GSDS to influence preparation of Budget 2020 – Min. Jordan
DPI, Guyana, Saturday, July 13, 2019
The framework of the Green State Development Strategy (GSDS) will serve as a guide for preparations for Budget 2020; this is according to the Hon. Winston Jordan, Minister of Finance.
The minister was at the time formally opening a training session, targeting heads of budget agencies and financial officers of ministries and government agencies.
Minister Jordan explained that Guyana’s economic thrust is being guided by a long-term strategy in shaping the policy and programmes for its sectors – the GSDS Vision 2020.
The GSDS envisions the delivery of a good quality of life for all, based on sound education, social protection, low carbon development, new economic opportunities, justice and political empowerment.
Minister Jordan highlighted the GSDS’ core concepts which include, “Transitioning to renewable energy, green towns, urban public spaces, sustainable management of natural resources, green and inclusive economic diversification, building our human capital and institutional capacity, good governance, transparency and knowledge management and resilient infrastructure.”
Minister Jordan advised that these concepts will guide budgeting for 2020 and beyond. He described next year as one that bodes very well for Guyana as it prepares to join the world of oil-producing nations.
“This will mean substantially improved fiscal space, that is, room for spending substantially more on goods and services and the public sector investment programmes. If we effectively manage the petroleum resources that are anticipated to flow from this new revenue stream, we will be able to accelerate the pace of economic transformation and development that hitherto we have yearned for, but which has proven to be elusive to date,” he explained.
The veteran economist asserted that to ensure good governance and transparent management of Guyana’s petroleum resources, the Coalition Government, “has ensured that a carefully-considered legislative framework is in place”. This framework, the Finance Minister said, has had the benefit of extensive consultations and advice.
“Technical assistance has been sought to build capacity to operationalise this legislation and progress has been made to ensure the transparent flow of resources from the oil companies to the Natural Resource Fund and into the National Budget takes place.”
He cited the withdrawal rule from the Natural Resources Fund (NRF) to the National Budget, as one of the measures that will allow for, “front-loading of development spending while still retaining sufficient resources to be saved for future generations and to be used as a buffer, given the fickle nature of oil prices”.
“Over time, it is expected that the investment of those savings will result in interest earned to feed into the National Budget long after the oil is finished.”
Minister Jordan called for the development of skills to support the petroleum and non-petroleum sectors. He also reiterated that all regions must have a regional development plan that is able to realise the objectives of the GSDS.
“Plans of Action for Regional Development (PARDS) have already commenced with Regions 10 and 9, being substantially advanced in terms of guiding their Budget 2020 interventions. We must use the lessons learned from these two experiences of developing the PARDS to accelerate the development of regional strategic plans in the eight remaining Regions,” he stated.
According to, Minister Jordan, supportive infrastructure and renewable energy must serve to catalyse the necessary development to ensure that coastal and hinterland communities are on an equal footing in terms of services provided.
“I look forward to the day when the high schools in Mabaruma, Kamarang and Parmakatoi are able to deliver the same quality of education as a top performing high school in Georgetown. I look forward to the day when the maternity patient is able to deliver her baby comfortably and safely in the hospital in Region 7 just as she would be expected to do in our national referral hospital.”
These are the goals that heads of budget agencies and senior officials in the public service, must reach for and work towards the transformation and development of our nation through every budget cycle.
“Surely, this is the only pathway to the good life, to which we all aspire,” Minister Jordan advised.
See the transcript of Minister of Finance, Hon. Winston Jordan’s entire speech on the link provided.