‘Optimal balance’ found in funding Budget 2022 – Minister Singh

An optimal balance was struck in the financing of the 2022 National Budget to accelerate Guyana’s transformative agenda. This was disclosed by Senior Minister in the Office of the President, with responsibility for Finance Dr. Ashni Singh, during a recent interview with the National Communications Network.

Minister Singh said Budget 2022 has been financed from money from the Natural Resource Fund (NRF), domestic financing, as well as external and domestic borrowing.

Minister Singh said the infrastructure buildout that the budget will focus on is critical to the long-term strength, resilience and competitiveness of the country’s non-oil economy.

He said government remains committed to a carefully structured framework in finding the right balance in financing the budget.

“We are mindful of striking an optimal balance across those to make sure that we have an appropriate mix for budget 2022… what that allows us to do is to be able to implement this accelerated development agenda to meet these urgent development needs, while keep borrowing at an absolute minimum,” the minister stated.

A lot of effort was invested by government in strengthening public finances, and revenue and expenditure management capability. The minister said while most of it was reversed under the previous administration, government has been able to weed out a lot of wasteful expenditure and re-orient the budget to expenditure on things that really matter to the people of Guyana.

“That has put us in a fiscal situation where, given the four sources of financing that we have, we are able to address the most pressing developmental needs and an aggressive development agenda, while at the same time contain borrowing to an absolute minimum,” Minister Singh said.

Vice President Dr. Bharrat Jagdeo giving an insight to the budget in a recent interview said infrastructure, tax reductions and the overall welfare of Guyanese will take a huge portion of Budget 2022 which is set to be read in the National Assembly on Wednesday, January 26.