Gov’t creating avenues for intergenerational wealth – Minister Todd
The massive economic interventions being made by the PPP/C Government are being strategically rolled out to ensure Guyanese enjoy an improved quality of life, while generating wealth for future generations.
Minister of Foreign Affairs and International Cooperation, Hugh Todd, M.P, said the government wants future generations to also benefit from the economic transformation the country is experiencing. To this end, the administration is creating policy, economic and physical spaces for citizens and their descendants.
“The wealth is generated by you the people…that wealth is what we want to be intergenerational, so that you can hand over to your kids, your kids, kids and we can have that intergenerational equity that is built up, that will last.”
The minister was speaking with residentsof several communities in Region Five on Wednesday.
Intergenerational wealth is the distribution or transfer of assets from an older generation to the younger generation. The assets include businesses, properties, commodities and other financial securities, which can play an impacting role economically and socially.
Government’s plan to distribute at least 50,000 house lots to Guyanese during its first term in office is seen as a major springboard for the creation of generational wealth. Over 10,000 house lots have already been distributed countrywide.
Government has also opened avenues for Guyanese to access funding for small businesses, through the Small Business Bureau’s (SBB) Small Business Development Fund; another opportunity for economic prosperity for citizens. Hundreds of millions of dollars have already been disbursed over the last two years.
Recognising that homeownership is an important achievement in every family, Government has increased the mortgage ceiling for housing loans from $12 million to $15 million, to ensure homeownership is more accessible to Guyanese.
More specifically to Region Five, His Excellency, Dr. Mohamed Irfaan Ali recently introduced the black belly sheep project there, which will see some 1,000 breeding sheep being distributed to farmers. Another 1,000 will later be imported. From this project, government is targeting at least 20 percent women and 35 percent youths.
As government consistently implements initiatives to govern the nation, Minister Todd noted that key focus is being placed on every citizen.
“So, while we focus on the economic side ensuring that we can create wealth that is intergenerational, we are also looking at development across the board because now that we have a lot of financial windfalls that we will get from oil and soon to be gas, we still have to ensure that we can cater for each and every one,” Minister Todd said.