Gov’t methodically crafting policies in line with global circumstances – Min. Singh

In formulating policies that have a direct impact on bringing prosperity to Guyanese, Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, said that the government has adopted a methodical approach that considers the global circumstances.

During a pre-budget interview with the National Communications Network (NCN) broadcast last evening, the senior minister said that it is important to understand the global environment in which the government is operating.

“We in government have always been careful and methodical and analytical in ensuring that we understand the global and domestic environment in which we are operating, in which we analyse, anticipate and project economic developments, both globally and domestically, and frame our policy response accordingly,” he said.

Within the last three years, Guyana has received high praise from many regional and international organisations for the various policy responses amidst global challenges.

The global economy is still reeling from the impact of several phenomena, such as the war between Russia and Ukraine, and the COVID-19 pandemic. In light of this, the government has implemented measures geared at stimulating economic growth and combatting the rising cost of living. These include the removal of over 200 taxes since assuming office in 2020, as well as hallmark initiative such as the COVID-19 Relief Grants. Among other notable interventions are fertiliser support for farmers, the housing construction assistance programme, and the creation of over 11,000 part-time jobs across the coast.

According to the International Monetary Fund (IMF), Guyana’s economic growth is poised to surpass its regional partners, and this growth is fueled in part by a rapid public investment programme.

Dr Singh has affirmed that this momentum will continue through the 2024 budget, as strong economic growth is a key objective.

“The increase of value-added productive output of the country is premised on increases in investment and consumption, which necessitates a number of interventions to ensure that we’re able to maintain an investment environment, maintain an environment that continues to create jobs and generate disposable income, and maintain an environment in which more Guyanese people have the capacity and the disposable income to be consuming goods and services in our economy, which multiplies itself over many times,” he said.