Budget allocations reflect Govt’s commitment to boosting natural resources sector
The Government of Guyana through the Ministry of Natural Resources is committed to strengthening capacity and adopting a strong legislative and regulatory framework for the sustainable management of the country’s natural resources.
The Hon. Vickram Bharrat, Minister of Natural Resources, reiterated this in his contribution, yesterday, to the ongoing Budget debates at the Arthur Chung Conference Centre (ACCC).
The Minister said the Emergency 2020 Budget provides allocations for hinterland roads, tax concessions, the removal of value-added tax (VAT) on hinterland travel, and investment in Guyana’s oil and gas sector.
“The last Administration claimed to be supportive of small miners and loggers, yet they imposed VAT on machinery and equipment. We are removing that in only one month in office. The APNU+AFC also imposed VAT on local travel not only hindering the loggers and the miners but our Amerindian brothers and sisters who have to travel, this we will remove. Another promise fulfilled in only one month,” Minister Bharrat stated.
Further, to encourage local investment within the logging industry, the Minister said the log export policy would be amended so that the “forestry sector can bloom again.”
“We’re going to amend the log export policy which will enable people without concessions, sawmillers, to export logs. As it is now, only people [who] hold a concession can export logs. So, we’re going to change it to allow sawmillers to export logs while still encouraging value-added products,” he said.
The petroleum industry can also expect a revamp as the Government is committed to ensuring the country’s newfound resource is managed effectively and efficiently. Minister Bharrat said plans are in train to expand the capacity of the sector, noting that the Government has already engaged international expertise to facilitate training.
The Natural Resources Minister said the Emergency Budget reflects the Government’s plan to transform Guyana. He described it as a “no-nonsense, pro-investment, pro-poor and people-centred” fiscal package that will enhance the Guyanese standard of living.