Govt tables to $1.146 trillion historic Budget for 2024
– aimed at improving the lives of all Guyanese
The government on Monday tabled a $1.146 trillion budget for the year in the National Assembly, making history as it is the biggest budget to date that contains a mix of people centered measures while forecasting the economic performance.
The budget was themed ‘Staying the course, building prosperity for all’, and it was presented by the Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh.
The budget can be described as 46.6 per cent larger than 2023, making it the largest one ever to exist in the country. It was also fully financed with no new taxes.
Minister Singh who made several revelations on Monday at the Arthur Chung Conference Centre said that the 2024 budget is economically friendly.
According to the minister, the budget met every aspect of the country, from infrastructural development, to resources and to adequate financing of the citizens, ranging from children to adults.
“Mr Speaker, this is budget 2024. A budget that will improve the lives of each and every single Guyanese citizen. A budget that addresses today’s priorities but also blatantly sets the stage for tomorrow,” the minister stated.
The budget was made to navigate every challenge that the country is facing while at the same time keeping its pace at the rate at which development is progressing.
“Budget 2024 continues the PPP\C work to build out this Guyana, where every single Guyanese family is able to meet their basic needs,” the senior minister stressed.
Some of the major announcements included the $7B to ease the cost-of-living burden increase of the income tax threshold to $100,000, reduction in the fuel tax, the increase of the Because We Care Cash Grant to $45,000, increases in pension and public assistance and increases in NIS pension, among a plethora of measures that benefits all Guyanese.
Additionally, $129.8 billion was allocated to continue the transformation of the health sector while $135.2 billion is aimed to upgrade the education sector.Huge allocations were also made for the security sector, infrastructural development, tourism, and hospitality among others.