (NRF) of US$1B [$208.9B] to finance developmental priorities; allocations of $84.9 billion for the health sector and $94.4 billion for the education sector; $13.1 billion to advance work on the paediatric and maternal hospital and six regional hospitals at Lima, De Kinderen, Diamond, Enmore, Bath and No. 75 Village, as well as $12.4 billion to improve education infrastructure countrywide.
Other large projects include the construction of an integrated natural gas liquids plant and a 300 MW combined cycle gas turbine power plant within the Wales Development Zone; $27.7 billion for upgrading and widening of the Corentyne Highway from Palmyra to Crabwood Creek; $16.6 billion for the upgrading of the East Coast Railway embankment road into a four-lane highway from Sheriff Street to Orange Nassau, continuing to the Mahaica River bridge, continuing of the upgrade of the East Coast Highway from Belfield to Orange Nassau and constructing a second bridge across the Hope Canal; $10.3 billion allocated for constructing the East Coast – East Bank Road linkage from Ogle to Eccles (first phase of a four-lane highway intended ultimately to link the East Coast of Demerara and the Soesdyke-Linden Highway); and, $5.2 billion to advance works on the New Demerara River Bridge.
