The government was yesterday granted approval for $26,532,000,000 in supplementary provisions by the National Assembly to cover projects such as the replication of the Hope drainage canal in regions five and six and other sea defence projects.
The sum was encompassed in Financial Paper No. 2 presented by the Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh.
Singh yesterday moved a motion that Financial Paper No. 2/2023 – Supplementary Estimates (Capital) totaling $26,532,000,000 for the period ending 2023-12-31 be accepted.
APNU+AFC Member of Parliament, Volda Lawrence questioned what were the broad objectives for the use of the funds, projects which will be funded by the amount which was being sought by the government, an estimated duration of the projects and to identify new projects and ongoing projects which may have financial support from other entities. She also asked, “Whether these projects have been included in the PSIP (Public Sector Investment Programme) and the Capital Projects profile?”
Singh in response noted that the broad objects of the projects to be financed from the sale of the proceeds of the carbon credits “are the objectives that are outlined in the Low Carbon Development Strategy 2030.” He also pointed to climate adaptation infrastructure given the challenges that the country faces with climate change.
Elaborating on projects which are to be implemented, Singh said that there will be a significant investment in sea defences, “reinforcement and expansion of our sea defence infrastructure will be a critical component of this” along with drainage and irrigation infrastructure.
He stressed, that the establishment of the Hope drainage canal led to a significant strengthening of the drainage and irrigation capabilities particularly on the East Coast of Demerara with support to Georgetown, hence the plan to replicate it in regions five and six.
“In addition to sea defences, two major initiatives under this programme will be the replication of the Hope Canal infrastructure, one in Region Five and one in Region Six.”
Additionally, Singh stated that investments will also be made in additional pumping capabilities, the procurement of mobile pumps, and additional equipment including long-range excavators. Further, he said, that investments will also be made to reinforce and rehabilitate sluices.
Lawrence further asked about the account itself asking whether it was in Guyana and if it was an interest-bearing account. Singh replied that the funds initially paid go into an account outside of Guyana, adding that for projects, transfers are then made to the Consolidated Fund, stressing that full accounting for the receipts from the initial payment to the transfers are being made.
Singh said that he suspected that the account is interest-bearing but stressed that he has to confirm this.
After answering the questions, the sum stated in the financial paper was then accepted to stand as part of the estimates after which the Committee of Supply approved the motion. Further, the National Assembly then agreed with the committee for its resolution carrying the motion.
Earlier, Financial Paper No.1 for $4.7B was approved to cover advances made from the Contingency Fund.
Yesterday’s session saw the swearing in of Nandranie Coonjah as the new PPP/C MP in place of Nigel Dharamlall who resigned.
Dr Asha Kissoon was elected Deputy Speaker of House.
