The following are budget measures announced yesterday by Finance Minister Dr Ashni Singh.
6.1 Mr. Speaker, it would be recalled that one of our first actions when we assumed office was to reverse a range of punitive and draconian taxes imposed by the previous Government during the period 2015 to 2020. In their place, we introduced a suite of measures designed to support economic growth and create greater opportunities for an improved quality of life. Budget 2025 builds on this momentum, continuing this Government’s commitment to boost economic activity, promote production and productivity, create ample opportunities for income generation, and incentivise effort and hard work. Against this background, I now wish to announce the following measures:
a. Easing the Cost of Living
i. Reduction in Electricity Costs
6.2 Mr. Speaker, I have previously indicated that Budget 2025 makes provision for the completion of the much-anticipated 300 MW combined cycle power plant. Our Government is committed to reducing the cost of electricity for every consumer in Guyana by 50 percent, once the GtE project is completed. This will not only lower household expenses but also significantly reduce operational costs of businesses, unlock the potential of the manufacturing sector, stimulate investment, and foster a more competitive and productive economy.