Budget 2024 key to building strong, competitive economy – Min. Todd

Minister of Foreign Affairs and International Cooperation, Hugh Todd has touted the 2024 budget as a visionary plan for prosperity, with sheer, unadulterated potential to propel Guyana’s economy to new heights.

During his presentation on the first day of the budget debates in the National Assembly on Monday, Minister Todd stressed that the $1.146 trillion budget is necessary for the building out of a robust economic framework, a key focus of the government’s development plan.

Substantial investments in boosting sectors such as infrastructure, education, and healthcare, are in alignment with sustainable development goals, and vastly improve the lives of people.

“We want to be able to have people who are living longer, who are educated, so we can attract the foreign investment that we so desire…That we can ensure that we are providing for the human development and the human capital to be able to advance this economy,” he emphasised.

The foreign affairs minister recalled that when the PPP/C Government assumed office in 1992, Guyana was globally regarded as one of the poorest economies in the region.

Currently, the country’s real gross domestic product (GDP) is projected to grow by 34.3 per cent in 2024, and has earned recognition as one of the fastest-growing economies in the world, under the stewardship of the PPP/C Government.

“When we are speaking on the international stage, and we are talking about Guyana and the progress that Guyana is making, we are able to sell Guyana and position Guyana in the global environment where we can attract the kind of investment needed to build this country out…We cannot do it alone. We have to have an economy that we can present to the people of this world,” Minister Todd underscored.

Stemming from this tremendous growth, the country’s international standing has also improved, positioning Guyana as a coveted partner in development.

According to Minister Todd, Guyana’s efforts to strengthen bilateral ties and promote its trade and economic interests will advance with the implementation of the budget.  

“The visits of His Excellency, Dr Mohamed Irfaan Ali, representing Guyana and advancing our foreign policy, has resulted in more than 40 MoUs, agreements, road maps all across the world, from Ghana to the Kingdom of the Netherlands, Trinidad and Tobago, Saudia Arabia, Rwanda, Pakistan, Tajikistan…When you think about the rewards in terms of our representation in the multinational, international, and regional levels, we have been ensuring that we put the people of this country first,” he said.

Since assuming office, the government has also undertaken 44 accreditations, from countries interested in engaging Guyana in dialogue spanning several areas.

This extensive list includes the Republic of Angola, the United Arab Emirates, the Kingdom of Norway, and the Republic of Philippines.

“We have been very busy working in the interest of the people through the Ministry of Foreign Affairs and International Cooperation,” Minister Todd stated.