Latest EU Budget Support totals $2B
The European Union (EU) has released $2 billion (7.9 million euros) to Guyana under its Budget Support Programme for inclusive and sustainable development of the country.
Information previously released by the EU Delegation in Georgetown had pegged the sum at $19.8 billion but the Delegation has since said there was an error in the figure cited.
While, the 7.9 million euros and the conversion into United States dollars were correctly announced, and correspond to the figures agreed with the authorities, the conversion into Guyana dollars was wrong due to a typo in the briefing materials. The sum announced should have been $2 billion, the EU said today.
The funds will be disbursed into the Consolidated Fund under Sectoral Budget Support and for the Integrated Coastal Zone Management Programme.
The EU describes the Budget Support as a tool for delivering effective aid and durable results in support of EU partners’ reform efforts and the sustainable development goals.
It includes:
- dialogue with a partner country to agree on reforms or development results which Budget Support can contribute to.
- an assessment of progress achieved.
- financial transfers to the treasury account of the partner country once those results have been achieved.
- capacity development support Budget Support is a contract based on a partnership with mutual accountability.